{"F": {"ts_code": "688259.SH", "name": "创耀科技", "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": "20220112", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.4, "pe_ttm": 59.6071, "pb": 2.2278, "dv_ttm": 0.7908, "total_mv": 350738.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.1, 29.8, 28.5, 31.8, 27.5, 30.9], "rev_series": [2.1, 6.4, 9.3, 6.6, 5.9, 3.6], "np_series": [0.7, 0.8, 0.9, 0.6, 0.6, 0.8], "roe_series": [78.4, 49.0, 10.8, 3.9, 4.0, 5.1], "period": "20260630", "rev_ttm": 3.5, "np_ttm": 0.6, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 1.4, "ocf_yield": 1.7, "gm_median": 29.8, "gm_std": 1.6, "gm_stab": 0.95, "gm_chg_2022": -17.6, "npm_median": 10.2, "roe_median": 5.1, "commodity": false, "hard_ratio": 4.0, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 2.23, "capex_dep": 2.29, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 8.8, "debt_mv": 0.1, "payout": 36.1, "div_years": 5, "rev_cagr3": -27.0, "np_cagr3": -4.6, "rev_yoy": -9.0, "np_yoy": -63.2, "np_vol": 22.6, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "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], ["通信芯片与解决方案业务", 34.0], ["芯片版图设计服务及其他技术服务", 16.0]], "ret_prev_year": 19.9, "ret_prev2_year": -27.6, "ret_ytd": -24.4, "ret_pivot": 16.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.6, "ret_60": -13.1, "ret_120": -18.4, "ret_250": -31.0, "mdd_250": -43.0, "vol_250": 42.3, "pos_52w": 65.6}, "S": {"duration": 77, "pricing": 52, "hard": 6, "bondness": 37}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 59.6 倍、股息率 0.8%、毛利率近 5 年中位 29.8%、固定资产占比 4%、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 4%,毛利率近 5 年中位 29.8%。", "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 1.4%(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 29.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -17.6 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 4%,资本开支/折旧 2.29 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 59.6 倍 粗算,约 92%(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 -31%,最大回撤 -43%,年化波动 42%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 3% / -13% / -18%。", "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%。", "创耀科技:PE 比行业中位低 21.9倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 5.2个百分点;固定资产占比 比行业中位低 7.4个百分点。"]}}