{"F": {"ts_code": "688802.SH", "name": "沐曦股份", "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": "20251217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 631.1, "pe_ttm": 28382.2032, "pb": 18.204, "dv_ttm": null, "total_mv": 25250311.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.1, 62.9, 53.4, 56.5], "rev_series": [0.0, 0.5, 7.4, 16.4], "np_series": [-7.8, -8.7, -14.1, -7.9], "roe_series": [-84.1, -81.6, -117.9, -11.0], "period": "20260630", "rev_ttm": 20.5, "np_ttm": 0.1, "ocf_ttm": -16.7, "fcf_ttm": -18.7, "fcf_yield": -0.7, "ocf_yield": -0.7, "gm_median": 55.0, "gm_std": 14.9, "gm_stab": 0.73, "gm_chg_2022": null, "npm_median": -916.3, "roe_median": -82.8, "commodity": false, "hard_ratio": 1.4, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 18.2, "capex_dep": 2.4, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 5.7, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": 1468.1, "np_cagr3": null, "rev_yoy": 44.7, "np_yoy": 429.5, "np_vol": 43.2, "loss_years": 4, "far_share": 100.0, "earn_yield": 0.0, "consensus_n": 5, "fwd_pe": 6859.8, "fwd_pe2": 268.1, "fwd_g1": 314.0, "fwd_g2": 2459.0, "peg": 2.79, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": 8.8, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.4, "ret_60": -11.4, "ret_120": 23.0, "ret_250": null, "mdd_250": -40.7, "vol_250": 70.7, "pos_52w": 64.3}, "S": {"duration": 100, "pricing": 61, "hard": 2, "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 0.1 亿,近 5 年亏损 4 年;PE 28382 倍(盈利极薄),估值指标失真。", "资产负债率 6%,有息负债 1 亿,经营现金流/市值 -0.7%: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 1%,毛利率近 5 年中位 55.0%。", "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 -0.7%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.0%,稳定度 73%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 1%,资本开支/折旧 2.40 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28382.2 倍 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%。", "沐曦股份:PE 比行业中位高 28300.7倍;股息率 ;毛利率 比行业中位高 20.0个百分点;固定资产占比 比行业中位低 10.0个百分点。"]}}