{"F": {"ts_code": "300373.SZ", "name": "扬杰科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "分立器件", "ind": "半导体", "fin_source": "tushare", "market": "创业板", "list_date": "20140123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 86.19, "pe_ttm": 32.7935, "pb": 4.6734, "dv_ttm": 1.0674, "total_mv": 4683114.6882, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.3, 35.1, 36.3, 30.3, 33.1, 34.3], "rev_series": [26.2, 44.0, 54.0, 54.1, 60.3, 71.3], "np_series": [3.8, 7.7, 10.6, 9.2, 10.0, 12.6], "roe_series": [13.9, 19.2, 18.9, 12.8, 11.8, 13.7], "period": "20260630", "rev_ttm": 81.9, "np_ttm": 14.3, "ocf_ttm": 14.4, "fcf_ttm": 5.8, "fcf_yield": 1.2, "ocf_yield": 3.1, "gm_median": 34.3, "gm_std": 2.1, "gm_stab": 0.94, "gm_chg_2022": 2.0, "npm_median": 17.5, "roe_median": 13.7, "commodity": false, "hard_ratio": 36.9, "fix_assets": 64.3, "goodwill_ratio": 1.6, "pb_calc": 4.67, "capex_dep": 1.33, "interest_debt": 29.4, "debt_ebitda": 1.3, "debt_ratio": 40.6, "debt_mv": 6.3, "payout": 35.7, "div_years": 5, "rev_cagr3": 9.7, "np_cagr3": 5.9, "rev_yoy": 30.7, "np_yoy": 28.2, "np_vol": 39.2, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 10, "fwd_pe": 27.4, "fwd_pe2": 21.6, "fwd_g1": 20.0, "fwd_g2": 27.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["半导体器件", 47.0], ["半导体功率器件", 47.0], ["半导体芯片", 3.0], ["半导体硅片", 1.0]], "ret_prev_year": 60.0, "ret_prev2_year": 22.2, "ret_ytd": 27.7, "ret_pivot": 170.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.1, "ret_60": -14.0, "ret_120": 12.4, "ret_250": 42.7, "mdd_250": -49.1, "vol_250": 65.4, "pos_52w": 54.8}, "S": {"duration": 56, "pricing": 59, "hard": 59, "bondness": 33}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 28%,PE TTM 32.8 倍 但前瞻 PE 27.4 倍,PEG 1.01。", "自由现金流 5.8 亿(正),次年预期增速 27%(10 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "硬资产占比 37%、毛利率 34.3% 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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.2%(经营现金流/市值 3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.3%,稳定度 94%,2020→2022 成本通胀期毛利率变化 2.0 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 37%,资本开支/折旧 1.33 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.8 倍 粗算,约 85%(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 43%,最大回撤 -49%,年化波动 65%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -11% / -14% / 12%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "扬杰科技:PE 比行业中位低 48.7倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位低 0.7个百分点;固定资产占比 比行业中位高 25.5个百分点。"]}}