{"F": {"ts_code": "688385.SH", "name": "复旦微电", "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": "20210804", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 54.32, "pe_ttm": 50.3949, "pb": 6.4064, "dv_ttm": 0.1068, "total_mv": 4474443.2376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.0, 58.9, 64.7, 61.2, 55.9, 56.2], "rev_series": [16.9, 25.8, 35.4, 35.4, 35.9, 39.8], "np_series": [1.3, 5.1, 10.8, 7.2, 5.7, 2.3], "roe_series": [7.2, 20.3, 28.1, 14.6, 10.2, 3.9], "period": "20260630", "rev_ttm": 43.7, "np_ttm": 8.9, "ocf_ttm": 13.7, "fcf_ttm": 11.4, "fcf_yield": 2.5, "ocf_yield": 3.1, "gm_median": 58.9, "gm_std": 3.3, "gm_stab": 0.94, "gm_chg_2022": 18.7, "npm_median": 21.2, "roe_median": 14.6, "commodity": false, "hard_ratio": 14.7, "fix_assets": 14.6, "goodwill_ratio": 0.0, "pb_calc": 6.41, "capex_dep": 0.96, "interest_debt": 13.0, "debt_ebitda": 1.4, "debt_ratio": 23.7, "debt_mv": 2.9, "payout": 11.4, "div_years": 5, "rev_cagr3": 4.0, "np_cagr3": -40.0, "rev_yoy": 21.0, "np_yoy": 338.6, "np_vol": 129.2, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 5, "fwd_pe": 11.5, "fwd_pe2": 11.0, "fwd_g1": 340.0, "fwd_g2": 4.0, "peg": 2.88, "consensus_disp": null, "mainbz": [["设计及销售集成电路", 94.0], ["集成电路测试", 3.0], ["集成电路测试服务", 3.0], ["租赁收入", 0.0]], "ret_prev_year": 92.5, "ret_prev2_year": -0.4, "ret_ytd": -26.2, "ret_pivot": 130.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.3, "ret_60": 2.0, "ret_120": -22.3, "ret_250": -0.4, "mdd_250": -52.8, "vol_250": 60.8, "pos_52w": 55.5}, "S": {"duration": 72, "pricing": 74, "hard": 24, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 50.4 倍、股息率 0.1%、毛利率近 5 年中位 58.9%、固定资产占比 15%、有息负债/EBITDA 1.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 58.9%),硬资产占比 15%。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": "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 2.5%(经营现金流/市值 3.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 18.7 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 15%,资本开支/折旧 0.96 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.4 倍 粗算,约 90%(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 -0%,最大回撤 -53%,年化波动 61%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -0% / 2% / -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%。", "复旦微电:PE 比行业中位低 31.1倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 23.9个百分点;固定资产占比 比行业中位高 3.3个百分点。"]}}