{"F": {"ts_code": "688381.SH", "name": "帝奥微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "模拟芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20220823", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.48, "pe_ttm": 114.3785, "pb": 3.3022, "dv_ttm": 0.2647, "total_mv": 878130.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.3, 53.6, 55.0, 47.4, 43.5, 42.9], "rev_series": [2.5, 5.1, 5.0, 3.8, 5.3, 5.6], "np_series": [0.4, 1.7, 1.7, 0.2, -0.5, -0.7], "roe_series": [16.7, 37.9, 9.5, 0.5, -1.6, -2.5], "period": "20260630", "rev_ttm": 4.8, "np_ttm": 0.8, "ocf_ttm": -2.2, "fcf_ttm": -3.0, "fcf_yield": -3.4, "ocf_yield": -2.4, "gm_median": 47.4, "gm_std": 5.0, "gm_stab": 0.89, "gm_chg_2022": 17.7, "npm_median": 4.0, "roe_median": 0.5, "commodity": false, "hard_ratio": 14.4, "fix_assets": 4.2, "goodwill_ratio": 0.0, "pb_calc": 3.3, "capex_dep": 2.72, "interest_debt": 1.5, "debt_ebitda": null, "debt_ratio": 8.8, "debt_mv": 1.7, "payout": 250.0, "div_years": 4, "rev_cagr3": 3.9, "np_cagr3": null, "rev_yoy": -25.2, "np_yoy": 3391.4, "np_vol": 228.6, "loss_years": 2, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 5, "fwd_pe": 1043.5, "fwd_pe2": 147.8, "fwd_g1": -89.0, "fwd_g2": 606.0, "peg": 1.72, "consensus_disp": null, "mainbz": [["电源管理", 61.0], ["信号链", 39.0], ["其他业务", 0.0]], "ret_prev_year": 19.8, "ret_prev2_year": -23.7, "ret_ytd": 56.2, "ret_pivot": 145.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.5, "ret_60": -13.5, "ret_120": 56.2, "ret_250": 30.9, "mdd_250": -54.8, "vol_250": 70.1, "pos_52w": 66.3}, "S": {"duration": 94, "pricing": 66, "hard": 23, "bondness": 56}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 0.8 亿,近 5 年亏损 2 年;PE 114 倍(盈利极薄),估值指标失真。", "资产负债率 9%,有息负债 2 亿,经营现金流/市值 -2.4%: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": "只占定价权一条(毛利率 47.4%),硬资产占比 14%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -3.4%(经营现金流/市值 -2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.4%,稳定度 89%,2020→2022 成本通胀期毛利率变化 17.7 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 14%,资本开支/折旧 2.72 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 114.4 倍 粗算,约 96%(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 -55%,年化波动 70%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 10% / -14% / 56%。", "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%。", "帝奥微:PE 比行业中位高 32.9倍;股息率 与行业中位持平;毛利率 比行业中位高 12.4个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}