{"F": {"ts_code": "688661.SH", "name": "和林微纳", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体材料", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20210329", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 96.9, "pe_ttm": null, "pb": 12.176, "dv_ttm": 0.0826, "total_mv": 1471792.782, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.0, 43.7, 39.0, 25.1, 18.3, 20.4], "rev_series": [2.3, 3.7, 2.9, 2.9, 5.7, 8.7], "np_series": [0.6, 1.0, 0.4, -0.2, -0.1, 0.3], "roe_series": [46.7, 28.2, 4.2, -1.7, -0.7, 2.4], "period": "20260630", "rev_ttm": 8.4, "np_ttm": -0.1, "ocf_ttm": 0.1, "fcf_ttm": -1.6, "fcf_yield": -1.1, "ocf_yield": 0.0, "gm_median": 25.1, "gm_std": 10.2, "gm_stab": 0.59, "gm_chg_2022": -6.0, "npm_median": 3.4, "roe_median": 2.4, "commodity": false, "hard_ratio": 26.8, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 12.18, "capex_dep": 3.19, "interest_debt": 0.5, "debt_ebitda": 1.0, "debt_ratio": 20.1, "debt_mv": 0.4, "payout": 40.8, "div_years": 5, "rev_cagr3": 44.3, "np_cagr3": -7.9, "rev_yoy": -6.5, "np_yoy": -122.0, "np_vol": 203.4, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["精密结构件", 19.0], ["半导体芯片测试探针", 15.0], ["精微屏蔽罩", 10.0]], "ret_prev_year": 104.7, "ret_prev2_year": -6.2, "ret_ytd": 87.5, "ret_pivot": 514.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.7, "ret_60": -27.3, "ret_120": 4.8, "ret_250": 106.2, "mdd_250": -60.7, "vol_250": 92.8, "pos_52w": 55.6}, "S": {"duration": 100, "pricing": 37, "hard": 43, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 20%,有息负债 0 亿,经营现金流/市值 0.0%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 25.1%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.1%(经营现金流/市值 0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.1%,稳定度 59%,2020→2022 成本通胀期毛利率变化 -6.0 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 27%,资本开支/折旧 3.19 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 106%,最大回撤 -61%,年化波动 93%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -11% / -27% / 5%。", "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%。", "和林微纳:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 9.9个百分点;固定资产占比 比行业中位高 15.4个百分点。"]}}