{"F": {"ts_code": "688130.SH", "name": "晶华微", "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": "20220729", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.98, "pe_ttm": null, "pb": 2.24, "dv_ttm": null, "total_mv": 277807.7478, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [73.1, 68.6, 69.8, 63.5, 59.1, 51.3], "rev_series": [2.0, 1.7, 1.1, 1.3, 1.3, 1.7], "np_series": [1.0, 0.8, 0.2, -0.2, -0.1, -0.4], "roe_series": [121.7, 31.1, 2.6, -1.6, -0.8, -3.4], "period": "20260630", "rev_ttm": 2.0, "np_ttm": -0.2, "ocf_ttm": -0.7, "fcf_ttm": -0.9, "fcf_yield": -3.1, "ocf_yield": -2.5, "gm_median": 63.5, "gm_std": 6.8, "gm_stab": 0.89, "gm_chg_2022": -3.2, "npm_median": -7.6, "roe_median": -0.8, "commodity": false, "hard_ratio": 0.8, "fix_assets": 0.1, "goodwill_ratio": 9.6, "pb_calc": 2.24, "capex_dep": 2.17, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 3.6, "debt_mv": 1.0, "payout": null, "div_years": 1, "rev_cagr3": 16.1, "np_cagr3": null, "rev_yoy": 36.3, "np_yoy": 91.2, "np_vol": 127.6, "loss_years": 3, "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": [["医疗健康SoC芯片", 40.0], ["工业控制及仪表芯片", 38.0], ["智能感知SoC芯片", 21.0], ["电池管理芯片", 2.0]], "ret_prev_year": 3.5, "ret_prev2_year": -9.9, "ret_ytd": 9.7, "ret_pivot": 78.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": -9.1, "ret_120": -2.5, "ret_250": -11.7, "mdd_250": -43.8, "vol_250": 53.2, "pos_52w": 75.0}, "S": {"duration": 100, "pricing": 68, "hard": 1, "bondness": 7}, "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 -0.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 4%,有息负债 0 亿,经营现金流/市值 -2.5%: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": "只占定价权一条(毛利率 63.5%),硬资产占比 1%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -3.1%(经营现金流/市值 -2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -3.2 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 1%,资本开支/折旧 2.17 倍。没有资产可言。"], ["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 -12%,最大回撤 -44%,年化波动 53%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 5% / -9% / -2%。", "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%。", "晶华微:PE ;股息率 ;毛利率 比行业中位高 28.5个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}