{"F": {"ts_code": "688173.SH", "name": "希荻微", "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": "20220121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.62, "pe_ttm": null, "pb": 3.495, "dv_ttm": null, "total_mv": 524147.717, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.5, 54.0, 50.3, 36.7, 31.1, 30.1], "rev_series": [2.3, 4.6, 5.6, 3.9, 5.5, 9.4], "np_series": [-1.4, 0.3, -0.2, -0.5, -2.9, -1.1], "roe_series": [-49.7, 5.8, -1.3, -3.0, -17.5, -7.8], "period": "20260630", "rev_ttm": 10.0, "np_ttm": -1.0, "ocf_ttm": -1.8, "fcf_ttm": -2.8, "fcf_yield": -5.4, "ocf_yield": -3.5, "gm_median": 36.7, "gm_std": 9.9, "gm_stab": 0.73, "gm_chg_2022": 2.8, "npm_median": -13.8, "roe_median": -3.0, "commodity": false, "hard_ratio": 8.7, "fix_assets": 2.1, "goodwill_ratio": 8.8, "pb_calc": 3.49, "capex_dep": 13.5, "interest_debt": 5.2, "debt_ebitda": null, "debt_ratio": 36.4, "debt_mv": 10.0, "payout": null, "div_years": 0, "rev_cagr3": 18.9, "np_cagr3": null, "rev_yoy": 13.4, "np_yoy": 32.0, "np_vol": 204.3, "loss_years": 4, "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": [["产品", 50.0], ["自动对焦及光学防抖芯片", 18.0], ["电源管理芯片及解决方案", 18.0], ["触控等数模混合芯片及解决方案", 8.0]], "ret_prev_year": 32.7, "ret_prev2_year": -37.0, "ret_ytd": -14.1, "ret_pivot": 58.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.2, "ret_60": -19.0, "ret_120": -16.1, "ret_250": -21.3, "mdd_250": -39.3, "vol_250": 53.1, "pos_52w": 64.8}, "S": {"duration": 100, "pricing": 54, "hard": 14, "bondness": 4}, "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 -1.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 5 亿,经营现金流/市值 -3.5%: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": "两条都不占:固定资产占比 9%,毛利率近 5 年中位 36.7%。", "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 -5.4%(经营现金流/市值 -3.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.7%,稳定度 73%,2020→2022 成本通胀期毛利率变化 2.8 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 13.50 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 -21%,最大回撤 -39%,年化波动 53%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -9% / -19% / -16%。", "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%。", "希荻微:PE ;股息率 ;毛利率 比行业中位高 1.7个百分点;固定资产占比 比行业中位低 2.7个百分点。"]}}