{"F": {"ts_code": "301666.SZ", "name": "大普微", "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": "20260416", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 405.48, "pe_ttm": 146.5343, "pb": 48.5087, "dv_ttm": null, "total_mv": 17687698.5324, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-0.1, -27.1, 27.3, 3.5], "rev_series": [5.6, 5.2, 9.6, 22.9], "np_series": [-5.3, -6.2, -1.9, -4.8], "roe_series": [-160.8, -166.2, -31.3, -78.4], "period": "20260630", "rev_ttm": 62.6, "np_ttm": 12.1, "ocf_ttm": -12.9, "fcf_ttm": -13.4, "fcf_yield": -0.8, "ocf_yield": -0.7, "gm_median": 1.7, "gm_std": 19.3, "gm_stab": -10.35, "gm_chg_2022": null, "npm_median": -58.5, "roe_median": -119.6, "commodity": false, "hard_ratio": 1.5, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 48.51, "capex_dep": null, "interest_debt": 15.6, "debt_ebitda": null, "debt_ratio": 51.7, "debt_mv": 0.9, "payout": null, "div_years": 0, "rev_cagr3": 60.2, "np_cagr3": null, "rev_yoy": 531.2, "np_yoy": 477.1, "np_vol": 91.1, "loss_years": 4, "far_share": 97.0, "earn_yield": 0.7, "consensus_n": 1, "fwd_pe": 64.9, "fwd_pe2": 32.4, "fwd_g1": 126.0, "fwd_g2": 100.0, "peg": 0.65, "consensus_disp": null, "mainbz": [["产品", 50.0], ["企业级SSD", 50.0], ["其他业务", 0.0], ["其他", 0.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.5, "ret_60": -38.4, "ret_120": null, "ret_250": null, "mdd_250": -57.3, "vol_250": 116.3, "pos_52w": 45.6}, "S": {"duration": 97, "pricing": 8, "hard": 2, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 12.1 亿,近 5 年亏损 4 年;PE 147 倍(盈利极薄),估值指标失真。", "资产负债率 52%,有息负债 16 亿,经营现金流/市值 -0.7%: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 1.7%。", "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 -0.8%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 1.7%,稳定度 -1035%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 146.5 倍 粗算,约 97%(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%。", "大普微:PE 比行业中位高 65.0倍;股息率 ;毛利率 比行业中位低 33.3个百分点;固定资产占比 比行业中位低 9.9个百分点。"]}}