{"F": {"ts_code": "688135.SH", "name": "利扬芯片", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "集成电路封测", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20201111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.35, "pe_ttm": 481.5637, "pb": 3.9915, "dv_ttm": null, "total_mv": 637539.1665, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.1, 52.8, 37.2, 30.3, 20.9, 27.9], "rev_series": [2.5, 3.9, 4.5, 5.0, 4.9, 6.2], "np_series": [0.5, 1.1, 0.3, 0.2, -0.6, -0.1], "roe_series": [7.3, 10.4, 3.0, 2.0, -5.5, -0.8], "period": "20260630", "rev_ttm": 6.9, "np_ttm": 0.1, "ocf_ttm": 3.3, "fcf_ttm": -0.1, "fcf_yield": -0.1, "ocf_yield": 5.1, "gm_median": 30.3, "gm_std": 10.8, "gm_stab": 0.64, "gm_chg_2022": -8.9, "npm_median": 4.9, "roe_median": 2.0, "commodity": false, "hard_ratio": 63.3, "fix_assets": 17.1, "goodwill_ratio": 0.9, "pb_calc": 3.99, "capex_dep": 1.63, "interest_debt": 7.5, "debt_ebitda": 2.5, "debt_ratio": 40.0, "debt_mv": 11.8, "payout": 181.8, "div_years": 2, "rev_cagr3": 11.0, "np_cagr3": null, "rev_yoy": 25.5, "np_yoy": 317.7, "np_vol": 175.2, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["芯片成品测试", 16.0], ["FT", 16.0], ["晶圆测试", 14.0]], "ret_prev_year": 38.3, "ret_prev2_year": -9.6, "ret_ytd": -1.5, "ret_pivot": 118.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.8, "ret_60": -19.3, "ret_120": -5.9, "ret_250": 13.5, "mdd_250": -55.8, "vol_250": 77.0, "pos_52w": 60.8}, "S": {"duration": 100, "pricing": 41, "hard": 100, "bondness": 52}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.1 亿,近 5 年亏损 2 年;PE 482 倍(盈利极薄),估值指标失真。", "资产负债率 40%,有息负债 8 亿,经营现金流/市值 5.1%: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": "只占硬资产一条(占比 63%),没有定价权:毛利率近 5 年中位 30.3%,稳定度 64%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -0.1%(经营现金流/市值 5.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.3%,稳定度 64%,2020→2022 成本通胀期毛利率变化 -8.9 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 63%,资本开支/折旧 1.63 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 481.6 倍 粗算,约 99%(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 -56%,年化波动 77%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 10% / -19% / -6%。", "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%。", "利扬芯片:PE 比行业中位高 400.1倍;股息率 ;毛利率 比行业中位低 4.7个百分点;固定资产占比 比行业中位高 51.9个百分点。"]}}