{"F": {"ts_code": "300613.SZ", "name": "富瀚微", "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": "20170220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 72.37, "pe_ttm": 35.7317, "pb": 5.3081, "dv_ttm": 0.1094, "total_mv": 1685461.8387, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.7, 42.4, 38.1, 38.8, 37.7, 37.2], "rev_series": [6.1, 17.2, 21.1, 18.2, 17.9, 16.9], "np_series": [0.9, 3.6, 4.0, 2.5, 2.6, 1.4], "roe_series": [7.1, 23.0, 19.4, 10.5, 9.7, 5.1], "period": "20260630", "rev_ttm": 24.6, "np_ttm": 4.7, "ocf_ttm": -0.0, "fcf_ttm": -0.5, "fcf_yield": -0.3, "ocf_yield": -0.0, "gm_median": 38.1, "gm_std": 1.9, "gm_stab": 0.95, "gm_chg_2022": -1.6, "npm_median": 13.8, "roe_median": 10.5, "commodity": false, "hard_ratio": 4.9, "fix_assets": 2.3, "goodwill_ratio": 5.4, "pb_calc": 5.16, "capex_dep": 0.89, "interest_debt": 6.7, "debt_ebitda": 1.0, "debt_ratio": 24.9, "debt_mv": 4.0, "payout": 10.9, "div_years": 5, "rev_cagr3": -7.1, "np_cagr3": -28.6, "rev_yoy": 112.7, "np_yoy": 1419.2, "np_vol": 134.5, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "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], ["智能视频产品", 30.0], ["智能物联产品", 12.0], ["智能出行产品", 7.0]], "ret_prev_year": -21.1, "ret_prev2_year": 38.4, "ret_ytd": 57.4, "ret_pivot": 134.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.5, "ret_60": 25.2, "ret_120": 76.9, "ret_250": 29.7, "mdd_250": -35.8, "vol_250": 56.3, "pos_52w": 90.3}, "S": {"duration": 59, "pricing": 59, "hard": 8, "bondness": 27}, "label": "中性", "tags": [], "text": {"像什么": ["PE 35.7 倍、股息率 0.1%、毛利率近 5 年中位 38.1%、固定资产占比 5%、有息负债/EBITDA 1.0 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 38.1%),硬资产占比 5%。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 -0.3%(经营现金流/市值 -0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.1%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -1.6 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 5%,资本开支/折旧 0.89 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.7 倍 粗算,约 86%(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 30%,最大回撤 -36%,年化波动 56%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 -2% / 25% / 77%。", "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%。", "富瀚微:PE 比行业中位低 45.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 3.1个百分点;固定资产占比 比行业中位低 6.5个百分点。"]}}