{"F": {"ts_code": "300623.SZ", "name": "捷捷微电", "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": "20170314", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.7, "pe_ttm": 45.2654, "pb": 3.8465, "dv_ttm": 0.5226, "total_mv": 2388069.313, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.7, 47.7, 40.4, 34.1, 36.3, 30.9], "rev_series": [10.1, 17.7, 18.2, 21.1, 28.4, 34.9], "np_series": [2.8, 5.0, 3.6, 2.2, 4.7, 4.8], "roe_series": [12.0, 17.3, 10.5, 6.0, 9.9, 8.1], "period": "20260630", "rev_ttm": 40.1, "np_ttm": 5.3, "ocf_ttm": 9.2, "fcf_ttm": 3.9, "fcf_yield": 1.6, "ocf_yield": 3.9, "gm_median": 36.3, "gm_std": 5.8, "gm_stab": 0.84, "gm_chg_2022": -6.3, "npm_median": 17.5, "roe_median": 9.9, "commodity": false, "hard_ratio": 62.3, "fix_assets": 55.1, "goodwill_ratio": 0.0, "pb_calc": 3.85, "capex_dep": 0.6, "interest_debt": 7.8, "debt_ebitda": 0.5, "debt_ratio": 29.9, "debt_mv": 3.2, "payout": 23.8, "div_years": 5, "rev_cagr3": 24.2, "np_cagr3": 9.9, "rev_yoy": 32.1, "np_yoy": 20.6, "np_vol": 60.4, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["功率半导体器件", 39.0], ["功率半导体分立器件", 39.0], ["功率半导体芯片", 21.0], ["其他业务", 1.0]], "ret_prev_year": -20.2, "ret_prev2_year": 118.3, "ret_ytd": 6.2, "ret_pivot": 75.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.7, "ret_60": -10.8, "ret_120": -3.9, "ret_250": -14.9, "mdd_250": -49.8, "vol_250": 51.9, "pos_52w": 63.8}, "S": {"duration": 68, "pricing": 51, "hard": 100, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 45.3 倍、股息率 0.5%、毛利率近 5 年中位 36.3%、固定资产占比 62%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 62%),没有定价权:毛利率近 5 年中位 36.3%,稳定度 84%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 1.6%(经营现金流/市值 3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.3%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -6.3 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 62%,资本开支/折旧 0.60 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.3 倍 粗算,约 89%(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 -50%,年化波动 52%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 9% / -11% / -4%。", "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%。", "捷捷微电:PE 比行业中位低 36.2倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位高 50.9个百分点。"]}}