{"F": {"ts_code": "US.ALGM", "name": "Allegro Microsystems", "mkt": "US", "ccy": "美元", "sw1": "半导体", "sw2": "半导体", "sw3": "", "ind": "半导体", "fin_source": "futu", "market": "NASDAQ", "list_date": "20201029", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.61, "pe_ttm": 523.0, "pb": 7.077, "dv_ttm": 0.0, "total_mv": 682417.8904060001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [46.3], "rev_series": [8.9], "np_series": [-0.1], "roe_series": [-1.6], "rev_ttm": 8.9, "np_ttm": 0.1, "ocf_ttm": 1.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.8, "gm_median": 46.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -1.6, "roe_median": -1.6, "commodity": false, "hard_ratio": 30.5, "fix_assets": 4.3, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.7, "debt_ratio": 32.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 22.8, "np_yoy": 79.9, "np_vol": null, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 38.8, "ret_20": -16.4, "ret_60": -17.8, "ret_120": 16.7, "ret_250": 20.5, "mdd_250": null, "vol_250": null, "pos_52w": 51.0, "eps": -0.08}, "S": {"duration": 100, "pricing": 55, "hard": 49, "bondness": 13}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 4 亿,占总资产 30%,重置成本随通胀上升。", "定价权:毛利率最新年报 46.3%。", "当期现金流:经营现金流/市值 1.8%,股息率 0.0%,估值里 5 年后的故事约占 99%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 30%)和定价权(毛利率 46.3% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 1.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 46.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 30%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 523.0 倍 粗算,约 99%(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 20%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -16% / -18% / 17%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "行业对照": ["同富途行业「半导体」70 家中位:PE 45.6 / 股息率 0.0% / 毛利率 51.0% / 固定资产占比 13% / 分红率 2%。", "Allegro Microsystems:PE 比行业中位高 477.4倍;股息率 与行业中位持平;毛利率 比行业中位低 4.7个百分点;固定资产占比 比行业中位高 17.4个百分点。"]}}