{"F": {"ts_code": "000987.SZ", "name": "越秀资本", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "金融控股", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "20000718", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.69, "pe_ttm": 8.0863, "pb": 1.1383, "dv_ttm": 2.8504, "total_mv": 3858174.8925, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [2.7, 1.5, 1.4, 10.7, 16.7, 52.6], "rev_series": [38.1, 63.1, 77.2, 93.5, 90.1, 48.2], "np_series": [46.1, 24.8, 25.1, 24.0, 22.9, 35.2], "roe_series": [22.8, 10.2, 9.6, 8.6, 7.7, 10.9], "period": "20260630", "rev_ttm": 29.7, "np_ttm": 47.7, "ocf_ttm": 40.0, "fcf_ttm": 29.5, "fcf_yield": 7.6, "ocf_yield": 10.4, "gm_median": 10.7, "gm_std": 18.9, "gm_stab": -0.77, "gm_chg_2022": -1.3, "npm_median": 44.9, "roe_median": 9.6, "commodity": false, "hard_ratio": 17.8, "fix_assets": 406.6, "goodwill_ratio": 0.0, "pb_calc": 1.1, "capex_dep": 0.57, "interest_debt": 1497.4, "debt_ebitda": 204.5, "debt_ratio": 77.0, "debt_mv": 388.1, "payout": 35.5, "div_years": 5, "rev_cagr3": -14.6, "np_cagr3": 11.9, "rev_yoy": -15.8, "np_yoy": 80.3, "np_vol": 31.7, "loss_years": 0, "far_share": 38.0, "earn_yield": 12.4, "consensus_n": 2, "fwd_pe": 9.2, "fwd_pe2": 8.1, "fwd_g1": -12.0, "fwd_g2": 13.0, "peg": 0.71, "consensus_disp": null, "mainbz": [["产品", 49.0], ["新能源业务", 31.0], ["融资租赁业务", 16.0], ["期货经纪业务", 1.0]], "ret_prev_year": 20.8, "ret_prev2_year": 21.4, "ret_ytd": -4.0, "ret_pivot": 62.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.8, "ret_60": 8.3, "ret_120": -13.1, "ret_250": -2.9, "mdd_250": -38.6, "vol_250": 40.2, "pos_52w": 66.5}, "S": {"duration": 18, "pricing": null, "hard": null, "bondness": 65}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["越秀资本 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 9.6%,PB 1.14倍,股息率 2.9%,分红率 36%。", "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 12.4%(1/PE)与股息率 2.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.1 倍 粗算,约 38%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -3%,最大回撤 -39%,年化波动 40%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -1% / 8% / -13%。", "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%。", "越秀资本:PE 比行业中位低 12.0倍;股息率 比行业中位高 1.5个百分点;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 17.1个百分点。"]}}