{"F": {"ts_code": "002966.SZ", "name": "苏州银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "城商行Ⅱ", "sw3": "城商行Ⅲ", "ind": "城商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20190802", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.2, "pe_ttm": 7.325, "pb": 0.7763, "dv_ttm": 3.913, "total_mv": 4113009.0501, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [103.6, 108.3, 117.6, 118.7, 122.2, 123.6], "np_series": [25.7, 31.1, 39.2, 46.0, 50.7, 53.5], "roe_series": [8.9, 10.0, 11.0, 11.0, 10.3, 9.4], "period": "20260630", "rev_ttm": 132.1, "np_ttm": 56.2, "ocf_ttm": 327.4, "fcf_ttm": 323.2, "fcf_yield": 78.6, "ocf_yield": 79.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 40.4, "roe_median": 10.3, "commodity": false, "hard_ratio": 0.3, "fix_assets": 28.4, "goodwill_ratio": 0.0, "pb_calc": 0.64, "capex_dep": 1.8, "interest_debt": 1089.7, "debt_ebitda": null, "debt_ratio": 92.4, "debt_mv": 264.9, "payout": 31.6, "div_years": 5, "rev_cagr3": 1.7, "np_cagr3": 10.9, "rev_yoy": 13.1, "np_yoy": 8.5, "np_vol": 7.4, "loss_years": 0, "far_share": 32.0, "earn_yield": 13.7, "consensus_n": 18, "fwd_pe": 7.2, "fwd_pe2": 6.6, "fwd_g1": 2.0, "fwd_g2": 9.0, "peg": 0.8, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 25.0], ["产品", 16.0], ["利息净收入：利息收入：发放贷款和垫款", 15.0], ["利息净收入", 12.0]], "ret_prev_year": 7.8, "ret_prev2_year": 42.2, "ret_ytd": 13.0, "ret_pivot": 48.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.5, "ret_60": 15.0, "ret_120": 12.9, "ret_250": 13.6, "mdd_250": -19.6, "vol_250": 20.3, "pos_52w": 100.0}, "S": {"duration": 17, "pricing": null, "hard": null, "bondness": 56}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["苏州银行 是城商行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 10.3%,PB 0.78倍,股息率 3.9%,分红率 32%。", "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 13.7%(1/PE)与股息率 3.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.3 倍 粗算,约 32%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 14%,最大回撤 -20%,年化波动 20%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 12% / 15% / 13%。", "行业对照": ["同申万二级「城商行Ⅱ」17 家中位:PE 6.4 / 股息率 3.9% / 毛利率 — / 固定资产占比 0% / 分红率 30%。", "苏州银行:PE 比行业中位高 0.9倍;股息率 与行业中位持平;毛利率 ;固定资产占比 与行业中位持平。"]}}