{"F": {"ts_code": "688252.SH", "name": "天德钰", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "数字芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20220927", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.87, "pe_ttm": 38.95, "pb": 3.4032, "dv_ttm": 0.5474, "total_mv": 853627.4531, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.4, 51.2, 27.5, 20.0, 21.4, 23.3], "rev_series": [5.6, 11.2, 12.0, 12.1, 21.0, 21.9], "np_series": [0.6, 3.3, 1.3, 1.1, 2.7, 2.3], "roe_series": [19.3, 46.1, 9.6, 6.0, 13.3, 10.2], "period": "20260630", "rev_ttm": 21.9, "np_ttm": 2.2, "ocf_ttm": 4.7, "fcf_ttm": 3.5, "fcf_yield": 4.1, "ocf_yield": 5.5, "gm_median": 23.3, "gm_std": 11.5, "gm_stab": 0.51, "gm_chg_2022": 1.1, "npm_median": 10.8, "roe_median": 10.2, "commodity": false, "hard_ratio": 5.5, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": 3.4, "capex_dep": 3.7, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 17.3, "debt_mv": 0.0, "payout": 20.0, "div_years": 3, "rev_cagr3": 22.3, "np_cagr3": 21.6, "rev_yoy": -0.2, "np_yoy": -9.4, "np_vol": 184.8, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 3, "fwd_pe": 26.1, "fwd_pe2": 19.9, "fwd_g1": 49.0, "fwd_g2": 31.0, "peg": 0.84, "consensus_disp": null, "mainbz": [["销售商品收入", 50.0], ["销售商品", 50.0], ["其他业务", 0.0]], "ret_prev_year": -11.4, "ret_prev2_year": 20.5, "ret_ytd": -0.9, "ret_pivot": 49.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.4, "ret_60": 4.0, "ret_120": 2.2, "ret_250": -27.0, "mdd_250": -47.5, "vol_250": 48.8, "pos_52w": 68.9}, "S": {"duration": 62, "pricing": 38, "hard": 9, "bondness": 10}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 39.0 倍、股息率 0.5%、毛利率近 5 年中位 23.3%、固定资产占比 6%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 6%,毛利率近 5 年中位 23.3%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.1%(经营现金流/市值 5.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.3%,稳定度 51%,2020→2022 成本通胀期毛利率变化 1.1 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 6%,资本开支/折旧 3.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.0 倍 粗算,约 87%(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 -27%,最大回撤 -48%,年化波动 49%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 5% / 4% / 2%。", "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%。", "天德钰:PE 比行业中位低 42.5倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 11.7个百分点;固定资产占比 比行业中位低 5.9个百分点。"]}}