{"F": {"ts_code": "002647.SZ", "name": "仁东控股", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "金融信息服务", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "20111228", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.45, "pe_ttm": 200.6435, "pb": 20.6461, "dv_ttm": null, "total_mv": 1294183.9965, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.6, 20.2, 17.1, 16.1, 23.1, 32.2], "rev_series": [21.1, 17.3, 16.6, 18.0, 11.6, 8.2], "np_series": [-4.3, -0.5, -1.4, -2.2, -8.3, 3.6], "roe_series": [-64.5, -13.9, -52.2, -173.7, null, null], "period": "20260630", "rev_ttm": 8.5, "np_ttm": 0.6, "ocf_ttm": 1.1, "fcf_ttm": 1.1, "fcf_yield": 0.9, "ocf_yield": 0.9, "gm_median": 20.2, "gm_std": 5.8, "gm_stab": 0.71, "gm_chg_2022": 6.5, "npm_median": -8.1, "roe_median": -52.2, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.1, "goodwill_ratio": 21.1, "pb_calc": 20.65, "capex_dep": 0.69, "interest_debt": 0.4, "debt_ebitda": 0.5, "debt_ratio": 84.1, "debt_mv": 0.3, "payout": null, "div_years": 0, "rev_cagr3": -20.8, "np_cagr3": null, "rev_yoy": 6.2, "np_yoy": -85.1, "np_vol": 158.8, "loss_years": 4, "far_share": 98.0, "earn_yield": 0.5, "consensus_n": 3, "fwd_pe": 32.7, "fwd_pe2": 29.6, "fwd_g1": 513.0, "fwd_g2": 10.0, "peg": 3.27, "consensus_disp": null, "mainbz": [["产品", 50.0], ["第三方支付", 49.0], ["机具销售", 1.0], ["机具", 1.0]], "ret_prev_year": 172.5, "ret_prev2_year": -14.3, "ret_ytd": 42.8, "ret_pivot": 418.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 20.0, "ret_60": -2.2, "ret_120": 15.2, "ret_250": 98.8, "mdd_250": -41.2, "vol_250": 55.3, "pos_52w": 83.0}, "S": {"duration": 99, "pricing": null, "hard": null, "bondness": 22}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["仁东控股 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 -52.2%,PB 20.65倍,股息率 —,分红率 —。", "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 0.5%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 200.6 倍 粗算,约 98%(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 99%,最大回撤 -41%,年化波动 55%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 20% / -2% / 15%。", "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%。", "仁东控股:PE 比行业中位高 180.5倍;股息率 ;毛利率 比行业中位低 8.4个百分点;固定资产占比 比行业中位低 0.5个百分点。"]}}