{"F": {"ts_code": "688790.SH", "name": "昂瑞微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "模拟芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20251216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 105.98, "pe_ttm": 136.5237, "pb": 3.5902, "dv_ttm": null, "total_mv": 1054836.9566, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.1, 20.1, 20.2, 21.3], "rev_series": [9.2, 16.9, 21.0, 18.8], "np_series": [-2.9, -4.5, -0.6, -1.2], "roe_series": [-23.3, -39.4, -6.4, -6.3], "period": "20260630", "rev_ttm": 18.1, "np_ttm": 0.8, "ocf_ttm": -1.5, "fcf_ttm": -1.7, "fcf_yield": -1.6, "ocf_yield": -1.4, "gm_median": 20.2, "gm_std": 1.6, "gm_stab": 0.92, "gm_chg_2022": null, "npm_median": -16.4, "roe_median": -14.9, "commodity": false, "hard_ratio": 2.7, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 3.59, "capex_dep": 0.65, "interest_debt": 1.8, "debt_ebitda": null, "debt_ratio": 15.4, "debt_mv": 1.7, "payout": null, "div_years": 0, "rev_cagr3": 26.8, "np_cagr3": null, "rev_yoy": -8.4, "np_yoy": 487.2, "np_vol": 74.1, "loss_years": 4, "far_share": 96.0, "earn_yield": 0.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["终端射频前端芯片", 23.0], ["射频前端芯片", 23.0], ["无线通信射频及SoC芯片", 10.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -28.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.2, "ret_60": -9.4, "ret_120": -19.6, "ret_250": null, "mdd_250": -59.9, "vol_250": 57.9, "pos_52w": 49.1}, "S": {"duration": 97, "pricing": 50, "hard": 4, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.8 亿,近 5 年亏损 4 年;PE 137 倍(盈利极薄),估值指标失真。", "资产负债率 15%,有息负债 2 亿,经营现金流/市值 -1.4%: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 3%,毛利率近 5 年中位 20.2%。", "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 -1.6%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.2%,稳定度 92%。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 3%,资本开支/折旧 0.65 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 136.5 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?"]], "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%。", "昂瑞微:PE 比行业中位高 55.0倍;股息率 ;毛利率 比行业中位低 14.8个百分点;固定资产占比 比行业中位低 8.7个百分点。"]}}