{"F": {"ts_code": "688807.SH", "name": "优迅股份", "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": "20251219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 314.0, "pe_ttm": 247.8675, "pb": 13.8924, "dv_ttm": 0.1146, "total_mv": 2512000.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.4, 49.1, 46.8, 43.4], "rev_series": [3.4, 3.1, 4.1, 4.9], "np_series": [0.8, 0.7, 0.8, 0.9], "roe_series": [24.4, 17.1, 12.6, 7.1], "period": "20260630", "rev_ttm": 5.5, "np_ttm": 1.0, "ocf_ttm": 1.1, "fcf_ttm": 0.3, "fcf_yield": 0.1, "ocf_yield": 0.4, "gm_median": 47.9, "gm_std": 4.4, "gm_stab": 0.91, "gm_chg_2022": null, "npm_median": 21.0, "roe_median": 14.9, "commodity": false, "hard_ratio": 4.6, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 13.89, "capex_dep": 3.79, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 4.2, "debt_mv": 0.0, "payout": 24.5, "div_years": 1, "rev_cagr3": 12.8, "np_cagr3": 2.7, "rev_yoy": 24.7, "np_yoy": 28.1, "np_vol": 10.6, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["光通信收发合一芯片", 43.0], ["跨阻放大器芯片", 6.0], ["激光驱动器芯片", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": 68.0, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 23.6, "ret_60": -22.1, "ret_120": 34.5, "ret_250": null, "mdd_250": -58.5, "vol_250": 91.7, "pos_52w": 61.8}, "S": {"duration": 100, "pricing": 63, "hard": 7, "bondness": 17}, "label": "纯久期", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE TTM 247.9 倍,估值里约 98% 来自 5 年后的假设;固定资产占比 5%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 47.9%),硬资产占比 5%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.1%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.9%,稳定度 91%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 5%,资本开支/折旧 3.79 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 247.9 倍 粗算,约 98%(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%。", "优迅股份:PE 比行业中位高 166.4倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 12.9个百分点;固定资产占比 比行业中位低 6.8个百分点。"]}}