{"F": {"ts_code": "001309.SZ", "name": "德明利", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "数字芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "主板", "list_date": "20220701", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 391.3, "pe_ttm": 13.0087, "pb": 9.0781, "dv_ttm": 0.1022, "total_mv": 8876362.677, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.7, 20.3, 17.2, 16.7, 17.8, 14.8], "rev_series": [8.3, 10.8, 11.9, 17.8, 47.7, 107.9], "np_series": [0.8, 1.0, 0.7, 0.2, 3.5, 6.9], "roe_series": [19.4, 19.6, 8.2, 2.3, 19.5, 23.9], "period": "20260630", "rev_ttm": 235.9, "np_ttm": 68.2, "ocf_ttm": -83.9, "fcf_ttm": -90.8, "fcf_yield": -10.2, "ocf_yield": -9.4, "gm_median": 17.2, "gm_std": 1.8, "gm_stab": 0.9, "gm_chg_2022": -5.5, "npm_median": 6.4, "roe_median": 19.5, "commodity": false, "hard_ratio": 2.2, "fix_assets": 7.3, "goodwill_ratio": 0.0, "pb_calc": 9.08, "capex_dep": 14.95, "interest_debt": 161.0, "debt_ebitda": 1.9, "debt_ratio": 70.3, "debt_mv": 18.1, "payout": 13.0, "div_years": 4, "rev_cagr3": 108.5, "np_cagr3": 117.2, "rev_yoy": 311.5, "np_yoy": 5201.6, "np_vol": 520.9, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.7, "consensus_n": 2, "fwd_pe": 7.7, "fwd_pe2": 9.4, "fwd_g1": 70.0, "fwd_g2": -18.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["固态硬盘类产品", 17.0], ["固态硬盘", 17.0], ["嵌入式存储类产品", 12.0]], "ret_prev_year": 275.4, "ret_prev2_year": 19.9, "ret_ytd": 69.0, "ret_pivot": 788.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.2, "ret_60": -38.1, "ret_120": 22.4, "ret_250": 294.4, "mdd_250": -64.0, "vol_250": 82.7, "pos_52w": 40.3}, "S": {"duration": 28, "pricing": 44, "hard": 4, "bondness": 11}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 13.0 倍、股息率 0.1%、毛利率近 5 年中位 17.2%、固定资产占比 2%、有息负债/EBITDA 1.9 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 2%,毛利率近 5 年中位 17.2%。", "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 -10.2%(经营现金流/市值 -9.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -5.5 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 14.95 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.0 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 294%,最大回撤 -64%,年化波动 83%,现价在 52 周高点的 40%;近 20 / 60 / 120 日 -3% / -38% / 22%。", "行业对照": ["同申万二级「半导体」186 家中位:PE 81.5 / 股息率 0.3% / 毛利率 35.0% / 固定资产占比 11% / 分红率 32%。", "德明利:PE 比行业中位低 68.5倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 17.8个百分点;固定资产占比 比行业中位低 9.2个百分点。"]}}