{"F": {"ts_code": "603738.SH", "name": "泰晶科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20160928", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.3, "pe_ttm": 163.6814, "pb": 7.1862, "dv_ttm": 0.1188, "total_mv": 1323594.125, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.2, 39.4, 38.4, 26.2, 23.7, 18.6], "rev_series": [6.3, 12.4, 9.2, 7.9, 8.2, 9.4], "np_series": [0.4, 2.4, 1.9, 1.0, 0.9, 0.5], "roe_series": [5.0, 19.8, 10.9, 5.7, 5.0, 3.0], "period": "20260630", "rev_ttm": 10.3, "np_ttm": 0.8, "ocf_ttm": 1.5, "fcf_ttm": 0.2, "fcf_yield": 0.2, "ocf_yield": 1.1, "gm_median": 26.2, "gm_std": 8.2, "gm_stab": 0.69, "gm_chg_2022": 17.2, "npm_median": 12.9, "roe_median": 5.7, "commodity": false, "hard_ratio": 33.6, "fix_assets": 7.6, "goodwill_ratio": 0.0, "pb_calc": 7.19, "capex_dep": 1.2, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 18.8, "debt_mv": 0.0, "payout": 31.2, "div_years": 5, "rev_cagr3": 1.0, "np_cagr3": -34.8, "rev_yoy": 18.9, "np_yoy": 129.9, "np_vol": 226.0, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 1, "fwd_pe": 171.5, "fwd_pe2": 131.9, "fwd_g1": -5.0, "fwd_g2": 30.0, "peg": 5.72, "consensus_disp": null, "mainbz": [["产品", 33.0], ["电子元器件制造业等", 33.0], ["电子元器件制造业", 33.0], ["商品贸易类等", 3.0]], "ret_prev_year": 5.5, "ret_prev2_year": -8.0, "ret_ytd": 118.9, "ret_pivot": 188.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.4, "ret_60": -27.0, "ret_120": 49.3, "ret_250": 111.7, "mdd_250": -58.8, "vol_250": 69.5, "pos_52w": 51.9}, "S": {"duration": 98, "pricing": 48, "hard": 54, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 163.7 倍、股息率 0.1%、毛利率近 5 年中位 26.2%、固定资产占比 34%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 34%),没有定价权:毛利率近 5 年中位 26.2%,稳定度 69%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.2%(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 26.2%,稳定度 69%,2020→2022 成本通胀期毛利率变化 17.2 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 34%,资本开支/折旧 1.20 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 163.7 倍 粗算,约 97%(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 112%,最大回撤 -59%,年化波动 70%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -6% / -27% / 49%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "泰晶科技:PE 比行业中位高 98.5倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 4.9个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}