{"F": {"ts_code": "300666.SZ", "name": "江丰电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体材料", "ind": "半导体", "fin_source": "tushare", "market": "创业板", "list_date": "20170615", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 220.18, "pe_ttm": 77.2531, "pb": 8.334, "dv_ttm": 0.1679, "total_mv": 6076329.478, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.1, 25.6, 29.9, 29.2, 28.2, 27.2], "rev_series": [11.7, 15.9, 23.2, 26.0, 36.0, 46.0], "np_series": [1.5, 1.1, 2.7, 2.6, 4.0, 5.0], "roe_series": [16.7, 8.4, 9.7, 6.2, 9.2, 10.5], "period": "20260630", "rev_ttm": 52.5, "np_ttm": 7.9, "ocf_ttm": 5.2, "fcf_ttm": -8.1, "fcf_yield": -1.3, "ocf_yield": 0.9, "gm_median": 28.2, "gm_std": 1.5, "gm_stab": 0.95, "gm_chg_2022": 1.8, "npm_median": 8.5, "roe_median": 9.2, "commodity": false, "hard_ratio": 31.1, "fix_assets": 46.2, "goodwill_ratio": 0.0, "pb_calc": 8.33, "capex_dep": 5.14, "interest_debt": 46.5, "debt_ebitda": 5.0, "debt_ratio": 51.7, "debt_mv": 7.7, "payout": 20.4, "div_years": 5, "rev_cagr3": 25.6, "np_cagr3": 23.5, "rev_yoy": 30.7, "np_yoy": 113.6, "np_vol": 61.3, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 17, "fwd_pe": 69.5, "fwd_pe2": 50.9, "fwd_g1": 11.0, "fwd_g2": 37.0, "peg": 1.88, "consensus_disp": null, "mainbz": [["产品", 42.0], ["超高纯靶材", 26.0], ["零部件", 10.0], ["精密零部件", 10.0]], "ret_prev_year": 33.2, "ret_prev2_year": 19.2, "ret_ytd": 140.3, "ret_pivot": 408.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.8, "ret_60": -24.7, "ret_120": 52.4, "ret_250": 174.0, "mdd_250": -53.1, "vol_250": 79.3, "pos_52w": 55.8}, "S": {"duration": 86, "pricing": 56, "hard": 50, "bondness": 23}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 77.3 倍、股息率 0.2%、毛利率近 5 年中位 28.2%、固定资产占比 31%、有息负债/EBITDA 5.0 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 31%),没有定价权:毛利率近 5 年中位 28.2%,稳定度 95%。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 -1.3%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.8 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 31%,资本开支/折旧 5.14 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 77.3 倍 粗算,约 94%(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 174%,最大回撤 -53%,年化波动 79%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -13% / -25% / 52%。", "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%。", "江丰电子:PE 比行业中位低 4.2倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位高 19.7个百分点。"]}}