{"F": {"ts_code": "002807.SZ", "name": "江阴银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "农商行Ⅱ", "sw3": "农商行Ⅲ", "ind": "农商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20160902", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.22, "pe_ttm": 5.5217, "pb": 0.5629, "dv_ttm": 4.7393, "total_mv": 1142578.5462, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [33.5, 33.7, 37.8, 38.6, 39.6, 41.2], "np_series": [10.6, 12.7, 16.2, 18.9, 20.4, 20.5], "roe_series": [8.8, 10.1, 11.8, 12.6, 11.8, 10.7], "period": "20260630", "rev_ttm": 41.7, "np_ttm": 20.7, "ocf_ttm": 136.3, "fcf_ttm": 133.6, "fcf_yield": 116.9, "ocf_yield": 119.3, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 49.0, "roe_median": 11.8, "commodity": false, "hard_ratio": 0.4, "fix_assets": 9.8, "goodwill_ratio": 0.0, "pb_calc": 0.56, "capex_dep": 2.38, "interest_debt": 10.2, "debt_ebitda": null, "debt_ratio": 91.1, "debt_mv": 8.9, "payout": 23.9, "div_years": 5, "rev_cagr3": 3.0, "np_cagr3": 8.2, "rev_yoy": 2.0, "np_yoy": 2.3, "np_vol": 9.3, "loss_years": 0, "far_share": 9.0, "earn_yield": 18.1, "consensus_n": 4, "fwd_pe": 5.2, "fwd_pe2": 5.1, "fwd_g1": 6.0, "fwd_g2": 2.0, "peg": 2.6, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 21.0], ["产品", 19.0], ["利息净收入：利息收入：发放贷款和垫款", 18.0], ["利息收入:发放贷款及垫款:公司贷款及垫款(产品)", 14.0]], "ret_prev_year": 13.2, "ret_prev2_year": 33.7, "ret_ytd": 4.3, "ret_pivot": 50.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 3.7, "ret_120": 2.0, "ret_250": -2.9, "mdd_250": -18.5, "vol_250": 21.7, "pos_52w": 92.7}, "S": {"duration": 13, "pricing": null, "hard": null, "bondness": 57}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["江阴银行 是农商行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 11.8%,PB 0.56倍,股息率 4.7%,分红率 24%。", "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 18.1%(1/PE)与股息率 4.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.5 倍 粗算,约 9%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -3%,最大回撤 -18%,年化波动 22%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 6% / 4% / 2%。", "行业对照": ["同申万二级「农商行Ⅱ」10 家中位:PE 5.4 / 股息率 4.2% / 毛利率 — / 固定资产占比 0% / 分红率 23%。", "江阴银行:PE 比行业中位高 0.1倍;股息率 比行业中位高 0.5个百分点;毛利率 ;固定资产占比 比行业中位高 0.1个百分点。"]}}