{"F": {"ts_code": "301583.SZ", "name": "托伦斯", "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": "20260710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 115.66, "pe_ttm": 282.9481, "pb": 22.8555, "dv_ttm": null, "total_mv": 2145188.8142, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.6, 23.3, 29.9, 27.1], "rev_series": [2.8, 2.9, 6.1, 7.2], "np_series": [0.3, 0.2, 1.1, 1.0], "roe_series": [39.7, 5.9, 17.5, 11.8], "period": "20260630", "rev_ttm": 7.3, "np_ttm": 0.8, "ocf_ttm": -1.1, "fcf_ttm": -2.3, "fcf_yield": -1.1, "ocf_yield": -0.5, "gm_median": 28.5, "gm_std": 2.9, "gm_stab": 0.9, "gm_chg_2022": null, "npm_median": 12.8, "roe_median": 14.6, "commodity": false, "hard_ratio": 33.4, "fix_assets": 5.0, "goodwill_ratio": 0.0, "pb_calc": 22.86, "capex_dep": 3.47, "interest_debt": 2.2, "debt_ebitda": 1.6, "debt_ratio": 37.2, "debt_mv": 1.0, "payout": null, "div_years": 0, "rev_cagr3": 36.5, "np_cagr3": 42.5, "rev_yoy": 3.2, "np_yoy": -36.7, "np_vol": 293.1, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["半导体工艺零部件", 30.0], ["半导体结构零部件", 15.0], ["其他主营业务", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -22.3, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": -50.3, "vol_250": 146.7, "pos_52w": 52.1}, "S": {"duration": 100, "pricing": 53, "hard": 53, "bondness": 5}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 282.9 倍、股息率 —、毛利率近 5 年中位 28.5%、固定资产占比 33%、有息负债/EBITDA 1.6 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 33%),没有定价权:毛利率近 5 年中位 28.5%,稳定度 90%。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 -1.1%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.5%,稳定度 90%。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 33%,资本开支/折旧 3.47 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 282.9 倍 粗算,约 98%(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「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%。", "托伦斯:PE 比行业中位高 201.4倍;股息率 ;毛利率 比行业中位低 6.5个百分点;固定资产占比 比行业中位高 22.0个百分点。"]}}