{"F": {"ts_code": "300672.SZ", "name": "国科微", "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": "20170712", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 169.98, "pe_ttm": null, "pb": 9.2011, "dv_ttm": null, "total_mv": 3690308.295, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.6, 25.7, 18.8, 12.4, 26.3, 22.9], "rev_series": [7.3, 23.2, 36.0, 42.3, 19.8, 17.9], "np_series": [0.7, 2.9, 1.5, 1.0, 1.0, -2.3], "roe_series": [5.9, 21.1, 5.5, 2.4, 2.4, -5.9], "period": "20260630", "rev_ttm": 24.3, "np_ttm": -0.6, "ocf_ttm": 7.1, "fcf_ttm": 2.5, "fcf_yield": 0.7, "ocf_yield": 1.9, "gm_median": 22.9, "gm_std": 5.1, "gm_stab": 0.78, "gm_chg_2022": -26.7, "npm_median": 4.2, "roe_median": 2.4, "commodity": false, "hard_ratio": 2.4, "fix_assets": 1.6, "goodwill_ratio": 4.5, "pb_calc": 9.2, "capex_dep": 11.13, "interest_debt": 18.2, "debt_ebitda": 5.2, "debt_ratio": 39.8, "debt_mv": 4.9, "payout": 67.3, "div_years": 4, "rev_cagr3": -20.8, "np_cagr3": null, "rev_yoy": 85.8, "np_yoy": 872.8, "np_vol": 207.5, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 5, "fwd_pe": 88.6, "fwd_pe2": 59.1, "fwd_g1": null, "fwd_g2": 50.0, "peg": 1.77, "consensus_disp": null, "mainbz": [["产品", 33.0], ["智能视频监控系列芯片产品", 25.0], ["智慧视觉系列产品", 25.0], ["超高清智能显示系列产品", 6.0]], "ret_prev_year": 62.0, "ret_prev2_year": 13.9, "ret_ytd": 57.9, "ret_pivot": 306.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": -36.9, "ret_120": 5.7, "ret_250": 71.7, "mdd_250": -65.3, "vol_250": 82.0, "pos_52w": 48.4}, "S": {"duration": 100, "pricing": 42, "hard": 4, "bondness": 59}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 40%,有息负债 18 亿,经营现金流/市值 1.9%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 2%,毛利率近 5 年中位 22.9%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.7%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.9%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -26.7 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 2%,资本开支/折旧 11.13 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 72%,最大回撤 -65%,年化波动 82%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 1% / -37% / 6%。", "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%。", "国科微:PE ;股息率 ;毛利率 比行业中位低 12.1个百分点;固定资产占比 比行业中位低 9.0个百分点。"]}}