{"F": {"ts_code": "002839.SZ", "name": "张家港行", "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": "20170124", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.41, "pe_ttm": 5.3739, "pb": 0.5603, "dv_ttm": 4.9887, "total_mv": 1077956.145, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [41.9, 46.2, 48.3, 45.4, 47.1, 47.5], "np_series": [10.0, 13.0, 16.8, 17.9, 18.8, 19.8], "roe_series": [9.1, 10.2, 11.2, 11.0, 10.2, 9.8], "period": "20260630", "rev_ttm": 46.1, "np_ttm": 20.1, "ocf_ttm": 61.0, "fcf_ttm": 60.5, "fcf_yield": 56.1, "ocf_yield": 56.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 39.6, "roe_median": 10.2, "commodity": false, "hard_ratio": 0.3, "fix_assets": 8.2, "goodwill_ratio": 0.0, "pb_calc": 0.56, "capex_dep": 0.55, "interest_debt": 38.9, "debt_ebitda": null, "debt_ratio": 91.8, "debt_mv": 36.1, "payout": 25.6, "div_years": 5, "rev_cagr3": -0.6, "np_cagr3": 5.6, "rev_yoy": -5.2, "np_yoy": 2.7, "np_vol": 11.8, "loss_years": 0, "far_share": 7.0, "earn_yield": 18.6, "consensus_n": 6, "fwd_pe": 5.3, "fwd_pe2": 5.1, "fwd_g1": 2.0, "fwd_g2": 4.0, "peg": 1.32, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 22.0], ["利息净收入：利息收入：发放贷款和垫款", 18.0], ["产品", 18.0], ["利息净收入", 11.0]], "ret_prev_year": 12.7, "ret_prev2_year": 21.2, "ret_ytd": -0.9, "ret_pivot": 34.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": 3.5, "ret_120": -1.8, "ret_250": 1.6, "mdd_250": -16.7, "vol_250": 20.1, "pos_52w": 94.2}, "S": {"duration": 13, "pricing": null, "hard": null, "bondness": 62}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["张家港行 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 10.2%,PB 0.56倍,股息率 5.0%,分红率 26%。", "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 18.6%(1/PE)与股息率 5.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.4 倍 粗算,约 7%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 2%,最大回撤 -17%,年化波动 20%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 1% / 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%。", "张家港行:PE 与行业中位持平;股息率 比行业中位高 0.8个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}