{"F": {"ts_code": "688141.SH", "name": "杰华特", "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": "20221223", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 114.0, "pe_ttm": null, "pb": 47.0987, "dv_ttm": null, "total_mv": 5133666.24, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.0, 42.2, 39.9, 27.4, 27.3, 26.4], "rev_series": [4.1, 10.4, 14.5, 13.0, 16.8, 26.6], "np_series": [-2.7, 1.4, 1.4, -5.3, -6.0, -7.2], "roe_series": [-111.3, 20.3, 6.7, -18.3, -25.5, -39.9], "period": "20260630", "rev_ttm": 31.9, "np_ttm": -9.4, "ocf_ttm": -10.0, "fcf_ttm": -12.8, "fcf_yield": -2.5, "ocf_yield": -2.0, "gm_median": 27.4, "gm_std": 6.9, "gm_stab": 0.75, "gm_chg_2022": 20.0, "npm_median": -28.3, "roe_median": -18.3, "commodity": false, "hard_ratio": 14.2, "fix_assets": 8.5, "goodwill_ratio": 6.1, "pb_calc": 47.1, "capex_dep": 3.33, "interest_debt": 32.5, "debt_ebitda": null, "debt_ratio": 76.2, "debt_mv": 6.3, "payout": null, "div_years": 0, "rev_cagr3": 22.4, "np_cagr3": null, "rev_yoy": 44.7, "np_yoy": -76.2, "np_vol": 216.3, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": null, "fwd_pe2": 196.6, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 27.0], ["电源管理芯片", 23.0], ["电源管理芯片：DC-DC芯片", 13.0], ["DC/DC芯片", 13.0]], "ret_prev_year": 41.9, "ret_prev2_year": 10.7, "ret_ytd": 162.5, "ret_pivot": 720.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -17.1, "ret_60": -8.6, "ret_120": 124.0, "ret_250": 209.6, "mdd_250": -44.4, "vol_250": 86.3, "pos_52w": 64.4}, "S": {"duration": 100, "pricing": 51, "hard": 23, "bondness": 3}, "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 -9.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 76%,有息负债 32 亿,经营现金流/市值 -2.0%: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 14%,毛利率近 5 年中位 27.4%。", "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 -2.5%(经营现金流/市值 -2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.4%,稳定度 75%,2020→2022 成本通胀期毛利率变化 20.0 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 14%,资本开支/折旧 3.33 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 210%,最大回撤 -44%,年化波动 86%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -17% / -9% / 124%。", "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%。", "杰华特:PE ;股息率 ;毛利率 比行业中位低 7.6个百分点;固定资产占比 比行业中位高 2.8个百分点。"]}}