{"F": {"ts_code": "688721.SH", "name": "龙图光罩", "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": "20240806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 37.33, "pe_ttm": 131.2417, "pb": 4.0406, "dv_ttm": null, "total_mv": 498355.5, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.5, 59.7, 61.0, 58.9, 57.0, 45.3], "rev_series": [null, null, 1.6, 2.2, 2.5, 2.5], "np_series": [null, null, 0.6, 0.8, 0.9, 0.6], "roe_series": [36.3, 60.1, 23.0, 16.4, 10.5, 4.6], "period": "20260630", "rev_ttm": 2.7, "np_ttm": 0.4, "ocf_ttm": 0.6, "fcf_ttm": -1.9, "fcf_yield": -3.9, "ocf_yield": 1.2, "gm_median": 58.9, "gm_std": 5.7, "gm_stab": 0.9, "gm_chg_2022": 6.6, "npm_median": 37.3, "roe_median": 16.4, "commodity": false, "hard_ratio": 68.0, "fix_assets": 10.6, "goodwill_ratio": 0.0, "pb_calc": 4.04, "capex_dep": 4.93, "interest_debt": 2.5, "debt_ebitda": 2.7, "debt_ratio": 21.0, "debt_mv": 5.0, "payout": 48.2, "div_years": 1, "rev_cagr3": 15.2, "np_cagr3": -4.5, "rev_yoy": 17.7, "np_yoy": -51.7, "np_vol": 74.8, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "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], ["石英掩模版", 42.0], ["苏打掩模版", 8.0], ["其他业务", 0.0]], "ret_prev_year": -20.7, "ret_prev2_year": null, "ret_ytd": -19.8, "ret_pivot": 50.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -23.9, "ret_120": -13.7, "ret_250": -33.0, "mdd_250": -51.9, "vol_250": 61.0, "pos_52w": 53.9}, "S": {"duration": 96, "pricing": 72, "hard": 100, "bondness": 30}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 131.2 倍、股息率 —、毛利率近 5 年中位 58.9%、固定资产占比 68%、有息负债/EBITDA 2.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 68%、毛利率 58.9% 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 -3.9%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.9%,稳定度 90%,2020→2022 成本通胀期毛利率变化 6.6 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 68%,资本开支/折旧 4.93 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 131.2 倍 粗算,约 96%(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 -33%,最大回撤 -52%,年化波动 61%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -7% / -24% / -14%。", "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%。", "龙图光罩:PE 比行业中位高 49.7倍;股息率 ;毛利率 比行业中位高 23.9个百分点;固定资产占比 比行业中位高 56.6个百分点。"]}}