{"F": {"ts_code": "002673.SZ", "name": "西部证券", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "证券Ⅱ", "sw3": "证券Ⅲ", "ind": "证券Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20120503", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.94, "pe_ttm": 15.4793, "pb": 1.0249, "dv_ttm": 1.7267, "total_mv": 3101889.6998, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [51.8, 67.5, 53.1, 68.9, 67.1, 59.8], "np_series": [11.2, 14.1, 4.3, 11.7, 14.0, 17.5], "roe_series": [5.1, 5.3, 1.6, 4.2, 4.9, 5.9], "period": "20260630", "rev_ttm": 68.8, "np_ttm": 20.0, "ocf_ttm": 15.2, "fcf_ttm": 13.8, "fcf_yield": 4.4, "ocf_yield": 4.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 21.1, "roe_median": 4.9, "commodity": false, "hard_ratio": 0.6, "fix_assets": 8.1, "goodwill_ratio": 0.9, "pb_calc": 1.02, "capex_dep": 2.16, "interest_debt": 192.9, "debt_ebitda": null, "debt_ratio": 77.4, "debt_mv": 62.2, "payout": 31.8, "div_years": 5, "rev_cagr3": 4.1, "np_cagr3": 60.0, "rev_yoy": 32.2, "np_yoy": 31.9, "np_vol": 77.2, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.5, "consensus_n": 2, "fwd_pe": 15.1, "fwd_pe2": 13.1, "fwd_g1": 3.0, "fwd_g2": 15.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["产品", 21.0], ["手续费及佣金净收入：手续费及佣金收入合计", 11.0], ["手续费及佣金净收入", 9.0], ["证券投资业务", 8.0]], "ret_prev_year": -1.8, "ret_prev2_year": 31.0, "ret_ytd": -11.0, "ret_pivot": 12.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": 11.6, "ret_120": -8.6, "ret_250": -24.1, "mdd_250": -31.0, "vol_250": 21.8, "pos_52w": 77.0}, "S": {"duration": 32, "pricing": null, "hard": null, "bondness": 40}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["西部证券 是证券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 4.9%,PB 1.02倍,股息率 1.7%,分红率 32%。", "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 6.5%(1/PE)与股息率 1.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.5 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -24%,最大回撤 -31%,年化波动 22%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 3% / 12% / -9%。", "行业对照": ["同申万二级「证券Ⅱ」50 家中位:PE 15.7 / 股息率 1.9% / 毛利率 10.2% / 固定资产占比 0% / 分红率 33%。", "西部证券:PE 比行业中位低 0.2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 比行业中位高 0.2个百分点。"]}}