{"F": {"ts_code": "688795.SH", "name": "摩尔线程", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "数字芯片设计", "ind": "半导体", "fin_source": "tushare", "market": "科创板", "list_date": "20251205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 519.35, "pe_ttm": null, "pb": 20.0472, "dv_ttm": null, "total_mv": 24410914.567, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-70.1, 25.9, 70.7, 65.6], "rev_series": [0.5, 1.2, 4.4, 15.1], "np_series": [-18.9, -17.0, -16.2, -10.0], "roe_series": [-111.4, -138.8, -61.7, -12.5], "period": "20260630", "rev_ttm": 25.4, "np_ttm": -7.4, "ocf_ttm": -39.6, "fcf_ttm": -53.3, "fcf_yield": -2.2, "ocf_yield": -1.6, "gm_median": 45.7, "gm_std": 56.5, "gm_stab": -0.24, "gm_chg_2022": null, "npm_median": -871.3, "roe_median": -86.6, "commodity": false, "hard_ratio": 7.1, "fix_assets": 12.1, "goodwill_ratio": 0.0, "pb_calc": 20.05, "capex_dep": 10.79, "interest_debt": 35.2, "debt_ebitda": null, "debt_ratio": 28.1, "debt_mv": 1.4, "payout": null, "div_years": 0, "rev_cagr3": 219.7, "np_cagr3": null, "rev_yoy": 147.4, "np_yoy": 95.7, "np_vol": 14.6, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 10, "fwd_pe": null, "fwd_pe2": 497.1, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["云终端产品", 49.0], ["云端产品", 49.0], ["边缘与终端产品", 1.0], ["其他主营业务", 0.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -11.7, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.1, "ret_60": -16.8, "ret_120": -5.5, "ret_250": null, "mdd_250": -46.3, "vol_250": 68.0, "pos_52w": 55.2}, "S": {"duration": 100, "pricing": 30, "hard": 11, "bondness": 3}, "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 -7.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 28%,有息负债 35 亿,经营现金流/市值 -1.6%: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 7%,毛利率近 5 年中位 45.7%。", "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 -2.2%(经营现金流/市值 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.7%,稳定度 -24%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 7%,资本开支/折旧 10.79 倍。没有资产可言。"], ["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%。", "摩尔线程:PE ;股息率 ;毛利率 比行业中位高 10.7个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}