{"F": {"ts_code": "000532.SZ", "name": "华金资本", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "资产管理", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "19940103", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.54, "pe_ttm": 22.1833, "pb": 2.4179, "dv_ttm": 0.8666, "total_mv": 397793.3782, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.2, 44.4, 36.9, 42.5, 51.1, 45.3], "rev_series": [5.2, 6.3, 6.5, 4.0, 4.9, 4.9], "np_series": [1.6, 1.9, 1.4, 0.7, 1.6, 1.6], "roe_series": [17.6, 17.8, 11.6, 5.6, 11.0, 10.5], "period": "20260630", "rev_ttm": 5.1, "np_ttm": 1.8, "ocf_ttm": 1.4, "fcf_ttm": 1.1, "fcf_yield": 2.6, "ocf_yield": 3.5, "gm_median": 44.4, "gm_std": 4.6, "gm_stab": 0.9, "gm_chg_2022": -8.3, "npm_median": 31.5, "roe_median": 11.0, "commodity": false, "hard_ratio": 18.6, "fix_assets": 4.4, "goodwill_ratio": 0.0, "pb_calc": 2.42, "capex_dep": 1.43, "interest_debt": 2.3, "debt_ebitda": 1.2, "debt_ratio": 27.6, "debt_mv": 5.8, "payout": 21.1, "div_years": 5, "rev_cagr3": -8.8, "np_cagr3": 4.5, "rev_yoy": 6.0, "np_yoy": 43.8, "np_vol": 54.9, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电子器件销售", 26.0], ["电子器件", 26.0], ["投资与管理服务费", 17.0], ["投资与管理", 17.0]], "ret_prev_year": 22.9, "ret_prev2_year": 10.8, "ret_ytd": -28.0, "ret_pivot": 8.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.1, "ret_60": 1.0, "ret_120": -20.1, "ret_250": -28.9, "mdd_250": -46.0, "vol_250": 37.8, "pos_52w": 63.7}, "S": {"duration": 43, "pricing": null, "hard": null, "bondness": 36}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["华金资本 是多元金融。银行赚的是利差,券商保险赚的是资产端与费率,毛利率与固定资产两个轴对它没有意义。", "ROE 近 5 年中位 11.0%,PB 2.42倍,股息率 0.9%,分红率 21%。", "利率上行对银行是净息差扩张(少数受益方向);对保险是资产端浮亏、对券商是交投与融资成本。"], "加息期怎么走": "按笔记:日债/美债收益率上行期,银行股是例外的受益方向;红利型大行按'现金流红利'拿,盯息差而不盯黄金。", "四问": [["当前 FCF 能覆盖多少市值?", "金融业现金流表不适用;用盈利收益率 4.5%(1/PE)与股息率 0.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.2 倍 粗算,约 77%(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 -29%,最大回撤 -46%,年化波动 38%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 8% / 1% / -20%。", "行业对照": ["同申万二级「多元金融」24 家中位:PE 20.1 / 股息率 1.4% / 毛利率 28.6% / 固定资产占比 1% / 分红率 31%。", "华金资本:PE 比行业中位高 2.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 15.8个百分点;固定资产占比 比行业中位高 17.9个百分点。"]}}