{"F": {"ts_code": "000935.SZ", "name": "四川双马", "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": "19990824", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.66, "pe_ttm": 115.9444, "pb": 2.1349, "dv_ttm": null, "total_mv": 1653611.6898, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.7, 48.5, 42.0, 50.8, 45.9, 38.2], "rev_series": [14.7, 12.2, 12.2, 12.2, 10.7, 12.1], "np_series": [8.9, 9.9, 8.3, 9.9, 3.1, 3.0], "roe_series": [19.2, 18.0, 13.3, 14.1, 4.1, 3.9], "period": "20260630", "rev_ttm": 11.1, "np_ttm": 1.4, "ocf_ttm": 2.2, "fcf_ttm": 0.6, "fcf_yield": 0.4, "ocf_yield": 1.4, "gm_median": 45.9, "gm_std": 4.5, "gm_stab": 0.9, "gm_chg_2022": -4.7, "npm_median": 67.5, "roe_median": 13.3, "commodity": false, "hard_ratio": 10.6, "fix_assets": 10.5, "goodwill_ratio": 8.9, "pb_calc": 2.13, "capex_dep": 1.89, "interest_debt": 10.6, "debt_ebitda": 3.2, "debt_ratio": 20.9, "debt_mv": 6.4, "payout": 26.4, "div_years": 2, "rev_cagr3": -0.4, "np_cagr3": -28.8, "rev_yoy": -15.4, "np_yoy": -121.0, "np_vol": 31.1, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 39.0], ["多肽类产品", 12.0], ["多肽原料药", 12.0], ["水泥", 11.0]], "ret_prev_year": 71.5, "ret_prev2_year": -17.6, "ret_ytd": -12.8, "ret_pivot": 96.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.3, "ret_60": -17.6, "ret_120": -21.7, "ret_250": -0.1, "mdd_250": -37.3, "vol_250": 42.8, "pos_52w": 64.0}, "S": {"duration": 94, "pricing": null, "hard": null, "bondness": 39}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["四川双马 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 13.3%,PB 2.13倍,股息率 —,分红率 26%。", "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 0.9%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 115.9 倍 粗算,约 96%(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 -0%,最大回撤 -37%,年化波动 43%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -2% / -18% / -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%。", "四川双马:PE 比行业中位高 95.8倍;股息率 ;毛利率 比行业中位高 17.3个百分点;固定资产占比 比行业中位高 9.9个百分点。"]}}