{"F": {"ts_code": "603316.SH", "name": "诚邦股份", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "数字芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "主板", "list_date": "20170619", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.32, "pe_ttm": null, "pb": 6.5205, "dv_ttm": null, "total_mv": 359638.668, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.1, 14.0, 9.4, 3.9, 4.0, 6.7], "rev_series": [11.5, 13.1, 8.0, 4.5, 3.5, 5.0], "np_series": [0.4, 0.2, -0.6, -1.1, -1.0, -1.2], "roe_series": [4.7, 2.4, -6.3, -13.5, -14.2, -20.3], "period": "20260630", "rev_ttm": 6.4, "np_ttm": -0.9, "ocf_ttm": 0.4, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 1.1, "gm_median": 6.7, "gm_std": 3.8, "gm_stab": 0.43, "gm_chg_2022": -7.7, "npm_median": -22.3, "roe_median": -13.5, "commodity": false, "hard_ratio": 1.5, "fix_assets": 0.4, "goodwill_ratio": 0.1, "pb_calc": 6.52, "capex_dep": 3.17, "interest_debt": 10.7, "debt_ebitda": null, "debt_ratio": 75.9, "debt_mv": 29.7, "payout": null, "div_years": 1, "rev_cagr3": -14.3, "np_cagr3": null, "rev_yoy": 65.2, "np_yoy": 314.6, "np_vol": 130.1, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 34.2, "fwd_pe2": 25.6, "fwd_g1": null, "fwd_g2": 33.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["产品", 50.0], ["存储产品销售", 36.0], ["建设及养护", 10.0], ["运维", 2.0]], "ret_prev_year": 208.5, "ret_prev2_year": -30.3, "ret_ytd": -8.1, "ret_pivot": 188.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.5, "ret_60": -31.8, "ret_120": -15.7, "ret_250": 41.3, "mdd_250": -57.9, "vol_250": 69.7, "pos_52w": 48.9}, "S": {"duration": 100, "pricing": 22, "hard": 2, "bondness": 23}, "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 -0.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 76%,有息负债 11 亿,经营现金流/市值 1.1%: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 2%,毛利率近 5 年中位 6.7%。", "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 0.5%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.7%,稳定度 43%,2020→2022 成本通胀期毛利率变化 -7.7 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 3.17 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 41%,最大回撤 -58%,年化波动 70%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -6% / -32% / -16%。", "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%。", "诚邦股份:PE ;股息率 ;毛利率 比行业中位低 28.3个百分点;固定资产占比 比行业中位低 9.9个百分点。"]}}