{"F": {"ts_code": "688605.SH", "name": "先锋精科", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体设备", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20241212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 70.05, "pe_ttm": 102.9239, "pb": 8.4301, "dv_ttm": 0.1428, "total_mv": 1417670.499, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.2, 38.3, 39.2, 29.9, 33.8, 29.0], "rev_series": [null, null, 4.7, 5.6, 11.4, 12.4], "np_series": [null, null, 1.0, 0.8, 2.1, 1.9], "roe_series": [-19.2, 29.2, 17.9, 11.5, 19.2, 12.1], "period": "20260630", "rev_ttm": 12.5, "np_ttm": 1.4, "ocf_ttm": 0.8, "fcf_ttm": -3.3, "fcf_yield": -2.3, "ocf_yield": 0.6, "gm_median": 33.8, "gm_std": 4.2, "gm_stab": 0.88, "gm_chg_2022": 0.0, "npm_median": 18.8, "roe_median": 17.9, "commodity": false, "hard_ratio": 30.6, "fix_assets": 7.5, "goodwill_ratio": 0.3, "pb_calc": 8.43, "capex_dep": 7.75, "interest_debt": 1.7, "debt_ebitda": 0.6, "debt_ratio": 31.5, "debt_mv": 1.2, "payout": 12.6, "div_years": 2, "rev_cagr3": 38.1, "np_cagr3": 21.7, "rev_yoy": 1.3, "np_yoy": -48.2, "np_vol": 153.0, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["工艺部件", 36.0], ["结构部件", 10.0], ["模组", 2.0]], "ret_prev_year": -16.2, "ret_prev2_year": null, "ret_ytd": 9.2, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.7, "ret_60": -15.4, "ret_120": 12.8, "ret_250": 5.0, "mdd_250": -47.6, "vol_250": 62.1, "pos_52w": 59.9}, "S": {"duration": 92, "pricing": 55, "hard": 49, "bondness": 7}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 102.9 倍、股息率 0.1%、毛利率近 5 年中位 33.8%、固定资产占比 31%、有息负债/EBITDA 0.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 33.8% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -2.3%(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 33.8%,稳定度 88%,2020→2022 成本通胀期毛利率变化 0.0 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 31%,资本开支/折旧 7.75 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 102.9 倍 粗算,约 95%(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 5%,最大回撤 -48%,年化波动 62%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -8% / -15% / 13%。", "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%。", "先锋精科:PE 比行业中位高 21.4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 1.2个百分点;固定资产占比 比行业中位高 19.2个百分点。"]}}