{"F": {"ts_code": "605358.SH", "name": "立昂微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体材料", "ind": "半导体", "fin_source": "tushare", "market": "主板", "list_date": "20200911", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 40.15, "pe_ttm": 452.2567, "pb": 2.8919, "dv_ttm": 0.3723, "total_mv": 3100380.591, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.3, 44.9, 40.9, 19.8, 8.7, 9.9], "rev_series": [15.0, 25.4, 29.1, 26.9, 30.9, 35.9], "np_series": [2.0, 6.0, 6.9, 0.7, -2.7, -1.4], "roe_series": [12.0, 12.8, 8.7, 0.8, -3.5, -2.0], "period": "20260630", "rev_ttm": 40.2, "np_ttm": 0.7, "ocf_ttm": 8.6, "fcf_ttm": 0.4, "fcf_yield": 0.1, "ocf_yield": 2.8, "gm_median": 19.8, "gm_std": 15.3, "gm_stab": 0.23, "gm_chg_2022": 5.6, "npm_median": -1.0, "roe_median": 0.8, "commodity": false, "hard_ratio": 60.6, "fix_assets": 120.4, "goodwill_ratio": 0.2, "pb_calc": 2.89, "capex_dep": 0.69, "interest_debt": 49.2, "debt_ebitda": 3.7, "debt_ratio": 41.3, "debt_mv": 15.9, "payout": 170.7, "div_years": 4, "rev_cagr3": 7.2, "np_cagr3": null, "rev_yoy": 25.7, "np_yoy": 166.1, "np_vol": 237.1, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 4, "fwd_pe": 105.7, "fwd_pe2": 52.0, "fwd_g1": 328.0, "fwd_g2": 103.0, "peg": 1.03, "consensus_disp": null, "mainbz": [["半导体硅片", 56.0], ["半导体功率器件芯片", 18.0], ["半导体功率器件", 18.0], ["化合物半导体射频和光电芯片", 7.0]], "ret_prev_year": 40.8, "ret_prev2_year": -9.3, "ret_ytd": 15.8, "ret_pivot": 119.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.5, "ret_60": -43.5, "ret_120": 10.6, "ret_250": 52.7, "mdd_250": -55.2, "vol_250": 67.6, "pos_52w": 50.4}, "S": {"duration": 100, "pricing": 29, "hard": 97, "bondness": 61}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 61%,但毛利率近 5 年中位只有 19.8%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 5.6 个百分点;有息负债/EBITDA 3.7 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 61%),没有定价权:毛利率近 5 年中位 19.8%,稳定度 23%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.1%(经营现金流/市值 2.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.8%,稳定度 23%,2020→2022 成本通胀期毛利率变化 5.6 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 61%,资本开支/折旧 0.69 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 452.3 倍 粗算,约 99%(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 53%,最大回撤 -55%,年化波动 68%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -10% / -44% / 11%。", "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%。", "立昂微:PE 比行业中位高 370.8倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 15.2个百分点;固定资产占比 比行业中位高 49.2个百分点。"]}}