{"F": {"ts_code": "688372.SH", "name": "伟测科技", "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": "20221026", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 114.5, "pe_ttm": 53.5374, "pb": 4.5767, "dv_ttm": 0.4778, "total_mv": 1935009.925, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.6, 50.5, 48.6, 39.0, 37.1, 39.4], "rev_series": [1.6, 4.9, 7.3, 7.4, 10.8, 15.7], "np_series": [0.3, 1.3, 2.4, 1.2, 1.3, 3.0], "roe_series": [9.1, 18.0, 14.8, 4.9, 5.1, 10.9], "period": "20260630", "rev_ttm": 20.1, "np_ttm": 3.6, "ocf_ttm": 9.1, "fcf_ttm": -26.9, "fcf_yield": -13.9, "ocf_yield": 4.7, "gm_median": 39.4, "gm_std": 5.5, "gm_stab": 0.86, "gm_chg_2022": -2.0, "npm_median": 19.3, "roe_median": 10.9, "commodity": false, "hard_ratio": 75.4, "fix_assets": 71.2, "goodwill_ratio": 0.0, "pb_calc": 4.58, "capex_dep": 6.42, "interest_debt": 41.9, "debt_ebitda": 4.0, "debt_ratio": 55.2, "debt_mv": 21.6, "payout": 53.9, "div_years": 4, "rev_cagr3": 29.0, "np_cagr3": 7.6, "rev_yoy": 69.0, "np_yoy": 57.6, "np_vol": 113.7, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 5, "fwd_pe": 44.6, "fwd_pe2": 30.3, "fwd_g1": 20.0, "fwd_g2": 47.0, "peg": 0.95, "consensus_disp": null, "mainbz": [["产品", 40.0], ["芯片成品测试", 19.0], ["成品类", 19.0], ["晶圆测试", 19.0]], "ret_prev_year": 145.5, "ret_prev2_year": -25.4, "ret_ytd": 5.5, "ret_pivot": 304.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.8, "ret_60": -24.4, "ret_120": -15.7, "ret_250": 44.7, "mdd_250": -46.8, "vol_250": 69.9, "pos_52w": 60.6}, "S": {"duration": 74, "pricing": 56, "hard": 100, "bondness": 34}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 53.5 倍、股息率 0.5%、毛利率近 5 年中位 39.4%、固定资产占比 75%、有息负债/EBITDA 4.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 75%、毛利率 39.4% 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": "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 -13.9%(经营现金流/市值 4.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -2.0 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 75%,资本开支/折旧 6.42 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 53.5 倍 粗算,约 91%(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 45%,最大回撤 -47%,年化波动 70%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -9% / -24% / -16%。", "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%。", "伟测科技:PE 比行业中位低 28.0倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 4.4个百分点;固定资产占比 比行业中位高 64.0个百分点。"]}}