{"F": {"ts_code": "300475.SZ", "name": "香农芯创", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20150610", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 164.85, "pe_ttm": 19.2152, "pb": 10.8421, "dv_ttm": 0.0708, "total_mv": 7740394.9245, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.6, 3.9, 4.4, 5.8, 4.3, 4.0], "rev_series": [2.6, 92.1, 137.7, 112.7, 242.7, 352.5], "np_series": [0.6, 2.2, 3.1, 3.8, 2.6, 5.4], "roe_series": [4.9, 15.5, 18.1, 16.6, 9.5, 16.7], "period": "20260630", "rev_ttm": 783.3, "np_ttm": 40.3, "ocf_ttm": 76.7, "fcf_ttm": 76.5, "fcf_yield": 9.9, "ocf_yield": 9.9, "gm_median": 4.3, "gm_std": 0.7, "gm_stab": 0.84, "gm_chg_2022": -26.2, "npm_median": 2.3, "roe_median": 16.6, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.6, "goodwill_ratio": 3.5, "pb_calc": 10.84, "capex_dep": 1.33, "interest_debt": 49.6, "debt_ebitda": 0.8, "debt_ratio": 74.1, "debt_mv": 6.4, "payout": 10.0, "div_years": 5, "rev_cagr3": 36.8, "np_cagr3": 20.2, "rev_yoy": 251.6, "np_yoy": 2207.2, "np_vol": 96.0, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 2, "fwd_pe": 15.5, "fwd_pe2": 12.9, "fwd_g1": 24.0, "fwd_g2": 20.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["产品", 33.0], ["电子元器件分销业务", 31.0], ["电子元器件分销", 31.0], ["电子元器件业务", 2.0]], "ret_prev_year": 409.5, "ret_prev2_year": -15.3, "ret_ytd": 14.3, "ret_pivot": 618.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.9, "ret_60": -9.5, "ret_120": 7.4, "ret_250": 306.0, "mdd_250": -56.2, "vol_250": 99.4, "pos_52w": 53.8}, "S": {"duration": 38, "pricing": 35, "hard": 0, "bondness": 6}, "label": "成长兑现", "tags": ["PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 2207%,PE TTM 19.2 倍 但前瞻 PE 15.5 倍,PEG 0.78。", "自由现金流 76.5 亿(正),次年预期增速 20%(2 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 0%,毛利率近 5 年中位 4.3%。", "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 9.9%(经营现金流/市值 9.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.3%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -26.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 0%,资本开支/折旧 1.33 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.2 倍 粗算,约 74%(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 306%,最大回撤 -56%,年化波动 99%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 4% / -10% / 7%。 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「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "香农芯创:PE 比行业中位低 32.3倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 18.8个百分点;固定资产占比 比行业中位低 12.5个百分点。"]}}