{"F": {"ts_code": "US.IMOS", "name": "南茂科技", "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": "20100317", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.61, "pe_ttm": 28.047, "pb": 2.577, "dv_ttm": 1.32, "total_mv": 201630.10315, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [10.6], "rev_series": [7.6], "np_series": [0.2], "roe_series": [2.2], "rev_ttm": 7.6, "np_ttm": 0.7, "ocf_ttm": 1.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.1, "gm_median": 10.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.3, "roe_median": 2.2, "commodity": false, "hard_ratio": 99.1, "fix_assets": 14.0, "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": 1.9, "debt_ratio": 47.1, "debt_mv": null, "payout": 37.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.5, "np_yoy": -59.9, "np_vol": null, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "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": 96.9, "ret_20": 9.6, "ret_60": 5.8, "ret_120": 46.8, "ret_250": 225.9, "mdd_250": null, "vol_250": null, "pos_52w": 73.5, "eps": 0.486}, "S": {"duration": 50, "pricing": 37, "hard": 100, "bondness": 34}, "label": "重资产陷阱", "tags": [], "text": {"像什么": ["资产很重:固定资产占总资产 99%,但毛利率最新年报只有 10.6%,产品同质、售价涨不动。", "资产负债率 47%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 99%),没有定价权:毛利率最新年报 10.6%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 7.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 10.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 99%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.0 倍 粗算,约 82%(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 226%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 10% / 6% / 47%。", "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%。", "南茂科技:PE 比行业中位低 17.6倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位低 40.4个百分点;固定资产占比 比行业中位高 86.0个百分点。"]}}