{"F": {"ts_code": "301563.SZ", "name": "云汉芯城", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20250930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 113.88, "pe_ttm": 45.7156, "pb": 7.1665, "dv_ttm": 0.6978, "total_mv": 964004.4492, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.0, 12.2, 12.2, 14.8, 16.3, 15.9], "rev_series": [null, null, 43.3, 26.4, 25.8, 32.4], "np_series": [null, null, 1.4, 0.8, 0.9, 1.0], "roe_series": [15.6, 45.4, 26.7, 12.7, 12.5, 10.1], "period": "20260630", "rev_ttm": 45.4, "np_ttm": 2.1, "ocf_ttm": -4.7, "fcf_ttm": -4.8, "fcf_yield": -5.0, "ocf_yield": -4.8, "gm_median": 14.8, "gm_std": 1.8, "gm_stab": 0.88, "gm_chg_2022": 1.1, "npm_median": 3.1, "roe_median": 12.7, "commodity": false, "hard_ratio": 4.9, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 7.17, "capex_dep": 1.92, "interest_debt": 6.9, "debt_ebitda": 2.3, "debt_ratio": 47.0, "debt_mv": 7.2, "payout": 26.7, "div_years": 1, "rev_cagr3": -9.3, "np_cagr3": -10.0, "rev_yoy": 90.7, "np_yoy": 207.7, "np_vol": 173.8, "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": [["半导体器件", 51.0], ["被动器件", 14.0], ["被动元器件", 14.0], ["连接器", 10.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -2.7, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.4, "ret_60": -35.9, "ret_120": 1.0, "ret_250": null, "mdd_250": -52.0, "vol_250": 94.1, "pos_52w": 50.9}, "S": {"duration": 68, "pricing": 47, "hard": 8, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 45.7 倍、股息率 0.7%、毛利率近 5 年中位 14.8%、固定资产占比 5%、有息负债/EBITDA 2.3 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 5%,毛利率近 5 年中位 14.8%。", "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 -5.0%(经营现金流/市值 -4.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.8%,稳定度 88%,2020→2022 成本通胀期毛利率变化 1.1 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 5%,资本开支/折旧 1.92 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.7 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?"]], "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "云汉芯城:PE 比行业中位低 5.8倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 8.3个百分点;固定资产占比 比行业中位低 7.8个百分点。"]}}