{"F": {"ts_code": "300458.SZ", "name": "全志科技", "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": "20150515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.83, "pe_ttm": 53.499, "pb": 9.0797, "dv_ttm": 0.522, "total_mv": 3162747.8442, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.9, 40.5, 38.3, 32.4, 31.2, 32.9], "rev_series": [15.1, 20.7, 15.1, 16.7, 22.9, 28.4], "np_series": [2.0, 4.9, 2.1, 0.2, 1.7, 2.6], "roe_series": [9.0, 19.2, 7.3, 0.8, 5.6, 8.6], "period": "20260630", "rev_ttm": 33.9, "np_ttm": 5.9, "ocf_ttm": 3.7, "fcf_ttm": 1.7, "fcf_yield": 0.5, "ocf_yield": 1.2, "gm_median": 32.9, "gm_std": 3.7, "gm_stab": 0.89, "gm_chg_2022": 4.5, "npm_median": 9.2, "roe_median": 7.3, "commodity": false, "hard_ratio": 2.8, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 9.08, "capex_dep": 11.03, "interest_debt": 1.0, "debt_ebitda": 0.1, "debt_ratio": 19.1, "debt_mv": 0.3, "payout": 96.2, "div_years": 5, "rev_cagr3": 23.3, "np_cagr3": 7.5, "rev_yoy": 41.2, "np_yoy": 204.2, "np_vol": 258.7, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 4, "fwd_pe": 44.4, "fwd_pe2": 35.5, "fwd_g1": 21.0, "fwd_g2": 25.0, "peg": 1.78, "consensus_disp": null, "mainbz": [["产品", 50.0], ["智能终端应用处理器芯片", 43.0], ["合计特别调整", 7.0], ["其他业务", 0.0]], "ret_prev_year": 42.2, "ret_prev2_year": 73.6, "ret_ytd": -8.7, "ret_pivot": 153.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.0, "ret_60": 4.7, "ret_120": 2.1, "ret_250": -15.2, "mdd_250": -38.0, "vol_250": 54.8, "pos_52w": 73.0}, "S": {"duration": 74, "pricing": 58, "hard": 4, "bondness": 37}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 53.5 倍、股息率 0.5%、毛利率近 5 年中位 32.9%、固定资产占比 3%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 32.9%),硬资产占比 3%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.5%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.9%,稳定度 89%,2020→2022 成本通胀期毛利率变化 4.5 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 3%,资本开支/折旧 11.03 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 53.5 倍 粗算,约 91%(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 -15%,最大回撤 -38%,年化波动 55%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 -8% / 5% / 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%。", "全志科技:PE 比行业中位低 28.0倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 2.1个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}