{"F": {"ts_code": "600360.SH", "name": "华微电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "分立器件", "ind": "半导体", "fin_source": "tushare", "market": "主板", "list_date": "20010316", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.66, "pe_ttm": 50.4929, "pb": 2.6094, "dv_ttm": 0.5694, "total_mv": 927645.2598, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.1, 21.3, 21.1, 23.6, 26.3, 24.5], "rev_series": [17.2, 22.1, 19.5, 17.4, 20.6, 22.6], "np_series": [0.3, 1.2, 0.6, 0.4, 1.3, 1.7], "roe_series": [1.1, 3.6, 1.8, 1.1, 3.9, 5.1], "period": "20260630", "rev_ttm": 23.3, "np_ttm": 1.8, "ocf_ttm": 2.0, "fcf_ttm": -0.8, "fcf_yield": -0.8, "ocf_yield": 2.2, "gm_median": 23.6, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": 2.1, "npm_median": 5.2, "roe_median": 3.6, "commodity": false, "hard_ratio": 54.1, "fix_assets": 29.0, "goodwill_ratio": 0.0, "pb_calc": 2.61, "capex_dep": 0.99, "interest_debt": 5.3, "debt_ebitda": 1.2, "debt_ratio": 33.0, "debt_mv": 5.7, "payout": 30.6, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": 44.1, "rev_yoy": 6.3, "np_yoy": 10.2, "np_vol": 130.4, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 77.0, "ret_prev2_year": -37.0, "ret_ytd": 21.7, "ret_pivot": 204.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.1, "ret_60": -13.7, "ret_120": 4.6, "ret_250": 1.2, "mdd_250": -46.9, "vol_250": 51.4, "pos_52w": 56.8}, "S": {"duration": 72, "pricing": 53, "hard": 87, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 50.5 倍、股息率 0.6%、毛利率近 5 年中位 23.6%、固定资产占比 54%、有息负债/EBITDA 1.2 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 54%),没有定价权:毛利率近 5 年中位 23.6%,稳定度 92%。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 -0.8%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 2.1 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 54%,资本开支/折旧 0.99 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.5 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 1%,最大回撤 -47%,年化波动 51%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -8% / -14% / 5%。", "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%。", "华微电子:PE 比行业中位低 31.0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 11.4个百分点;固定资产占比 比行业中位高 42.7个百分点。"]}}