{"F": {"ts_code": "603068.SH", "name": "博通集成", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "模拟芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "主板", "list_date": "20190415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 39.7, "pe_ttm": 112.618, "pb": 3.3691, "dv_ttm": 0.0252, "total_mv": 602595.581, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.6, 26.0, 25.7, 30.6, 34.0, 28.6], "rev_series": [8.1, 10.9, 7.1, 7.0, 8.3, 9.2], "np_series": [0.3, 0.6, -2.4, -0.9, -0.2, 0.2], "roe_series": [2.0, 2.9, -12.4, -5.4, -1.5, 1.3], "period": "20260630", "rev_ttm": 11.8, "np_ttm": 0.5, "ocf_ttm": -0.7, "fcf_ttm": -1.0, "fcf_yield": -1.7, "ocf_yield": -1.2, "gm_median": 28.6, "gm_std": 3.1, "gm_stab": 0.89, "gm_chg_2022": 2.1, "npm_median": -3.4, "roe_median": -1.5, "commodity": false, "hard_ratio": 4.7, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 3.37, "capex_dep": 2.67, "interest_debt": 1.0, "debt_ebitda": 1.3, "debt_ratio": 18.1, "debt_mv": 1.7, "payout": 6.7, "div_years": 3, "rev_cagr3": 8.8, "np_cagr3": null, "rev_yoy": 70.2, "np_yoy": 162.6, "np_vol": 247.3, "loss_years": 3, "far_share": 96.0, "earn_yield": 0.9, "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", 50.0]], "ret_prev_year": 35.7, "ret_prev2_year": -5.0, "ret_ytd": 5.8, "ret_pivot": 99.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": 24.5, "ret_120": 17.3, "ret_250": 4.0, "mdd_250": -36.8, "vol_250": 50.6, "pos_52w": 82.8}, "S": {"duration": 94, "pricing": 55, "hard": 8, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 0.5 亿,近 5 年亏损 3 年;PE 113 倍(盈利极薄),估值指标失真。", "资产负债率 18%,有息负债 1 亿,经营现金流/市值 -1.2%: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 5%,毛利率近 5 年中位 28.6%。", "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 -1.7%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.6%,稳定度 89%,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 5%,资本开支/折旧 2.67 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 112.6 倍 粗算,约 96%(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 4%,最大回撤 -37%,年化波动 51%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -3% / 24% / 17%。", "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%。", "博通集成:PE 比行业中位高 31.1倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 6.4个百分点;固定资产占比 比行业中位低 6.7个百分点。"]}}