{"F": {"ts_code": "688403.SH", "name": "汇成股份", "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": "20220818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.86, "pe_ttm": 371.9653, "pb": 5.2587, "dv_ttm": 0.2091, "total_mv": 2369532.3052, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.4, 29.6, 28.7, 26.4, 21.8, 21.7], "rev_series": [6.2, 8.0, 9.4, 12.4, 15.0, 17.8], "np_series": [-0.0, 1.4, 1.8, 2.0, 1.6, 1.5], "roe_series": [-0.6, 11.1, 8.2, 6.5, 5.0, 4.6], "period": "20260630", "rev_ttm": 18.8, "np_ttm": 0.6, "ocf_ttm": 5.1, "fcf_ttm": 0.1, "fcf_yield": 0.0, "ocf_yield": 2.2, "gm_median": 26.4, "gm_std": 3.3, "gm_stab": 0.87, "gm_chg_2022": 9.3, "npm_median": 15.8, "roe_median": 6.5, "commodity": false, "hard_ratio": 53.7, "fix_assets": 28.6, "goodwill_ratio": 0.0, "pb_calc": 5.26, "capex_dep": 1.2, "interest_debt": 4.8, "debt_ebitda": 0.9, "debt_ratio": 15.4, "debt_mv": 2.0, "payout": 43.5, "div_years": 3, "rev_cagr3": 23.8, "np_cagr3": -4.4, "rev_yoy": 10.7, "np_yoy": -94.8, "np_vol": 1440.0, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 1, "fwd_pe": 108.5, "fwd_pe2": 91.8, "fwd_g1": 243.0, "fwd_g2": 18.0, "peg": 6.03, "consensus_disp": null, "mainbz": [["显示驱动芯片封测", 48.0], ["显示驱动芯片", 48.0], ["其他业务", 3.0]], "ret_prev_year": 85.3, "ret_prev2_year": -14.5, "ret_ytd": 46.1, "ret_pivot": 274.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.5, "ret_60": -5.3, "ret_120": 56.3, "ret_250": 70.8, "mdd_250": -56.3, "vol_250": 81.5, "pos_52w": 57.8}, "S": {"duration": 100, "pricing": 55, "hard": 86, "bondness": 19}, "label": "中性", "tags": [], "text": {"像什么": ["PE 372.0 倍、股息率 0.2%、毛利率近 5 年中位 26.4%、固定资产占比 54%、有息负债/EBITDA 0.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 54%),没有定价权:毛利率近 5 年中位 26.4%,稳定度 87%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.0%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.4%,稳定度 87%,2020→2022 成本通胀期毛利率变化 9.3 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 54%,资本开支/折旧 1.20 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 372.0 倍 粗算,约 99%(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 71%,最大回撤 -56%,年化波动 82%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -6% / -5% / 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%。", "汇成股份:PE 比行业中位高 290.5倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 8.6个百分点;固定资产占比 比行业中位高 42.3个百分点。"]}}