{"F": {"ts_code": "001227.SZ", "name": "兰州银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "城商行Ⅱ", "sw3": "城商行Ⅲ", "ind": "城商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20220117", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.16, "pe_ttm": 6.913, "pb": 0.3965, "dv_ttm": 3.7037, "total_mv": 1230270.5736, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [73.0, 78.4, 74.5, 80.2, 78.5, 77.9], "np_series": [14.9, 15.7, 17.3, 18.6, 18.9, 18.6], "roe_series": [6.1, 5.6, 5.7, 5.8, 5.5, 5.3], "period": "20260630", "rev_ttm": 80.5, "np_ttm": 17.8, "ocf_ttm": 235.7, "fcf_ttm": 233.6, "fcf_yield": 189.9, "ocf_yield": 191.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 23.9, "roe_median": 5.6, "commodity": false, "hard_ratio": 0.2, "fix_assets": 12.3, "goodwill_ratio": 0.1, "pb_calc": 0.34, "capex_dep": 0.99, "interest_debt": 332.8, "debt_ebitda": null, "debt_ratio": 93.2, "debt_mv": 270.5, "payout": 34.9, "div_years": 5, "rev_cagr3": 1.5, "np_cagr3": 2.5, "rev_yoy": 6.6, "np_yoy": -8.9, "np_vol": 4.3, "loss_years": 0, "far_share": 28.0, "earn_yield": 14.5, "consensus_n": 1, "fwd_pe": 6.5, "fwd_pe2": 6.4, "fwd_g1": 6.0, "fwd_g2": 3.0, "peg": 2.17, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 27.0], ["利息净收入：利息收入：发放贷款及垫款", 17.0], ["产品", 15.0], ["利息收入:发放贷款及垫款:公司贷款及垫款(产品)", 13.0]], "ret_prev_year": -1.7, "ret_prev2_year": -1.7, "ret_ytd": -3.6, "ret_pivot": 9.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": 2.9, "ret_120": -7.3, "ret_250": -11.8, "mdd_250": -18.7, "vol_250": 14.3, "pos_52w": 87.8}, "S": {"duration": 16, "pricing": null, "hard": null, "bondness": 56}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["兰州银行 是城商行Ⅱ。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 5.6%,PB 0.40倍,股息率 3.7%,分红率 35%。", "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 14.5%(1/PE)与股息率 3.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.9 倍 粗算,约 28%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -12%,最大回撤 -19%,年化波动 14%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 1% / 3% / -7%。", "行业对照": ["同申万二级「城商行Ⅱ」17 家中位:PE 6.4 / 股息率 3.9% / 毛利率 — / 固定资产占比 0% / 分红率 30%。", "兰州银行:PE 比行业中位高 0.5倍;股息率 比行业中位低 0.2个百分点;毛利率 ;固定资产占比 比行业中位低 0.1个百分点。"]}}