{"F": {"ts_code": "600390.SH", "name": "五矿资本", "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": "20010115", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.03, "pe_ttm": 22.9617, "pb": 0.5307, "dv_ttm": 0.3976, "total_mv": 2262526.9465, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-0.2, 2.3, -0.2, -0.3, 5.1, 4.3], "rev_series": [63.0, 19.9, 5.5, 11.0, 8.8, 17.8], "np_series": [37.5, 34.0, 25.3, 22.6, 5.1, 4.4], "roe_series": [9.4, 7.3, 5.3, 4.5, 1.0, 0.9], "period": "20260630", "rev_ttm": 18.7, "np_ttm": 9.9, "ocf_ttm": -34.5, "fcf_ttm": -35.9, "fcf_yield": -15.9, "ocf_yield": -15.3, "gm_median": 2.3, "gm_std": 2.2, "gm_stab": 0.03, "gm_chg_2022": 0.1, "npm_median": 209.6, "roe_median": 4.5, "commodity": false, "hard_ratio": 0.4, "fix_assets": 6.1, "goodwill_ratio": 1.3, "pb_calc": 0.53, "capex_dep": 1.82, "interest_debt": 709.5, "debt_ebitda": 61.1, "debt_ratio": 65.8, "debt_mv": 313.6, "payout": 55.5, "div_years": 5, "rev_cagr3": 47.4, "np_cagr3": -44.4, "rev_yoy": 15.8, "np_yoy": 104.6, "np_vol": 25.9, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.4, "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], ["期货分部", 20.0], ["租赁分部", 15.0], ["证券分部", 8.0]], "ret_prev_year": -13.9, "ret_prev2_year": 42.7, "ret_ytd": -9.1, "ret_pivot": 23.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.9, "ret_60": 11.9, "ret_120": -9.6, "ret_250": -22.9, "mdd_250": -31.4, "vol_250": 26.7, "pos_52w": 76.8}, "S": {"duration": 44, "pricing": null, "hard": null, "bondness": 37}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["五矿资本 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 4.5%,PB 0.53倍,股息率 0.4%,分红率 56%。", "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 4.4%(1/PE)与股息率 0.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.0 倍 粗算,约 78%(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 -23%,最大回撤 -31%,年化波动 27%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 3% / 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%。", "五矿资本:PE 比行业中位高 2.9倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 26.3个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}