{"F": {"ts_code": "301297.SZ", "name": "富乐德", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体设备", "ind": "半导体", "fin_source": "tushare", "market": "创业板", "list_date": "20221230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 37.34, "pe_ttm": 52.3949, "pb": 4.7, "dv_ttm": 0.4729, "total_mv": 2592551.1577, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 37.2, 35.6, 38.3, 39.8, 28.4], "rev_series": [4.8, 5.7, 6.2, 5.9, 7.8, 28.7], "np_series": [0.8, 0.9, 0.9, 0.9, 1.1, 4.0], "roe_series": [17.7, 14.8, 8.8, 6.4, 7.4, 11.7], "period": "20260630", "rev_ttm": 40.1, "np_ttm": 5.5, "ocf_ttm": 4.0, "fcf_ttm": -2.1, "fcf_yield": -0.8, "ocf_yield": 1.5, "gm_median": 37.2, "gm_std": 4.0, "gm_stab": 0.89, "gm_chg_2022": -2.4, "npm_median": 15.0, "roe_median": 8.8, "commodity": false, "hard_ratio": 40.3, "fix_assets": 28.5, "goodwill_ratio": 0.0, "pb_calc": 4.68, "capex_dep": 2.11, "interest_debt": 4.1, "debt_ebitda": 0.5, "debt_ratio": 21.3, "debt_mv": 1.6, "payout": 26.9, "div_years": 4, "rev_cagr3": 66.3, "np_cagr3": 66.0, "rev_yoy": 9.1, "np_yoy": 80.3, "np_vol": 21.2, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["DCB收入", 10.0], ["DCB", 10.0], ["精密清洗", 9.0]], "ret_prev_year": -15.7, "ret_prev2_year": 58.6, "ret_ytd": 4.8, "ret_pivot": 88.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -13.0, "ret_120": 7.1, "ret_250": -16.3, "mdd_250": -55.2, "vol_250": 55.5, "pos_52w": 58.6}, "S": {"duration": 73, "pricing": 55, "hard": 64, "bondness": 14}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 52.4 倍、股息率 0.5%、毛利率近 5 年中位 37.2%、固定资产占比 40%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 40%、毛利率 37.2% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.8%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.2%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -2.4 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 40%,资本开支/折旧 2.11 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.4 倍 粗算,约 90%(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 -16%,最大回撤 -55%,年化波动 56%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 7% / -13% / 7%。", "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%。", "富乐德:PE 比行业中位低 29.1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 2.2个百分点;固定资产占比 比行业中位高 28.9个百分点。"]}}