{"F": {"ts_code": "300773.SZ", "name": "拉卡拉", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "金融信息服务", "ind": "多元金融", "fin_source": "tushare", "market": "创业板", "list_date": "20190425", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.9, "pe_ttm": 11.4119, "pb": 3.9652, "dv_ttm": 2.874, "total_mv": 1837589.221, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.9, 33.6, 23.1, 28.4, 30.0, 25.3], "rev_series": [55.6, 66.0, 53.7, 59.3, 57.6, 55.5], "np_series": [9.3, 10.8, -14.4, 4.6, 3.5, 11.7], "roe_series": [18.4, 21.8, -35.3, 12.9, 9.8, 30.5], "period": "20260630", "rev_ttm": 61.5, "np_ttm": 16.1, "ocf_ttm": 3.6, "fcf_ttm": 3.0, "fcf_yield": 1.6, "ocf_yield": 2.0, "gm_median": 28.4, "gm_std": 3.7, "gm_stab": 0.87, "gm_chg_2022": -17.8, "npm_median": 7.7, "roe_median": 12.9, "commodity": false, "hard_ratio": 13.3, "fix_assets": 13.7, "goodwill_ratio": 2.9, "pb_calc": 3.97, "capex_dep": 0.57, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 56.3, "debt_mv": 0.2, "payout": 84.7, "div_years": 3, "rev_cagr3": 1.1, "np_cagr3": null, "rev_yoy": 22.9, "np_yoy": 191.7, "np_vol": 157.3, "loss_years": 1, "far_share": 56.0, "earn_yield": 8.8, "consensus_n": 4, "fwd_pe": 14.6, "fwd_pe2": 23.7, "fwd_g1": -22.0, "fwd_g2": -38.0, "peg": null, "consensus_disp": null, "mainbz": [["支付业务", 78.0], ["其他业务", 11.0], ["合计特别调整", 11.0]], "ret_prev_year": 67.3, "ret_prev2_year": 18.2, "ret_ytd": -14.9, "ret_pivot": 114.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 11.9, "ret_120": -10.2, "ret_250": -17.6, "mdd_250": -37.8, "vol_250": 53.1, "pos_52w": 75.4}, "S": {"duration": 25, "pricing": null, "hard": null, "bondness": 66}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["拉卡拉 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 12.9%,PB 3.97倍,股息率 2.9%,分红率 85%。", "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 8.8%(1/PE)与股息率 2.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.4 倍 粗算,约 56%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,最大回撤 -38%,年化波动 53%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 8% / 12% / -10%。", "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%。", "拉卡拉:PE 比行业中位低 8.7倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位高 12.6个百分点。"]}}