{"F": {"ts_code": "000567.SZ", "name": "海德股份", "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": "19940525", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.72, "pe_ttm": 8.2898, "pb": 1.89, "dv_ttm": null, "total_mv": 1313485.9584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, 97.5, 94.6, 98.1, 96.1], "rev_series": [3.1, 6.7, 10.6, 12.3, 8.6, 7.0], "np_series": [1.3, 3.8, 7.0, 8.8, 3.3, 3.8], "roe_series": [3.0, 8.4, 14.1, 16.6, 6.2, 7.1], "period": "20260630", "rev_ttm": 22.3, "np_ttm": 15.8, "ocf_ttm": 3.1, "fcf_ttm": 3.0, "fcf_yield": 2.3, "ocf_yield": 2.3, "gm_median": 96.8, "gm_std": 1.3, "gm_stab": 0.99, "gm_chg_2022": null, "npm_median": 57.5, "roe_median": 8.4, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.1, "pb_calc": 1.89, "capex_dep": 4.28, "interest_debt": 27.0, "debt_ebitda": 1.4, "debt_ratio": 32.9, "debt_mv": 20.5, "payout": 65.1, "div_years": 3, "rev_cagr3": -12.8, "np_cagr3": -18.1, "rev_yoy": 452.3, "np_yoy": 815.8, "np_vol": 87.0, "loss_years": 0, "far_share": 40.0, "earn_yield": 12.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["资产管理业务", 33.0], ["资产管理", 33.0], ["其他业务", 1.0]], "ret_prev_year": -6.0, "ret_prev2_year": -3.0, "ret_ytd": 4.7, "ret_pivot": 47.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.6, "ret_60": 22.2, "ret_120": 22.4, "ret_250": -1.6, "mdd_250": -37.2, "vol_250": 45.2, "pos_52w": 83.7}, "S": {"duration": 19, "pricing": null, "hard": null, "bondness": 47}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["海德股份 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 8.4%,PB 1.89倍,股息率 —,分红率 65%。", "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 12.1%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.3 倍 粗算,约 40%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -2%,最大回撤 -37%,年化波动 45%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 9% / 22% / 22%。", "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%。", "海德股份:PE 比行业中位低 11.8倍;股息率 ;毛利率 比行业中位高 68.2个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}