{"F": {"ts_code": "003026.SZ", "name": "中晶科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体材料", "ind": "半导体", "fin_source": "tushare", "market": "主板", "list_date": "20201218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.56, "pe_ttm": 87.8644, "pb": 7.5755, "dv_ttm": 0.4994, "total_mv": 517487.5056, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.4, 46.8, 38.0, 30.2, 32.6, 40.0], "rev_series": [2.7, 4.4, 3.4, 3.5, 4.2, 4.3], "np_series": [0.9, 1.3, 0.2, -0.3, 0.2, 0.4], "roe_series": [15.7, 17.2, 2.6, -4.8, 3.4, 6.5], "period": "20260630", "rev_ttm": 4.8, "np_ttm": 0.6, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 0.6, "ocf_yield": 0.9, "gm_median": 38.0, "gm_std": 5.8, "gm_stab": 0.85, "gm_chg_2022": -10.4, "npm_median": 10.0, "roe_median": 3.4, "commodity": false, "hard_ratio": 51.3, "fix_assets": 6.6, "goodwill_ratio": 0.0, "pb_calc": 7.58, "capex_dep": 0.2, "interest_debt": 3.8, "debt_ebitda": 2.6, "debt_ratio": 47.2, "debt_mv": 7.3, "payout": 72.0, "div_years": 4, "rev_cagr3": 8.2, "np_cagr3": 30.4, "rev_yoy": 23.3, "np_yoy": 61.5, "np_vol": 155.6, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["半导体单晶硅片", 26.0], ["半导体功率芯片及器件", 15.0], ["半导体单晶硅棒", 8.0]], "ret_prev_year": -4.7, "ret_prev2_year": 18.4, "ret_ytd": 30.3, "ret_pivot": 42.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": -22.3, "ret_120": 17.1, "ret_250": 6.7, "mdd_250": -46.3, "vol_250": 53.5, "pos_52w": 60.4}, "S": {"duration": 89, "pricing": 52, "hard": 82, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 87.9 倍、股息率 0.5%、毛利率近 5 年中位 38.0%、固定资产占比 51%、有息负债/EBITDA 2.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 51%、毛利率 38.0% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.6%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.0%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -10.4 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 51%,资本开支/折旧 0.20 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 87.9 倍 粗算,约 94%(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 7%,最大回撤 -46%,年化波动 54%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -6% / -22% / 17%。", "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%。", "中晶科技:PE 比行业中位高 6.4倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 3.0个百分点;固定资产占比 比行业中位高 39.9个百分点。"]}}