{"F": {"ts_code": "688052.SH", "name": "纳芯微", "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": "20220422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 240.0, "pe_ttm": null, "pb": 5.0682, "dv_ttm": null, "total_mv": 3924124.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.3, 53.5, 50.0, 38.6, 32.7, 35.0], "rev_series": [2.4, 8.6, 16.7, 13.1, 19.6, 33.7], "np_series": [0.5, 2.2, 2.5, -3.1, -4.0, -2.3], "roe_series": [23.6, 51.6, 7.1, -4.8, -6.6, -3.4], "period": "20260630", "rev_ttm": 43.8, "np_ttm": -0.8, "ocf_ttm": -10.3, "fcf_ttm": -16.3, "fcf_yield": -4.2, "ocf_yield": -2.6, "gm_median": 38.6, "gm_std": 8.3, "gm_stab": 0.79, "gm_chg_2022": -4.3, "npm_median": -6.8, "roe_median": -3.4, "commodity": false, "hard_ratio": 19.1, "fix_assets": 20.1, "goodwill_ratio": 5.2, "pb_calc": 5.07, "capex_dep": 2.99, "interest_debt": 16.1, "debt_ebitda": 12.1, "debt_ratio": 26.2, "debt_mv": 4.1, "payout": null, "div_years": 2, "rev_cagr3": 26.3, "np_cagr3": null, "rev_yoy": 66.7, "np_yoy": 186.6, "np_vol": 181.1, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 13, "fwd_pe": 384.7, "fwd_pe2": 102.3, "fwd_g1": null, "fwd_g2": 276.0, "peg": 1.39, "consensus_disp": null, "mainbz": [["产品", 50.0], ["信号链产品", 20.0], ["电源管理产品", 17.0], ["传感器产品", 13.0]], "ret_prev_year": 21.4, "ret_prev2_year": -21.9, "ret_ytd": 51.7, "ret_pivot": 189.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.3, "ret_60": 1.1, "ret_120": 46.3, "ret_250": 29.5, "mdd_250": -39.5, "vol_250": 59.2, "pos_52w": 80.0}, "S": {"duration": 100, "pricing": 51, "hard": 31, "bondness": 15}, "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 -0.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 16 亿,经营现金流/市值 -2.6%: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 19%,毛利率近 5 年中位 38.6%。", "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 -4.2%(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 38.6%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -4.3 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 19%,资本开支/折旧 2.99 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 30%,最大回撤 -40%,年化波动 59%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 13% / 1% / 46%。", "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%。", "纳芯微:PE ;股息率 ;毛利率 比行业中位高 3.6个百分点;固定资产占比 比行业中位高 7.7个百分点。"]}}