{"F": {"ts_code": "301308.SZ", "name": "江波龙", "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": "20220805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 347.0, "pe_ttm": 12.4397, "pb": 8.0234, "dv_ttm": 0.2811, "total_mv": 14909486.54, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.0, 20.0, 12.4, 8.2, 19.1, 19.4], "rev_series": [72.8, 97.5, 83.3, 101.3, 174.6, 227.7], "np_series": [2.8, 10.1, 0.7, -8.3, 5.0, 14.2], "roe_series": [8.4, 25.9, 1.3, -13.1, 8.0, 19.9], "period": "20260630", "rev_ttm": 366.6, "np_ttm": 119.9, "ocf_ttm": -50.5, "fcf_ttm": -58.6, "fcf_yield": -3.9, "ocf_yield": -3.4, "gm_median": 19.1, "gm_std": 4.7, "gm_stab": 0.75, "gm_chg_2022": 0.4, "npm_median": 2.9, "roe_median": 8.0, "commodity": false, "hard_ratio": 6.5, "fix_assets": 27.7, "goodwill_ratio": 1.9, "pb_calc": 8.02, "capex_dep": 2.14, "interest_debt": 167.0, "debt_ebitda": 1.1, "debt_ratio": 56.1, "debt_mv": 11.2, "payout": 15.5, "div_years": 3, "rev_cagr3": 39.8, "np_cagr3": 169.4, "rev_yoy": 136.3, "np_yoy": 71528.7, "np_vol": 559.9, "loss_years": 1, "far_share": 60.0, "earn_yield": 8.0, "consensus_n": 8, "fwd_pe": 10.2, "fwd_pe2": 12.6, "fwd_g1": 22.0, "fwd_g2": -19.0, "peg": null, "consensus_disp": null, "mainbz": [["存储产品", 100.0], ["其他业务", 0.0]], "ret_prev_year": 186.1, "ret_prev2_year": -6.4, "ret_ytd": 42.1, "ret_pivot": 454.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.2, "ret_60": -32.6, "ret_120": 6.6, "ret_250": 261.1, "mdd_250": -55.8, "vol_250": 89.5, "pos_52w": 48.0}, "S": {"duration": 27, "pricing": 44, "hard": 10, "bondness": 10}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 12.4 倍、股息率 0.3%、毛利率近 5 年中位 19.1%、固定资产占比 6%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 19.1%。", "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 -3.9%(经营现金流/市值 -3.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.1%,稳定度 75%,2020→2022 成本通胀期毛利率变化 0.4 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 2.14 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.4 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 261%,最大回撤 -56%,年化波动 90%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -10% / -33% / 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%。", "江波龙:PE 比行业中位低 69.1倍;股息率 与行业中位持平;毛利率 比行业中位低 15.9个百分点;固定资产占比 比行业中位低 4.9个百分点。"]}}