{"F": {"ts_code": "300327.SZ", "name": "中颖电子", "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": "创业板", "list_date": "20120613", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.79, "pe_ttm": 93.9278, "pb": 4.6067, "dv_ttm": 0.4034, "total_mv": 846256.7258, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.5, 47.4, 45.8, 35.6, 33.6, 31.5], "rev_series": [10.1, 14.9, 16.0, 13.0, 13.4, 12.8], "np_series": [2.1, 3.7, 3.2, 1.9, 1.3, 0.6], "roe_series": [20.7, 31.2, 23.1, 11.8, 7.9, 3.4], "period": "20260630", "rev_ttm": 13.5, "np_ttm": 0.9, "ocf_ttm": 2.1, "fcf_ttm": 1.3, "fcf_yield": 1.5, "ocf_yield": 2.5, "gm_median": 35.6, "gm_std": 6.5, "gm_stab": 0.82, "gm_chg_2022": 5.2, "npm_median": 10.2, "roe_median": 11.8, "commodity": false, "hard_ratio": 17.0, "fix_assets": 3.8, "goodwill_ratio": 0.0, "pb_calc": 4.61, "capex_dep": 3.69, "interest_debt": 0.4, "debt_ebitda": 0.6, "debt_ratio": 16.6, "debt_mv": 0.5, "payout": 51.0, "div_years": 5, "rev_cagr3": -7.1, "np_cagr3": -42.9, "rev_yoy": 10.8, "np_yoy": 72.9, "np_vol": 46.8, "loss_years": 0, "far_share": 95.0, "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], ["微控制器", 30.0], ["模拟产品", 20.0], ["其他业务", 0.0]], "ret_prev_year": 15.6, "ret_prev2_year": 8.4, "ret_ytd": -11.2, "ret_pivot": 45.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -8.4, "ret_120": -4.5, "ret_250": -9.5, "mdd_250": -39.0, "vol_250": 48.0, "pos_52w": 72.0}, "S": {"duration": 90, "pricing": 58, "hard": 27, "bondness": 42}, "label": "纯久期", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE TTM 93.9 倍,估值里约 95% 来自 5 年后的假设;固定资产占比 17%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 17%,毛利率近 5 年中位 35.6%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.5%(经营现金流/市值 2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.6%,稳定度 82%,2020→2022 成本通胀期毛利率变化 5.2 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 17%,资本开支/折旧 3.69 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 93.9 倍 粗算,约 95%(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 -10%,最大回撤 -39%,年化波动 48%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 7% / -8% / -4%。 长久期资产波动大是常态;", "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%。", "中颖电子:PE 比行业中位高 12.4倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 0.6个百分点;固定资产占比 比行业中位高 5.6个百分点。"]}}