{"F": {"ts_code": "688783.SH", "name": "西安奕材", "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": "20251028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.36, "pe_ttm": null, "pb": 9.0949, "dv_ttm": null, "total_mv": 11047420.8, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-98.9, 12.0, 1.6, 5.9, 3.9], "rev_series": [null, 10.5, 14.7, 21.2, 26.5], "np_series": [null, -4.1, -5.8, -7.4, -7.4], "roe_series": [-9.6, -6.3, -6.2, -8.3, -7.1], "period": "20260630", "rev_ttm": 29.4, "np_ttm": -6.9, "ocf_ttm": 3.5, "fcf_ttm": -20.3, "fcf_yield": -1.8, "ocf_yield": 0.3, "gm_median": 3.9, "gm_std": 42.0, "gm_stab": -9.78, "gm_chg_2022": null, "npm_median": -46.4, "roe_median": -7.1, "commodity": false, "hard_ratio": 63.7, "fix_assets": 123.6, "goodwill_ratio": 0.0, "pb_calc": 9.09, "capex_dep": 1.99, "interest_debt": 53.3, "debt_ebitda": 9.2, "debt_ratio": 37.4, "debt_mv": 4.8, "payout": null, "div_years": 0, "rev_cagr3": 35.9, "np_cagr3": null, "rev_yoy": 22.0, "np_yoy": 15.0, "np_vol": 14.7, "loss_years": 4, "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", 37.0], ["半导体硅测试片", 14.0], ["抛光片销售", 12.0], ["半导体硅抛光片", 12.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": 15.0, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.5, "ret_60": -45.0, "ret_120": 17.3, "ret_250": null, "mdd_250": -61.1, "vol_250": 78.0, "pos_52w": 44.2}, "S": {"duration": 100, "pricing": 9, "hard": 100, "bondness": 15}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 64%,但毛利率近 5 年中位只有 3.9%,产品同质、售价涨不动。", "有息负债/EBITDA 9.2 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 64%),没有定价权:毛利率近 5 年中位 3.9%,稳定度 -978%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.8%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.9%,稳定度 -978%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 64%,资本开支/折旧 1.99 倍。涨。"], ["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?"]], "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%。", "西安奕材:PE ;股息率 ;毛利率 比行业中位低 31.1个百分点;固定资产占比 比行业中位高 52.3个百分点。"]}}