{"F": {"ts_code": "300456.SZ", "name": "赛微电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "集成电路制造", "ind": "半导体", "fin_source": "tushare", "market": "创业板", "list_date": "20150514", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.26, "pe_ttm": 6.7079, "pb": 3.099, "dv_ttm": 0.9671, "total_mv": 2801447.7032, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.5, 45.6, 31.2, 29.2, 35.1, 35.5], "rev_series": [7.7, 9.3, 7.9, 13.0, 12.0, 8.2], "np_series": [2.0, 2.1, -0.7, 1.0, -1.7, 14.7], "roe_series": [6.8, 5.0, -1.5, 2.0, -3.4, 25.3], "period": "20260630", "rev_ttm": 4.3, "np_ttm": 41.8, "ocf_ttm": -2.9, "fcf_ttm": -2.9, "fcf_yield": -1.0, "ocf_yield": -1.0, "gm_median": 35.1, "gm_std": 5.7, "gm_stab": 0.84, "gm_chg_2022": -14.3, "npm_median": 5.5, "roe_median": 2.0, "commodity": false, "hard_ratio": 16.3, "fix_assets": 18.9, "goodwill_ratio": 1.1, "pb_calc": 3.1, "capex_dep": -0.0, "interest_debt": 14.6, "debt_ebitda": null, "debt_ratio": 19.8, "debt_mv": 5.2, "payout": 21.6, "div_years": 3, "rev_cagr3": 1.6, "np_cagr3": null, "rev_yoy": -68.7, "np_yoy": 415612.1, "np_vol": 435.8, "loss_years": 2, "far_share": 25.0, "earn_yield": 14.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["IC设计服务", 24.0], ["MEMS纯代工", 22.0], ["其他收入", 2.0]], "ret_prev_year": 230.7, "ret_prev2_year": -28.9, "ret_ytd": -31.2, "ret_pivot": 171.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.7, "ret_60": -4.2, "ret_120": -19.7, "ret_250": 54.1, "mdd_250": -59.0, "vol_250": 82.2, "pos_52w": 58.6}, "S": {"duration": 15, "pricing": 51, "hard": 26, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 41.8 亿,近 5 年亏损 2 年;PE 7 倍(盈利极薄),估值指标失真。", "资产负债率 20%,有息负债 15 亿,经营现金流/市值 -1.0%: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 16%,毛利率近 5 年中位 35.1%。", "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 -1.0%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.1%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -14.3 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 16%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.7 倍 粗算,约 25%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 54%,最大回撤 -59%,年化波动 82%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 20% / -4% / -20%。", "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%。", "赛微电子:PE 比行业中位低 74.8倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 0.1个百分点;固定资产占比 比行业中位高 4.9个百分点。"]}}