{"F": {"ts_code": "600517.SH", "name": "国网英大", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "信托", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "20031010", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.05, "pe_ttm": 11.1785, "pb": 1.2075, "dv_ttm": 2.6535, "total_mv": 2887810.0285, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.6, 12.1, 11.4, 14.6, 11.6, 14.4], "rev_series": [50.4, 57.1, 70.8, 70.7, 74.5, 82.2], "np_series": [11.8, 12.2, 10.7, 13.6, 15.7, 25.3], "roe_series": [8.5, 8.5, 5.8, 7.0, 7.6, 11.3], "period": "20260630", "rev_ttm": 85.7, "np_ttm": 25.8, "ocf_ttm": 14.1, "fcf_ttm": 12.5, "fcf_yield": 4.3, "ocf_yield": 4.9, "gm_median": 12.1, "gm_std": 1.4, "gm_stab": 0.89, "gm_chg_2022": -1.2, "npm_median": 27.6, "roe_median": 7.6, "commodity": false, "hard_ratio": 1.4, "fix_assets": 6.8, "goodwill_ratio": 0.0, "pb_calc": 1.21, "capex_dep": 1.5, "interest_debt": 152.4, "debt_ebitda": 5.0, "debt_ratio": 43.1, "debt_mv": 52.8, "payout": 30.2, "div_years": 5, "rev_cagr3": 5.1, "np_cagr3": 33.3, "rev_yoy": 10.3, "np_yoy": 4.6, "np_vol": 31.0, "loss_years": 0, "far_share": 55.0, "earn_yield": 8.9, "consensus_n": 3, "fwd_pe": 11.0, "fwd_pe2": 10.7, "fwd_g1": 2.0, "fwd_g2": 2.0, "peg": 5.5, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电气及新材料设备", 30.0], ["合计特别调整", 17.0], ["电力运维业务", 1.0]], "ret_prev_year": 11.1, "ret_prev2_year": 18.8, "ret_ytd": -14.7, "ret_pivot": 22.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.6, "ret_60": 7.5, "ret_120": -29.0, "ret_250": -12.9, "mdd_250": -38.0, "vol_250": 31.5, "pos_52w": 67.5}, "S": {"duration": 24, "pricing": null, "hard": null, "bondness": 56}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["国网英大 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 7.6%,PB 1.21倍,股息率 2.7%,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 8.9%(1/PE)与股息率 2.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.2 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -38%,年化波动 32%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 1% / 8% / -29%。", "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%。", "国网英大:PE 比行业中位低 8.9倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位低 16.5个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}