{"F": {"ts_code": "688110.SH", "name": "东芯股份", "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": "科创板", "list_date": "20211210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 112.94, "pe_ttm": 86.8252, "pb": 12.0202, "dv_ttm": null, "total_mv": 4996210.3556, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.0, 42.1, 40.6, 11.9, 14.0, 24.5], "rev_series": [7.8, 11.3, 11.5, 5.3, 6.4, 9.2], "np_series": [0.2, 2.6, 1.9, -3.1, -1.7, -1.9], "roe_series": [4.3, 12.1, 4.8, -8.2, -5.0, -5.8], "period": "20260630", "rev_ttm": 20.8, "np_ttm": 5.8, "ocf_ttm": 4.7, "fcf_ttm": 4.2, "fcf_yield": 0.9, "ocf_yield": 0.9, "gm_median": 24.5, "gm_std": 12.8, "gm_stab": 0.48, "gm_chg_2022": 18.6, "npm_median": -23.4, "roe_median": -5.0, "commodity": false, "hard_ratio": 2.7, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 12.02, "capex_dep": 1.27, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 9.8, "debt_mv": 0.1, "payout": null, "div_years": 2, "rev_cagr3": -7.0, "np_cagr3": null, "rev_yoy": 336.4, "np_yoy": 694.1, "np_vol": 533.2, "loss_years": 3, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 2, "fwd_pe": 81.8, "fwd_pe2": 79.8, "fwd_g1": 6.0, "fwd_g2": 3.0, "peg": 27.27, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 427.5, "ret_prev2_year": -27.7, "ret_ytd": -14.0, "ret_pivot": 698.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": -11.1, "ret_120": -15.1, "ret_250": 14.1, "mdd_250": -52.3, "vol_250": 88.6, "pos_52w": 55.4}, "S": {"duration": 89, "pricing": 40, "hard": 4, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 5.8 亿,近 5 年亏损 3 年;PE 87 倍(盈利极薄),估值指标失真。", "资产负债率 10%,有息负债 0 亿,经营现金流/市值 0.9%: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 3%,毛利率近 5 年中位 24.5%。", "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 0.9%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.5%,稳定度 48%,2020→2022 成本通胀期毛利率变化 18.6 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 3%,资本开支/折旧 1.27 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 86.8 倍 粗算,约 94%(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 14%,最大回撤 -52%,年化波动 89%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -3% / -11% / -15%。", "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%。", "东芯股份:PE 比行业中位高 5.3倍;股息率 ;毛利率 比行业中位低 10.5个百分点;固定资产占比 比行业中位低 8.7个百分点。"]}}