{"F": {"ts_code": "688045.SH", "name": "必易微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "模拟芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20220526", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 55.28, "pe_ttm": 66.7055, "pb": 2.6748, "dv_ttm": 0.0983, "total_mv": 390149.656, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.8, 43.2, 28.0, 23.6, 25.9, 29.9], "rev_series": [4.3, 8.9, 5.3, 5.8, 6.9, 6.8], "np_series": [0.4, 2.4, 0.4, -0.2, -0.2, 0.1], "roe_series": [24.7, 72.9, 4.2, -1.4, -1.3, 0.9], "period": "20260630", "rev_ttm": 8.5, "np_ttm": 0.6, "ocf_ttm": 0.7, "fcf_ttm": 0.2, "fcf_yield": 0.4, "ocf_yield": 1.9, "gm_median": 28.0, "gm_std": 6.9, "gm_stab": 0.75, "gm_chg_2022": 1.2, "npm_median": 0.8, "roe_median": 0.9, "commodity": false, "hard_ratio": 8.8, "fix_assets": 1.6, "goodwill_ratio": 13.6, "pb_calc": 2.67, "capex_dep": 5.03, "interest_debt": 1.9, "debt_ebitda": 2.8, "debt_ratio": 22.4, "debt_mv": 4.8, "payout": 64.0, "div_years": 1, "rev_cagr3": 9.1, "np_cagr3": -31.7, "rev_yoy": 59.9, "np_yoy": 526.5, "np_vol": 239.6, "loss_years": 2, "far_share": 93.0, "earn_yield": 1.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 21.3, "ret_prev2_year": -25.6, "ret_ytd": 43.1, "ret_pivot": 163.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.6, "ret_60": -20.9, "ret_120": 20.2, "ret_250": 20.5, "mdd_250": -44.8, "vol_250": 55.4, "pos_52w": 68.4}, "S": {"duration": 81, "pricing": 49, "hard": 14, "bondness": 42}, "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 0.6 亿,近 5 年亏损 2 年;PE 67 倍(盈利极薄),估值指标失真。", "资产负债率 22%,有息负债 2 亿,经营现金流/市值 1.9%: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 9%,毛利率近 5 年中位 28.0%。", "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 0.4%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.0%,稳定度 75%,2020→2022 成本通胀期毛利率变化 1.2 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 9%,资本开支/折旧 5.03 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 66.7 倍 粗算,约 93%(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 20%,最大回撤 -45%,年化波动 55%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -2% / -21% / 20%。", "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%。", "必易微:PE 比行业中位低 14.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 7.0个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}