{"F": {"ts_code": "600095.SH", "name": "湘财股份", "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": "19970708", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.17, "pe_ttm": 34.1372, "pb": 2.2679, "dv_ttm": null, "total_mv": 2907793.8909, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.7, 1.0, 1.3, 2.1, 2.2, 4.0], "rev_series": [7.3, 25.5, 17.7, 5.8, 4.4, 3.0], "np_series": [3.6, 4.9, -3.3, 1.2, 1.1, 4.6], "roe_series": [6.2, 4.2, -2.7, 1.0, 0.9, 3.9], "period": "20260630", "rev_ttm": 1.0, "np_ttm": 8.5, "ocf_ttm": 5.7, "fcf_ttm": 4.9, "fcf_yield": 1.7, "ocf_yield": 2.0, "gm_median": 2.1, "gm_std": 1.0, "gm_stab": 0.51, "gm_chg_2022": -8.4, "npm_median": 20.2, "roe_median": 1.0, "commodity": false, "hard_ratio": 0.5, "fix_assets": 2.5, "goodwill_ratio": 2.3, "pb_calc": 2.27, "capex_dep": 0.99, "interest_debt": 367.3, "debt_ebitda": 77.4, "debt_ratio": 74.7, "debt_mv": 126.3, "payout": 83.7, "div_years": 3, "rev_cagr3": -44.7, "np_cagr3": null, "rev_yoy": -95.0, "np_yoy": 273.7, "np_vol": 163.1, "loss_years": 1, "far_share": 85.0, "earn_yield": 2.9, "consensus_n": 4, "fwd_pe": 40.7, "fwd_pe2": 37.7, "fwd_g1": -16.0, "fwd_g2": 8.0, "peg": 5.09, "consensus_disp": null, "mainbz": [["产品", 33.0], ["合计特别调整", 33.0], ["其他业务", 33.0], ["其他主营业务", 0.0]], "ret_prev_year": 53.6, "ret_prev2_year": -3.7, "ret_ytd": -8.0, "ret_pivot": 68.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 24.3, "ret_60": 35.8, "ret_120": 1.5, "ret_250": -20.4, "mdd_250": -47.1, "vol_250": 42.0, "pos_52w": 74.6}, "S": {"duration": 57, "pricing": null, "hard": null, "bondness": 64}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["湘财股份 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 1.0%,PB 2.27倍,股息率 —,分红率 84%。", "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 2.9%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.1 倍 粗算,约 85%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -20%,最大回撤 -47%,年化波动 42%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 24% / 36% / 2%。", "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%。", "湘财股份:PE 比行业中位高 18.4倍;股息率 ;毛利率 比行业中位低 8.1个百分点;固定资产占比 比行业中位高 0.1个百分点。"]}}