{"F": {"ts_code": "603290.SH", "name": "斯达半导", "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": "20200204", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 85.6, "pe_ttm": 105.239, "pb": 2.9796, "dv_ttm": 0.5935, "total_mv": 2049893.16, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.6, 36.7, 40.3, 37.5, 31.6, 26.1], "rev_series": [9.6, 17.1, 27.1, 36.6, 33.9, 40.1], "np_series": [1.8, 4.0, 8.2, 9.1, 5.1, 4.1], "roe_series": [21.0, 12.9, 15.2, 15.0, 7.7, 6.0], "period": "20260630", "rev_ttm": 40.0, "np_ttm": 1.9, "ocf_ttm": 4.4, "fcf_ttm": -1.5, "fcf_yield": -0.8, "ocf_yield": 2.1, "gm_median": 36.7, "gm_std": 5.0, "gm_stab": 0.86, "gm_chg_2022": 8.7, "npm_median": 23.4, "roe_median": 12.9, "commodity": false, "hard_ratio": 50.8, "fix_assets": 62.3, "goodwill_ratio": 0.4, "pb_calc": 2.97, "capex_dep": 1.01, "interest_debt": 36.8, "debt_ebitda": 4.5, "debt_ratio": 43.1, "debt_mv": 17.9, "payout": 59.9, "div_years": 5, "rev_cagr3": 14.0, "np_cagr3": -20.9, "rev_yoy": -0.4, "np_yoy": -76.4, "np_vol": 66.5, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 6, "fwd_pe": 54.1, "fwd_pe2": 36.8, "fwd_g1": 94.0, "fwd_g2": 47.0, "peg": 1.15, "consensus_disp": null, "mainbz": [["产品", 33.0], ["模块", 33.0], ["IGBT模块", 33.0], ["其他产品", 1.0]], "ret_prev_year": 7.8, "ret_prev2_year": -30.2, "ret_ytd": -10.4, "ret_pivot": 29.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.3, "ret_60": -22.8, "ret_120": -19.5, "ret_250": -12.3, "mdd_250": -48.3, "vol_250": 54.8, "pos_52w": 56.0}, "S": {"duration": 93, "pricing": 60, "hard": 81, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 105.2 倍、股息率 0.6%、毛利率近 5 年中位 36.7%、固定资产占比 51%、有息负债/EBITDA 4.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 51%、毛利率 36.7% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.8%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.7%,稳定度 86%,2020→2022 成本通胀期毛利率变化 8.7 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 51%,资本开支/折旧 1.01 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 105.2 倍 粗算,约 95%(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 -12%,最大回撤 -48%,年化波动 55%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -3% / -23% / -20%。", "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%。", "斯达半导:PE 比行业中位高 23.7倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 1.7个百分点;固定资产占比 比行业中位高 39.4个百分点。"]}}