{"F": {"ts_code": "US.ON", "name": "安森美半导体", "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": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 74.38, "pe_ttm": 48.614, "pb": 4.011, "dv_ttm": 0.0, "total_mv": 2895700.580798, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.1], "rev_series": [60.0], "np_series": [1.2], "roe_series": [1.5], "rev_ttm": 60.0, "np_ttm": 6.3, "ocf_ttm": 16.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.8, "gm_median": 33.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.1, "roe_median": 1.5, "commodity": false, "hard_ratio": 29.9, "fix_assets": 39.8, "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": 8.9, "debt_ratio": 38.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -15.3, "np_yoy": -92.2, "np_vol": null, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "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": 37.4, "ret_20": -8.4, "ret_60": -32.5, "ret_120": 24.2, "ret_250": 52.2, "mdd_250": null, "vol_250": null, "pos_52w": 55.1, "eps": 0.29}, "S": {"duration": 70, "pricing": 49, "hard": 48, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 48.6 倍、股息率 0.0%、毛利率最新年报 33.1%、固定资产占比 30%、资产负债率 39%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.1%),硬资产占比 30%。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": "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?", "经营现金流/市值 5.8%(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 33.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 30%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 48.6 倍 粗算,约 90%(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 52%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -8% / -32% / 24%。", "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%。", "安森美半导体:PE 比行业中位高 3.0倍;股息率 与行业中位持平;毛利率 比行业中位低 17.9个百分点;固定资产占比 比行业中位高 16.8个百分点。"]}}