{"F": {"ts_code": "002142.SZ", "name": "宁波银行", "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": "20070719", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 34.5, "pe_ttm": 7.3201, "pb": 0.9384, "dv_ttm": 3.4783, "total_mv": 22782388.26, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [411.1, 527.7, 578.8, 615.9, 666.3, 719.7], "np_series": [150.5, 195.5, 230.8, 255.3, 271.3, 293.3], "roe_series": [13.8, 14.6, 14.6, 13.8, 12.5, 12.2], "period": "20260630", "rev_ttm": 762.6, "np_ttm": 311.2, "ocf_ttm": 1007.1, "fcf_ttm": 971.3, "fcf_yield": 42.6, "ocf_yield": 44.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 40.9, "roe_median": 13.8, "commodity": false, "hard_ratio": 0.3, "fix_assets": 100.0, "goodwill_ratio": 0.0, "pb_calc": 0.8, "capex_dep": 3.23, "interest_debt": 5046.3, "debt_ebitda": null, "debt_ratio": 92.8, "debt_mv": 221.5, "payout": 22.8, "div_years": 5, "rev_cagr3": 7.5, "np_cagr3": 8.3, "rev_yoy": 11.5, "np_yoy": 12.1, "np_vol": 8.6, "loss_years": 0, "far_share": 32.0, "earn_yield": 13.7, "consensus_n": 28, "fwd_pe": 7.1, "fwd_pe2": 6.3, "fwd_g1": 3.0, "fwd_g2": 12.0, "peg": 0.59, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 22.0], ["产品", 17.0], ["利息净收入：利息收入：发放贷款及垫款", 15.0], ["利息净收入", 12.0]], "ret_prev_year": 22.4, "ret_prev2_year": 27.6, "ret_ytd": 26.9, "ret_pivot": 94.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.6, "ret_60": 8.0, "ret_120": 14.0, "ret_250": 26.0, "mdd_250": -11.8, "vol_250": 22.7, "pos_52w": 100.0}, "S": {"duration": 17, "pricing": null, "hard": null, "bondness": 44}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["宁波银行 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 13.8%,PB 0.94倍,股息率 3.5%,分红率 23%。", "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 13.7%(1/PE)与股息率 3.5% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.3 倍 粗算,约 32%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 26%,最大回撤 -12%,年化波动 23%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 10% / 8% / 14%。", "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%。", "宁波银行:PE 比行业中位高 0.9倍;股息率 比行业中位低 0.4个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}