{"F": {"ts_code": "688216.SH", "name": "气派科技", "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": "20210623", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.91, "pe_ttm": null, "pb": 4.5265, "dv_ttm": null, "total_mv": 342183.2613, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.0, 32.1, 3.4, -13.0, -1.8, 5.3], "rev_series": [5.5, 8.1, 5.4, 5.5, 6.7, 7.7], "np_series": [0.8, 1.3, -0.6, -1.3, -1.0, -0.8], "roe_series": [15.8, 17.4, -6.2, -16.0, -14.6, -12.2], "period": "20260630", "rev_ttm": 9.6, "np_ttm": -0.0, "ocf_ttm": 0.6, "fcf_ttm": 0.3, "fcf_yield": 0.8, "ocf_yield": 1.7, "gm_median": 3.4, "gm_std": 14.9, "gm_stab": -3.38, "gm_chg_2022": -26.6, "npm_median": -10.8, "roe_median": -12.2, "commodity": false, "hard_ratio": 63.3, "fix_assets": 13.9, "goodwill_ratio": 0.0, "pb_calc": 4.53, "capex_dep": 0.19, "interest_debt": 5.0, "debt_ebitda": 2.4, "debt_ratio": 64.1, "debt_mv": 14.7, "payout": null, "div_years": 1, "rev_cagr3": 12.5, "np_cagr3": null, "rev_yoy": 58.9, "np_yoy": 120.3, "np_vol": 86.0, "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], ["集成电路封装测试", 40.0], ["功率器件封装测试", 7.0], ["其他业务", 2.0]], "ret_prev_year": 2.3, "ret_prev2_year": -21.3, "ret_ytd": 34.2, "ret_pivot": 106.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.2, "ret_60": -23.7, "ret_120": 0.2, "ret_250": 15.2, "mdd_250": -53.4, "vol_250": 76.8, "pos_52w": 58.3}, "S": {"duration": 100, "pricing": 5, "hard": 100, "bondness": 15}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 63%,但毛利率近 5 年中位只有 3.4%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -26.6 个百分点;有息负债/EBITDA 2.4 倍,折旧与利息两头吃。"], "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 3.4%,稳定度 -338%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.8%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.4%,稳定度 -338%,2020→2022 成本通胀期毛利率变化 -26.6 个百分点。不能。"], ["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 0.19 倍。涨。"], ["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 15%,最大回撤 -53%,年化波动 77%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -4% / -24% / 0%。", "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%。", "气派科技:PE ;股息率 ;毛利率 比行业中位低 31.6个百分点;固定资产占比 比行业中位高 51.9个百分点。"]}}