{"F": {"ts_code": "688332.SH", "name": "中科蓝讯", "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": "20220715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 92.59, "pe_ttm": 9.3687, "pb": 2.902, "dv_ttm": 1.4595, "total_mv": 1652595.3927, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.7, 25.8, 20.9, 22.6, 22.9, 22.2], "rev_series": [9.3, 11.2, 10.8, 14.5, 18.2, 18.4], "np_series": [2.2, 2.3, 1.4, 2.5, 3.0, 14.2], "roe_series": [48.7, 29.7, 6.4, 6.9, 7.7, 30.5], "period": "20260630", "rev_ttm": 19.4, "np_ttm": 17.6, "ocf_ttm": 0.9, "fcf_ttm": 0.4, "fcf_yield": 0.2, "ocf_yield": 0.5, "gm_median": 22.6, "gm_std": 1.6, "gm_stab": 0.93, "gm_chg_2022": -5.8, "npm_median": 17.4, "roe_median": 7.7, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 2.9, "capex_dep": 15.06, "interest_debt": 1.3, "debt_ebitda": 0.6, "debt_ratio": 8.6, "debt_mv": 0.8, "payout": 39.5, "div_years": 4, "rev_cagr3": 19.5, "np_cagr3": 115.8, "rev_yoy": 11.5, "np_yoy": 265.8, "np_vol": 146.9, "loss_years": 0, "far_share": 47.0, "earn_yield": 10.7, "consensus_n": 6, "fwd_pe": 34.3, "fwd_pe2": 25.1, "fwd_g1": -73.0, "fwd_g2": 37.0, "peg": 0.93, "consensus_disp": null, "mainbz": [["芯片销售收入", 50.0], ["芯片", 50.0], ["工具及其他", 0.0]], "ret_prev_year": 1.4, "ret_prev2_year": 78.1, "ret_ytd": 6.0, "ret_pivot": 225.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.6, "ret_60": -4.9, "ret_120": 11.4, "ret_250": 18.9, "mdd_250": -53.5, "vol_250": 68.9, "pos_52w": 58.8}, "S": {"duration": 21, "pricing": 48, "hard": 0, "bondness": 25}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 9.4 倍、股息率 1.5%、毛利率近 5 年中位 22.6%、固定资产占比 0%、有息负债/EBITDA 0.6 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 0%,毛利率近 5 年中位 22.6%。", "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 0.2%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -5.8 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 0%,资本开支/折旧 15.06 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.4 倍 粗算,约 47%(1 − 5/PE)。中等。"]], "价格行为": "近一年 19%,最大回撤 -54%,年化波动 69%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 5% / -5% / 11%。", "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%。", "中科蓝讯:PE 比行业中位低 72.1倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 12.4个百分点;固定资产占比 比行业中位低 11.3个百分点。"]}}