{"F": {"ts_code": "600460.SH", "name": "士兰微", "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": "20030311", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.34, "pe_ttm": 77.7123, "pb": 4.0881, "dv_ttm": 0.2637, "total_mv": 5048793.8412, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.5, 33.2, 29.4, 22.2, 19.1, 18.8], "rev_series": [42.8, 71.9, 82.8, 93.4, 112.2, 130.5], "np_series": [0.7, 15.2, 10.5, -0.4, 2.2, 4.0], "roe_series": [2.0, 30.8, 15.3, -0.4, 1.8, 3.3], "period": "20260630", "rev_ttm": 139.8, "np_ttm": 6.5, "ocf_ttm": 14.6, "fcf_ttm": -1.3, "fcf_yield": -0.3, "ocf_yield": 2.9, "gm_median": 22.2, "gm_std": 5.8, "gm_stab": 0.74, "gm_chg_2022": 6.9, "npm_median": 1.1, "roe_median": 3.3, "commodity": false, "hard_ratio": 33.1, "fix_assets": 94.1, "goodwill_ratio": 0.9, "pb_calc": 4.09, "capex_dep": 1.19, "interest_debt": 97.6, "debt_ebitda": 5.2, "debt_ratio": 53.3, "debt_mv": 19.3, "payout": 32.1, "div_years": 4, "rev_cagr3": 16.4, "np_cagr3": -27.7, "rev_yoy": 14.6, "np_yoy": 94.8, "np_vol": 843.2, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 5, "fwd_pe": 58.6, "fwd_pe2": 42.0, "fwd_g1": 33.0, "fwd_g2": 40.0, "peg": 1.47, "consensus_disp": null, "mainbz": [["产品", 39.0], ["器件", 19.0], ["分立器件产品", 19.0], ["集成电路", 16.0]], "ret_prev_year": 9.4, "ret_prev2_year": 14.0, "ret_ytd": 7.1, "ret_pivot": 72.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": -8.3, "ret_120": 6.5, "ret_250": 0.4, "mdd_250": -49.7, "vol_250": 55.0, "pos_52w": 55.6}, "S": {"duration": 86, "pricing": 48, "hard": 53, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 77.7 倍、股息率 0.3%、毛利率近 5 年中位 22.2%、固定资产占比 33%、有息负债/EBITDA 5.2 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 33%),没有定价权:毛利率近 5 年中位 22.2%,稳定度 74%。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 -0.3%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.2%,稳定度 74%,2020→2022 成本通胀期毛利率变化 6.9 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 33%,资本开支/折旧 1.19 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 77.7 倍 粗算,约 94%(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 0%,最大回撤 -50%,年化波动 55%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -7% / -8% / 6%。", "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%。", "士兰微:PE 比行业中位低 3.8倍;股息率 与行业中位持平;毛利率 比行业中位低 12.8个百分点;固定资产占比 比行业中位高 21.7个百分点。"]}}