{"F": {"ts_code": "600318.SH", "name": "新力金融", "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": "20001208", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.34, "pe_ttm": 88.3575, "pb": 3.3923, "dv_ttm": 0.2725, "total_mv": 376342.0584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [81.6, 81.3, 80.1, 82.3, 81.7, 80.9], "rev_series": [4.9, 4.0, 3.1, 3.4, 3.1, 3.5], "np_series": [-0.1, -3.0, -1.4, 0.3, 0.3, 0.4], "roe_series": [-0.6, -25.1, -12.9, 2.8, 3.0, 3.3], "period": "20260630", "rev_ttm": 3.7, "np_ttm": 0.4, "ocf_ttm": -2.4, "fcf_ttm": -2.4, "fcf_yield": -6.4, "ocf_yield": -6.4, "gm_median": 81.3, "gm_std": 0.7, "gm_stab": 0.99, "gm_chg_2022": -1.5, "npm_median": 27.6, "roe_median": 2.8, "commodity": false, "hard_ratio": 0.3, "fix_assets": 0.2, "goodwill_ratio": 1.1, "pb_calc": 3.39, "capex_dep": 0.11, "interest_debt": 24.3, "debt_ebitda": 12.4, "debt_ratio": 56.5, "debt_mv": 64.5, "payout": 31.0, "div_years": 2, "rev_cagr3": 4.0, "np_cagr3": null, "rev_yoy": 12.6, "np_yoy": 29.1, "np_vol": 1481.0, "loss_years": 2, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["德润租赁", 35.0], ["德善小贷", 8.0], ["手付通", 3.0]], "ret_prev_year": 6.3, "ret_prev2_year": 20.8, "ret_ytd": -18.1, "ret_pivot": 22.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.7, "ret_60": 18.2, "ret_120": -15.4, "ret_250": -32.7, "mdd_250": -47.3, "vol_250": 34.6, "pos_52w": 65.8}, "S": {"duration": 89, "pricing": null, "hard": null, "bondness": 43}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["新力金融 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 2.8%,PB 3.39倍,股息率 0.3%,分红率 31%。", "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 1.1%(1/PE)与股息率 0.3% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 88.4 倍 粗算,约 94%(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 -33%,最大回撤 -47%,年化波动 35%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 13% / 18% / -15%。", "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%。", "新力金融:PE 比行业中位高 68.3倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位高 52.7个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}