{"F": {"ts_code": "600120.SH", "name": "浙江东方", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "金融控股", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "19971201", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.92, "pe_ttm": 11.9624, "pb": 1.0028, "dv_ttm": 1.6732, "total_mv": 1680367.698, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [4.7, 4.2, 3.4, 2.2, 5.5, 61.1], "rev_series": [150.4, 169.6, 188.1, 154.5, 74.6, 8.2], "np_series": [9.0, 6.6, 9.5, 4.8, 9.4, 9.3], "roe_series": [7.2, 4.9, 6.6, 3.1, 6.0, 5.8], "period": "20260630", "rev_ttm": -21.9, "np_ttm": 14.0, "ocf_ttm": 13.8, "fcf_ttm": 13.1, "fcf_yield": 7.8, "ocf_yield": 8.2, "gm_median": 4.2, "gm_std": 22.9, "gm_stab": -4.46, "gm_chg_2022": -1.3, "npm_median": 5.0, "roe_median": 5.8, "commodity": false, "hard_ratio": 0.7, "fix_assets": 4.3, "goodwill_ratio": 0.7, "pb_calc": 0.9, "capex_dep": 1.43, "interest_debt": 149.2, "debt_ebitda": 66.6, "debt_ratio": 68.9, "debt_mv": 88.8, "payout": 30.0, "div_years": 5, "rev_cagr3": -64.8, "np_cagr3": -0.4, "rev_yoy": 5.9, "np_yoy": 115.5, "np_vol": 45.4, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["融资租赁", 37.0], ["信托业务", 19.0], ["保险业务", 19.0], ["期货业务", 10.0]], "ret_prev_year": 35.5, "ret_prev2_year": 33.5, "ret_ytd": -19.2, "ret_pivot": 44.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.9, "ret_60": 12.3, "ret_120": -19.5, "ret_250": -26.5, "mdd_250": -41.6, "vol_250": 34.2, "pos_52w": 66.8}, "S": {"duration": 26, "pricing": null, "hard": null, "bondness": 56}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["浙江东方 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 5.8%,PB 1.00倍,股息率 1.7%,分红率 30%。", "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 8.4%(1/PE)与股息率 1.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -26%,最大回撤 -42%,年化波动 34%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -4% / 12% / -20%。", "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%。", "浙江东方:PE 比行业中位低 8.1倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 24.4个百分点;固定资产占比 与行业中位持平。"]}}