{"F": {"ts_code": "603160.SH", "name": "汇顶科技", "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": "20161017", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 52.05, "pe_ttm": 36.861, "pb": 2.6064, "dv_ttm": 1.0339, "total_mv": 2425440.474, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.3, 48.2, 46.2, 40.5, 41.8, 42.2], "rev_series": [66.9, 57.1, 33.8, 44.1, 43.7, 47.4], "np_series": [16.6, 8.6, -7.5, 1.7, 6.0, 8.4], "roe_series": [22.9, 10.3, -9.1, 2.1, 7.2, 9.3], "period": "20260630", "rev_ttm": 45.5, "np_ttm": 6.6, "ocf_ttm": 7.3, "fcf_ttm": 6.5, "fcf_yield": 2.7, "ocf_yield": 3.0, "gm_median": 42.2, "gm_std": 2.9, "gm_stab": 0.93, "gm_chg_2022": -6.1, "npm_median": 13.8, "roe_median": 7.2, "commodity": false, "hard_ratio": 4.8, "fix_assets": 5.1, "goodwill_ratio": 3.6, "pb_calc": 2.61, "capex_dep": 1.7, "interest_debt": 2.7, "debt_ebitda": 0.4, "debt_ratio": 11.8, "debt_mv": 1.1, "payout": 29.8, "div_years": 4, "rev_cagr3": 11.9, "np_cagr3": null, "rev_yoy": -8.4, "np_yoy": -41.6, "np_vol": 152.9, "loss_years": 1, "far_share": 86.0, "earn_yield": 2.7, "consensus_n": 3, "fwd_pe": 27.3, "fwd_pe2": 22.2, "fwd_g1": 35.0, "fwd_g2": 23.0, "peg": 1.19, "consensus_disp": null, "mainbz": [["指纹识别芯片", 31.0], ["触控芯片", 27.0], ["电容触控芯片", 27.0], ["其他芯片", 14.0]], "ret_prev_year": -1.3, "ret_prev2_year": 17.1, "ret_ytd": -33.8, "ret_pivot": -5.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.1, "ret_60": -8.9, "ret_120": -26.9, "ret_250": -36.6, "mdd_250": -45.4, "vol_250": 39.2, "pos_52w": 60.1}, "S": {"duration": 60, "pricing": 57, "hard": 8, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.9 倍、股息率 1.0%、毛利率近 5 年中位 42.2%、固定资产占比 5%、有息负债/EBITDA 0.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 42.2%),硬资产占比 5%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 2.7%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.1 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 1.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.9 倍 粗算,约 86%(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 -37%,最大回撤 -45%,年化波动 39%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -0% / -9% / -27%。", "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%。", "汇顶科技:PE 比行业中位低 44.6倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 7.2个百分点;固定资产占比 比行业中位低 6.6个百分点。"]}}