{"F": {"ts_code": "688798.SH", "name": "艾为电子", "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": "20210816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 63.58, "pe_ttm": 58.0447, "pb": 3.5321, "dv_ttm": 0.6763, "total_mv": 1482233.8641, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.6, 40.4, 38.1, 24.8, 30.4, 35.4], "rev_series": [14.4, 23.3, 20.9, 25.3, 29.3, 28.5], "np_series": [1.0, 2.9, -0.5, 0.5, 2.5, 3.2], "roe_series": [28.9, 14.0, -1.5, 1.4, 6.8, 7.8], "period": "20260630", "rev_ttm": 28.3, "np_ttm": 2.6, "ocf_ttm": 3.1, "fcf_ttm": 0.3, "fcf_yield": 0.2, "ocf_yield": 2.1, "gm_median": 35.4, "gm_std": 5.6, "gm_stab": 0.84, "gm_chg_2022": 5.5, "npm_median": 8.7, "roe_median": 6.8, "commodity": false, "hard_ratio": 17.9, "fix_assets": 13.0, "goodwill_ratio": 0.0, "pb_calc": 3.48, "capex_dep": 3.17, "interest_debt": 23.6, "debt_ebitda": 8.1, "debt_ratio": 41.3, "debt_mv": 15.9, "payout": 31.6, "div_years": 4, "rev_cagr3": 10.9, "np_cagr3": null, "rev_yoy": -1.4, "np_yoy": -39.4, "np_vol": 174.7, "loss_years": 1, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 4, "fwd_pe": 38.6, "fwd_pe2": 30.4, "fwd_g1": 50.0, "fwd_g2": 27.0, "peg": 1.43, "consensus_disp": null, "mainbz": [["高端模数混合类芯片", 34.0], ["高性能数模混合芯片", 34.0], ["电源管理芯片", 24.0], ["信号链芯片", 8.0]], "ret_prev_year": 9.6, "ret_prev2_year": 1.2, "ret_ytd": -16.0, "ret_pivot": 60.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.1, "ret_60": -1.1, "ret_120": -10.7, "ret_250": -33.2, "mdd_250": -46.9, "vol_250": 46.7, "pos_52w": 64.3}, "S": {"duration": 77, "pricing": 58, "hard": 29, "bondness": 39}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 58.0 倍、股息率 0.7%、毛利率近 5 年中位 35.4%、固定资产占比 18%、有息负债/EBITDA 8.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 18%,毛利率近 5 年中位 35.4%。", "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 0.2%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.4%,稳定度 84%,2020→2022 成本通胀期毛利率变化 5.5 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 18%,资本开支/折旧 3.17 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.0 倍 粗算,约 91%(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 -47%,年化波动 47%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 13% / -1% / -11%。", "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%。", "艾为电子:PE 比行业中位低 23.5倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位高 6.5个百分点。"]}}