{"F": {"ts_code": "002926.SZ", "name": "华西证券", "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": "20180205", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.58, "pe_ttm": 11.6711, "pb": 0.8891, "dv_ttm": 2.4359, "total_mv": 2252250.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [46.8, 51.2, 33.8, 31.8, 39.2, 46.2], "np_series": [19.0, 16.3, 4.2, 4.2, 7.3, 14.7], "roe_series": [9.3, 7.5, 1.9, 1.9, 3.1, 6.1], "period": "20260630", "rev_ttm": 52.5, "np_ttm": 19.3, "ocf_ttm": 114.9, "fcf_ttm": 114.2, "fcf_yield": 50.7, "ocf_yield": 51.0, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.5, "roe_median": 3.1, "commodity": false, "hard_ratio": 0.5, "fix_assets": 5.2, "goodwill_ratio": 0.0, "pb_calc": 0.89, "capex_dep": 1.57, "interest_debt": 227.3, "debt_ebitda": null, "debt_ratio": 77.1, "debt_mv": 100.9, "payout": 31.2, "div_years": 5, "rev_cagr3": 11.0, "np_cagr3": 51.6, "rev_yoy": 30.8, "np_yoy": 89.7, "np_vol": 62.8, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.6, "consensus_n": 3, "fwd_pe": 12.8, "fwd_pe2": 11.8, "fwd_g1": -9.0, "fwd_g2": 8.0, "peg": 1.6, "consensus_disp": null, "mainbz": [["产品", 18.0], ["手续费及佣金净收入：手续费及佣金收入合计", 12.0], ["手续费及佣金净收入：证券经纪业务净收入：证券经纪", 11.0], ["证券经纪业务", 11.0]], "ret_prev_year": 13.7, "ret_prev2_year": 8.1, "ret_ytd": -5.8, "ret_pivot": 37.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.9, "ret_60": 13.0, "ret_120": -0.1, "ret_250": -18.9, "mdd_250": -29.3, "vol_250": 23.0, "pos_52w": 80.9}, "S": {"duration": 25, "pricing": null, "hard": null, "bondness": 38}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["华西证券 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 3.1%,PB 0.89倍,股息率 2.4%,分红率 31%。", "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 8.6%(1/PE)与股息率 2.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.7 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -19%,最大回撤 -29%,年化波动 23%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 4% / 13% / -0%。", "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%。", "华西证券:PE 比行业中位低 4.0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。"]}}