{"F": {"ts_code": "002958.SZ", "name": "青农商行", "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": "20190326", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.01, "pe_ttm": 5.2443, "pb": 0.4365, "dv_ttm": 3.9867, "total_mv": 1672267.4157, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [95.7, 103.0, 99.4, 103.3, 110.3, 100.3], "np_series": [29.6, 30.7, 23.2, 25.7, 28.6, 31.3], "roe_series": [11.1, 9.7, 6.6, 7.0, 7.2, 7.3], "period": "20260630", "rev_ttm": 95.9, "np_ttm": 31.9, "ocf_ttm": -113.9, "fcf_ttm": -114.9, "fcf_yield": -68.7, "ocf_yield": -68.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 25.8, "roe_median": 7.2, "commodity": false, "hard_ratio": 0.6, "fix_assets": 30.2, "goodwill_ratio": 0.0, "pb_calc": 0.38, "capex_dep": 0.26, "interest_debt": 645.5, "debt_ebitda": null, "debt_ratio": 91.3, "debt_mv": 386.0, "payout": 23.8, "div_years": 4, "rev_cagr3": 0.3, "np_cagr3": 10.5, "rev_yoy": -7.6, "np_yoy": 2.8, "np_vol": 13.6, "loss_years": 0, "far_share": 5.0, "earn_yield": 19.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 26.0], ["产品", 20.0], ["利息净收入", 14.0], ["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": 6.4, "ret_prev2_year": 22.8, "ret_ytd": 1.0, "ret_pivot": 38.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": 6.7, "ret_120": -1.3, "ret_250": -12.0, "mdd_250": -22.5, "vol_250": 19.0, "pos_52w": 89.1}, "S": {"duration": 12, "pricing": null, "hard": null, "bondness": 55}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["青农商行 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 7.2%,PB 0.44倍,股息率 4.0%,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 19.1%(1/PE)与股息率 4.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.2 倍 粗算,约 5%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -12%,最大回撤 -22%,年化波动 19%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 0% / 7% / -1%。", "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%。", "青农商行: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 0.3个百分点。"]}}