{"F": {"ts_code": "920006.BJ", "name": "晟楠科技", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "航空装备Ⅱ", "sw3": "航空装备Ⅲ", "ind": "航空装备Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20230518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.4, "pe_ttm": null, "pb": 5.9443, "dv_ttm": 0.5392, "total_mv": 184185.888, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.0, 56.1, 66.9, 65.8, 10.0, 49.4], "rev_series": [0.9, 1.1, 1.4, 1.7, 0.7, 1.1], "np_series": [0.2, 0.2, 0.5, 0.6, -0.1, 0.1], "roe_series": [17.3, 18.5, 29.0, 20.1, -2.8, 2.5], "period": "20260630", "rev_ttm": 1.1, "np_ttm": -0.0, "ocf_ttm": -0.1, "fcf_ttm": -0.4, "fcf_yield": -2.1, "ocf_yield": -0.4, "gm_median": 56.1, "gm_std": 20.8, "gm_stab": 0.63, "gm_chg_2022": 3.9, "npm_median": 25.3, "roe_median": 18.5, "commodity": false, "hard_ratio": 22.8, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 5.94, "capex_dep": 3.14, "interest_debt": 0.8, "debt_ebitda": 6.8, "debt_ratio": 42.1, "debt_mv": 4.5, "payout": 92.1, "div_years": 4, "rev_cagr3": -6.8, "np_cagr3": -44.7, "rev_yoy": 0.5, "np_yoy": -94.7, "np_vol": 98.2, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["航空机械类", 17.0], ["航空机械", 17.0], ["综合电源", 12.0]], "ret_prev_year": 9.6, "ret_prev2_year": 42.1, "ret_ytd": -23.5, "ret_pivot": 132.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 61, "hard": 36, "bondness": 70}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE —、股息率 0.5%、毛利率近 5 年中位 56.1%、固定资产占比 23%、有息负债/EBITDA 6.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 23%,毛利率近 5 年中位 56.1%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -2.1%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.1%,稳定度 63%,2020→2022 成本通胀期毛利率变化 3.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 23%,资本开支/折旧 3.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「航空装备Ⅱ」48 家中位:PE 73.9 / 股息率 0.5% / 毛利率 32.0% / 固定资产占比 21% / 分红率 36%。", "晟楠科技:PE ;股息率 与行业中位持平;毛利率 比行业中位高 24.1个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}