{"F": {"ts_code": "002213.SZ", "name": "大为股份", "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": "20080201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.87, "pe_ttm": 338.982, "pb": 11.8458, "dv_ttm": null, "total_mv": 670056.3927, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.9, 10.1, 10.9, 5.3, 3.5, 6.5], "rev_series": [3.9, 8.6, 8.4, 7.3, 10.5, 12.2], "np_series": [0.1, 0.2, 0.2, -0.7, -0.5, -0.2], "roe_series": [2.4, 4.3, 3.1, -10.4, -8.3, -2.8], "period": "20260630", "rev_ttm": 12.3, "np_ttm": 0.2, "ocf_ttm": -4.1, "fcf_ttm": -4.2, "fcf_yield": -6.3, "ocf_yield": -6.2, "gm_median": 6.5, "gm_std": 2.8, "gm_stab": 0.57, "gm_chg_2022": -2.0, "npm_median": -1.3, "roe_median": -2.8, "commodity": false, "hard_ratio": 5.7, "fix_assets": 0.6, "goodwill_ratio": 5.0, "pb_calc": 11.85, "capex_dep": 3.58, "interest_debt": 3.8, "debt_ebitda": 6.9, "debt_ratio": 44.6, "debt_mv": 5.6, "payout": null, "div_years": 1, "rev_cagr3": 13.4, "np_cagr3": null, "rev_yoy": 1.1, "np_yoy": 302.9, "np_vol": 225.3, "loss_years": 3, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["半导体存储器", 90.0], ["汽车缓速器", 3.0], ["通信设备、计算机及其他电子设备", 2.0], ["通信设备、计算机及其他电子", 2.0]], "ret_prev_year": 91.7, "ret_prev2_year": -3.6, "ret_ytd": 7.3, "ret_pivot": 186.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.6, "ret_60": -28.1, "ret_120": -1.8, "ret_250": 45.7, "mdd_250": -49.6, "vol_250": 70.3, "pos_52w": 61.8}, "S": {"duration": 100, "pricing": 29, "hard": 9, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 0.2 亿,近 5 年亏损 3 年;PE 339 倍(盈利极薄),估值指标失真。", "资产负债率 45%,有息负债 4 亿,经营现金流/市值 -6.2%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 6.5%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -6.3%(经营现金流/市值 -6.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.5%,稳定度 57%,2020→2022 成本通胀期毛利率变化 -2.0 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 6%,资本开支/折旧 3.58 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 339.0 倍 粗算,约 99%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 46%,最大回撤 -50%,年化波动 70%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -8% / -28% / -2%。", "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%。", "大为股份:PE 比行业中位高 257.5倍;股息率 ;毛利率 比行业中位低 28.5个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}