{"F": {"ts_code": "002961.SZ", "name": "瑞达期货", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "期货", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "20190905", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.35, "pe_ttm": 13.3092, "pb": 2.3103, "dv_ttm": 1.9556, "total_mv": 970559.6725, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [13.4, 21.3, 20.3, 9.3, 18.1, 12.3], "np_series": [2.5, 5.0, 2.9, 2.4, 3.8, 5.5], "roe_series": [13.5, 23.2, 12.0, 9.4, 13.8, 16.7], "period": "20260630", "rev_ttm": 9.8, "np_ttm": 7.3, "ocf_ttm": -52.8, "fcf_ttm": -53.1, "fcf_yield": -54.7, "ocf_yield": -54.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 23.7, "roe_median": 13.8, "commodity": false, "hard_ratio": 0.5, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 2.31, "capex_dep": 0.85, "interest_debt": 6.1, "debt_ebitda": null, "debt_ratio": 86.1, "debt_mv": 6.3, "payout": 38.4, "div_years": 5, "rev_cagr3": -15.4, "np_cagr3": 23.0, "rev_yoy": 60.3, "np_yoy": 80.0, "np_vol": 51.9, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.5, "consensus_n": 7, "fwd_pe": 12.1, "fwd_pe2": 10.6, "fwd_g1": 10.0, "fwd_g2": 15.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["产品", 37.0], ["投资收益(损失以“－”列示)", 24.0], ["手续费及佣金净收入", 15.0], ["手续费及佣金净收入：期货经纪业务净收入", 12.0]], "ret_prev_year": 95.1, "ret_prev2_year": -1.3, "ret_ytd": -24.2, "ret_pivot": 99.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": 10.3, "ret_120": -21.3, "ret_250": -11.8, "mdd_250": -40.6, "vol_250": 50.0, "pos_52w": 67.4}, "S": {"duration": 28, "pricing": null, "hard": null, "bondness": 48}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["瑞达期货 是多元金融。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 13.8%,PB 2.31倍,股息率 2.0%,分红率 38%。", "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 7.5%(1/PE)与股息率 2.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.3 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,最大回撤 -41%,年化波动 50%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 3% / 10% / -21%。", "行业对照": ["同申万二级「多元金融」24 家中位:PE 20.1 / 股息率 1.4% / 毛利率 28.6% / 固定资产占比 1% / 分红率 31%。", "瑞达期货:PE 比行业中位低 6.8倍;股息率 比行业中位高 0.6个百分点;毛利率 ;固定资产占比 比行业中位低 0.2个百分点。"]}}