{"F": {"ts_code": "688153.SH", "name": "唯捷创芯", "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": "20220412", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.74, "pe_ttm": null, "pb": 2.5552, "dv_ttm": 0.2966, "total_mv": 1107625.662, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.9, 27.8, 30.7, 24.8, 23.7, 25.3], "rev_series": [18.1, 35.1, 22.9, 29.8, 21.0, 23.2], "np_series": [-0.8, -0.7, 0.5, 1.1, -0.2, 0.4], "roe_series": [-21.1, -8.2, 2.2, 2.9, -0.6, 1.1], "period": "20260630", "rev_ttm": 23.1, "np_ttm": -0.4, "ocf_ttm": 1.7, "fcf_ttm": 1.0, "fcf_yield": 0.9, "ocf_yield": 1.6, "gm_median": 25.3, "gm_std": 2.5, "gm_stab": 0.9, "gm_chg_2022": 12.8, "npm_median": 1.9, "roe_median": 1.1, "commodity": false, "hard_ratio": 7.8, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 2.56, "capex_dep": 0.85, "interest_debt": 2.5, "debt_ebitda": 6.0, "debt_ratio": 15.0, "debt_mv": 2.2, "payout": 48.7, "div_years": 2, "rev_cagr3": 0.5, "np_cagr3": -6.5, "rev_yoy": -1.3, "np_yoy": -912.5, "np_vol": 138.8, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 156.0, "fwd_pe2": 49.5, "fwd_g1": null, "fwd_g2": 215.0, "peg": 0.73, "consensus_disp": null, "mainbz": [["产品", 50.0], ["射频功率放大器模组", 42.0], ["接收端模组", 7.0], ["其他业务", 0.0]], "ret_prev_year": 12.5, "ret_prev2_year": -48.9, "ret_ytd": -31.5, "ret_pivot": -0.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": -14.1, "ret_120": -27.6, "ret_250": -28.3, "mdd_250": -48.8, "vol_250": 48.4, "pos_52w": 56.7}, "S": {"duration": 100, "pricing": 55, "hard": 12, "bondness": 53}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.4 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 2 亿,经营现金流/市值 1.6%: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 8%,毛利率近 5 年中位 25.3%。", "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 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 90%,2020→2022 成本通胀期毛利率变化 12.8 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 8%,资本开支/折旧 0.85 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 -28%,最大回撤 -49%,年化波动 48%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -1% / -14% / -28%。", "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%。", "唯捷创芯:PE ;股息率 与行业中位持平;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}