{"F": {"ts_code": "603501.SH", "name": "豪威集团", "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": "20170504", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 80.25, "pe_ttm": 31.1775, "pb": 3.108, "dv_ttm": 0.6221, "total_mv": 10093077.81, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.9, 34.5, 30.8, 21.8, 29.4, 30.6], "rev_series": [198.2, 241.0, 200.8, 210.2, 257.3, 288.5], "np_series": [27.1, 44.8, 9.9, 5.6, 33.2, 40.5], "roe_series": [28.2, 32.6, 5.8, 2.8, 14.6, 15.4], "period": "20260630", "rev_ttm": 289.2, "np_ttm": 32.4, "ocf_ttm": 26.4, "fcf_ttm": 4.1, "fcf_yield": 0.4, "ocf_yield": 2.6, "gm_median": 30.6, "gm_std": 4.2, "gm_stab": 0.86, "gm_chg_2022": 0.8, "npm_median": 12.8, "roe_median": 14.6, "commodity": false, "hard_ratio": 9.0, "fix_assets": 45.1, "goodwill_ratio": 7.9, "pb_calc": 3.09, "capex_dep": 3.56, "interest_debt": 116.9, "debt_ebitda": 2.1, "debt_ratio": 34.9, "debt_mv": 11.6, "payout": 15.2, "div_years": 5, "rev_cagr3": 12.8, "np_cagr3": 59.9, "rev_yoy": 0.5, "np_yoy": -39.9, "np_vol": 208.8, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 19, "fwd_pe": 24.0, "fwd_pe2": 19.0, "fwd_g1": 30.0, "fwd_g2": 27.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["产品", 33.0], ["半导体设计", 26.0], ["设计和销售业务", 25.0], ["半导体代理", 11.0]], "ret_prev_year": 21.3, "ret_prev2_year": -1.9, "ret_ytd": -36.2, "ret_pivot": -1.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.6, "ret_60": -5.8, "ret_120": -28.1, "ret_250": -41.2, "mdd_250": -47.4, "vol_250": 38.9, "pos_52w": 53.3}, "S": {"duration": 54, "pricing": 54, "hard": 14, "bondness": 23}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 31.2 倍、股息率 0.6%、毛利率近 5 年中位 30.6%、固定资产占比 9%、有息负债/EBITDA 2.1 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 30.6%),硬资产占比 9%。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 0.4%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.6%,稳定度 86%,2020→2022 成本通胀期毛利率变化 0.8 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 9%,资本开支/折旧 3.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.2 倍 粗算,约 84%(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 -47%,年化波动 39%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -11% / -6% / -28%。", "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%。", "豪威集团:PE 比行业中位低 50.3倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 4.4个百分点;固定资产占比 比行业中位低 2.4个百分点。"]}}