{"F": {"ts_code": "603893.SH", "name": "瑞芯微", "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": "20200207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 189.0, "pe_ttm": 58.4677, "pb": 16.2453, "dv_ttm": 0.7928, "total_mv": 7997414.04, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.8, 40.0, 37.7, 34.2, 37.6, 41.9], "rev_series": [18.6, 27.2, 20.3, 21.3, 31.4, 44.0], "np_series": [3.2, 6.0, 3.0, 1.3, 5.9, 10.4], "roe_series": [16.1, 23.5, 10.3, 4.5, 18.0, 26.2], "period": "20260630", "rev_ttm": 52.3, "np_ttm": 13.7, "ocf_ttm": 11.6, "fcf_ttm": 8.7, "fcf_yield": 1.1, "ocf_yield": 1.5, "gm_median": 37.7, "gm_std": 2.6, "gm_stab": 0.93, "gm_chg_2022": -3.1, "npm_median": 19.0, "roe_median": 18.0, "commodity": false, "hard_ratio": 1.1, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 16.25, "capex_dep": 13.88, "interest_debt": 0.7, "debt_ebitda": 0.0, "debt_ratio": 25.3, "debt_mv": 0.1, "payout": 62.5, "div_years": 5, "rev_cagr3": 29.4, "np_cagr3": 51.8, "rev_yoy": 40.6, "np_yoy": 61.7, "np_vol": 143.8, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 20, "fwd_pe": 51.2, "fwd_pe2": 39.8, "fwd_g1": 14.0, "fwd_g2": 29.0, "peg": 1.77, "consensus_disp": null, "mainbz": [["智能应用处理芯片", 47.0], ["智能应用处理器芯片", 47.0], ["数模混合芯片", 4.0], ["其他芯片", 1.0]], "ret_prev_year": 64.2, "ret_prev2_year": 77.1, "ret_ytd": 6.9, "ret_pivot": 299.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.4, "ret_60": 19.0, "ret_120": 13.8, "ret_250": -3.6, "mdd_250": -40.9, "vol_250": 53.7, "pos_52w": 77.2}, "S": {"duration": 77, "pricing": 57, "hard": 2, "bondness": 27}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 58.5 倍、股息率 0.8%、毛利率近 5 年中位 37.7%、固定资产占比 1%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 37.7%),硬资产占比 1%。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 1.1%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.1 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 1%,资本开支/折旧 13.88 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.5 倍 粗算,约 91%(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 -4%,最大回撤 -41%,年化波动 54%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -7% / 19% / 14%。", "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%。", "瑞芯微:PE 比行业中位低 23.0倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 2.7个百分点;固定资产占比 比行业中位低 10.3个百分点。"]}}