{"F": {"ts_code": "688061.SH", "name": "灿瑞科技", "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": "20221018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 51.4, "pe_ttm": null, "pb": 2.6222, "dv_ttm": 0.3753, "total_mv": 590531.516, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.1, 43.2, 46.4, 29.5, 25.4, 24.6], "rev_series": [2.9, 5.4, 5.9, 4.5, 5.7, 6.2], "np_series": [0.4, 1.3, 1.4, 0.1, -0.5, -0.6], "roe_series": [16.7, 33.5, 9.0, 0.4, -2.1, -2.5], "period": "20260630", "rev_ttm": 6.4, "np_ttm": -0.6, "ocf_ttm": -0.9, "fcf_ttm": -1.3, "fcf_yield": -2.1, "ocf_yield": -1.5, "gm_median": 29.5, "gm_std": 9.2, "gm_stab": 0.69, "gm_chg_2022": 8.3, "npm_median": 2.1, "roe_median": 0.4, "commodity": false, "hard_ratio": 15.3, "fix_assets": 4.1, "goodwill_ratio": 1.0, "pb_calc": 2.62, "capex_dep": 1.29, "interest_debt": 1.3, "debt_ebitda": null, "debt_ratio": 15.1, "debt_mv": 2.3, "payout": 75.0, "div_years": 3, "rev_cagr3": 1.7, "np_cagr3": null, "rev_yoy": 4.8, "np_yoy": 10.3, "np_vol": 282.2, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["智能传感器芯片", 28.0], ["电源管理芯片", 15.0], ["其他主营业务", 4.0]], "ret_prev_year": 13.0, "ret_prev2_year": -27.9, "ret_ytd": 58.6, "ret_pivot": 145.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 39.1, "ret_60": 25.0, "ret_120": 51.2, "ret_250": 41.6, "mdd_250": -38.4, "vol_250": 53.6, "pos_52w": 100.0}, "S": {"duration": 100, "pricing": 50, "hard": 24, "bondness": 50}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 1 亿,经营现金流/市值 -1.5%: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 15%,毛利率近 5 年中位 29.5%。", "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 -2.1%(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 29.5%,稳定度 69%,2020→2022 成本通胀期毛利率变化 8.3 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 15%,资本开支/折旧 1.29 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 42%,最大回撤 -38%,年化波动 54%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 39% / 25% / 51%。", "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%。", "灿瑞科技:PE ;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 5.5个百分点;固定资产占比 比行业中位高 3.9个百分点。"]}}