{"F": {"ts_code": "688508.SH", "name": "芯朋微", "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": "20200722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 82.89, "pe_ttm": 43.3195, "pb": 3.7924, "dv_ttm": 0.5369, "total_mv": 1097631.8667, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.7, 43.0, 41.2, 37.9, 36.8, 37.2], "rev_series": [4.3, 7.5, 7.2, 7.8, 9.6, 11.4], "np_series": [1.0, 2.0, 0.9, 0.6, 1.1, 1.9], "roe_series": [11.3, 14.3, 6.0, 3.0, 4.5, 7.1], "period": "20260630", "rev_ttm": 11.7, "np_ttm": 2.5, "ocf_ttm": -0.6, "fcf_ttm": -1.1, "fcf_yield": -1.0, "ocf_yield": -0.6, "gm_median": 37.9, "gm_std": 2.4, "gm_stab": 0.94, "gm_chg_2022": 3.5, "npm_median": 12.3, "roe_median": 6.0, "commodity": false, "hard_ratio": 6.1, "fix_assets": 2.3, "goodwill_ratio": 0.5, "pb_calc": 3.79, "capex_dep": 1.64, "interest_debt": 4.9, "debt_ebitda": 12.6, "debt_ratio": 21.6, "debt_mv": 4.4, "payout": 46.0, "div_years": 5, "rev_cagr3": 16.7, "np_cagr3": 27.5, "rev_yoy": 4.6, "np_yoy": 74.1, "np_vol": 65.0, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.3, "consensus_n": 8, "fwd_pe": 55.0, "fwd_pe2": 42.0, "fwd_g1": -21.0, "fwd_g2": 31.0, "peg": 1.77, "consensus_disp": null, "mainbz": [["集成电路", 100.0], ["其他业务", 0.0]], "ret_prev_year": 43.5, "ret_prev2_year": -12.6, "ret_ytd": 37.1, "ret_pivot": 188.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -6.0, "ret_120": 32.5, "ret_250": 26.8, "mdd_250": -42.5, "vol_250": 67.2, "pos_52w": 82.1}, "S": {"duration": 66, "pricing": 62, "hard": 10, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 43.3 倍、股息率 0.5%、毛利率近 5 年中位 37.9%、固定资产占比 6%、有息负债/EBITDA 12.6 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 37.9%),硬资产占比 6%。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 -1.0%(经营现金流/市值 -0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 3.5 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 6%,资本开支/折旧 1.64 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.3 倍 粗算,约 88%(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 27%,最大回撤 -42%,年化波动 67%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -5% / -6% / 32%。", "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%。", "芯朋微:PE 比行业中位低 38.2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 2.9个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}