{"F": {"ts_code": "688525.SH", "name": "佰维存储", "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": "20221230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 213.29, "pe_ttm": 12.1998, "pb": 7.9196, "dv_ttm": 0.1004, "total_mv": 10058046.1443, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.2, 17.5, 13.7, 1.8, 18.2, 21.4], "rev_series": [16.4, 26.1, 29.9, 35.9, 67.0, 113.0], "np_series": [0.3, 1.2, 0.7, -6.2, 1.6, 8.5], "roe_series": [3.1, 8.0, 3.4, -28.7, 7.4, 21.7], "period": "20260630", "rev_ttm": 229.7, "np_ttm": 82.4, "ocf_ttm": -75.3, "fcf_ttm": -85.7, "fcf_yield": -8.5, "ocf_yield": -7.5, "gm_median": 17.5, "gm_std": 6.8, "gm_stab": 0.61, "gm_chg_2022": 2.5, "npm_median": 2.4, "roe_median": 7.4, "commodity": false, "hard_ratio": 9.1, "fix_assets": 30.4, "goodwill_ratio": 0.0, "pb_calc": 7.92, "capex_dep": 5.3, "interest_debt": 164.1, "debt_ebitda": 1.7, "debt_ratio": 61.6, "debt_mv": 16.3, "payout": 22.9, "div_years": 1, "rev_cagr3": 55.9, "np_cagr3": 128.8, "rev_yoy": 298.1, "np_yoy": 3273.5, "np_vol": 501.6, "loss_years": 1, "far_share": 59.0, "earn_yield": 8.2, "consensus_n": 9, "fwd_pe": 11.6, "fwd_pe2": 10.5, "fwd_g1": 5.0, "fwd_g2": 11.0, "peg": 1.05, "consensus_disp": null, "mainbz": [["产品", 25.0], ["存储产品", 24.0], ["嵌入式存储", 18.0], ["存储产品：嵌入式存储", 18.0]], "ret_prev_year": 85.5, "ret_prev2_year": -1.1, "ret_ytd": 86.2, "ret_pivot": 430.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.9, "ret_60": -34.2, "ret_120": 1.8, "ret_250": 205.0, "mdd_250": -59.2, "vol_250": 88.6, "pos_52w": 42.1}, "S": {"duration": 26, "pricing": 39, "hard": 15, "bondness": 14}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 12.2 倍、股息率 0.1%、毛利率近 5 年中位 17.5%、固定资产占比 9%、有息负债/EBITDA 1.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 9%,毛利率近 5 年中位 17.5%。", "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 -8.5%(经营现金流/市值 -7.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.5%,稳定度 61%,2020→2022 成本通胀期毛利率变化 2.5 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 5.30 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.2 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 205%,最大回撤 -59%,年化波动 89%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -13% / -34% / 2%。", "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%。", "佰维存储:PE 比行业中位低 69.3倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 17.5个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}