{"F": {"ts_code": "688352.SH", "name": "颀中科技", "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": "20230420", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.41, "pe_ttm": null, "pb": 3.3848, "dv_ttm": 0.6046, "total_mv": 1952087.4436, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.3, 40.6, 39.4, 35.7, 31.3, 29.1], "rev_series": [8.7, 13.2, 13.2, 16.3, 19.6, 21.9], "np_series": [0.5, 3.0, 3.0, 3.7, 3.1, 2.7], "roe_series": [2.2, 11.2, 9.9, 8.2, 5.3, 4.4], "period": "20260630", "rev_ttm": 21.6, "np_ttm": -1.4, "ocf_ttm": 3.8, "fcf_ttm": -3.6, "fcf_yield": -1.8, "ocf_yield": 2.0, "gm_median": 35.7, "gm_std": 4.5, "gm_stab": 0.87, "gm_chg_2022": 6.1, "npm_median": 22.8, "roe_median": 8.2, "commodity": false, "hard_ratio": 46.5, "fix_assets": 36.3, "goodwill_ratio": 11.2, "pb_calc": 3.38, "capex_dep": 1.52, "interest_debt": 14.2, "debt_ebitda": 2.0, "debt_ratio": 25.9, "debt_mv": 7.3, "payout": 38.5, "div_years": 3, "rev_cagr3": 18.5, "np_cagr3": -4.3, "rev_yoy": -3.5, "np_yoy": -405.9, "np_vol": 183.5, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 65.6, "fwd_pe2": 43.2, "fwd_g1": null, "fwd_g2": 52.0, "peg": 1.26, "consensus_disp": null, "mainbz": [["显示驱动芯片", 48.0], ["显示驱动IC", 48.0], ["非显示类芯片封测", 1.0], ["多元化驱动IC", 1.0]], "ret_prev_year": 4.8, "ret_prev2_year": -20.7, "ret_ytd": 30.7, "ret_pivot": 102.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.6, "ret_60": -3.5, "ret_120": 21.6, "ret_250": 31.5, "mdd_250": -48.3, "vol_250": 68.4, "pos_52w": 67.9}, "S": {"duration": 100, "pricing": 60, "hard": 74, "bondness": 25}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -1.4 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 14 亿,经营现金流/市值 2.0%: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": "硬资产占比 46%、毛利率 35.7% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -1.8%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.7%,稳定度 87%,2020→2022 成本通胀期毛利率变化 6.1 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 46%,资本开支/折旧 1.52 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 32%,最大回撤 -48%,年化波动 68%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -6% / -4% / 22%。", "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%。", "颀中科技:PE ;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 0.7个百分点;固定资产占比 比行业中位高 35.1个百分点。"]}}