{"F": {"ts_code": "600643.SH", "name": "爱建集团", "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": "19930426", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.17, "pe_ttm": null, "pb": 0.6753, "dv_ttm": null, "total_mv": 664352.2236, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.4, 28.8, 34.9, 29.2, 27.6, 28.7], "rev_series": [17.8, 19.1, 15.8, 14.8, 12.8, 11.8], "np_series": [13.5, 11.5, 4.8, 1.0, -5.3, -19.2], "roe_series": [12.0, 9.6, 3.9, 0.8, -4.4, -17.8], "period": "20260630", "rev_ttm": 9.4, "np_ttm": -20.4, "ocf_ttm": 1.0, "fcf_ttm": -33.7, "fcf_yield": -50.8, "ocf_yield": 1.5, "gm_median": 28.8, "gm_std": 2.6, "gm_stab": 0.91, "gm_chg_2022": 6.5, "npm_median": 6.7, "roe_median": 0.8, "commodity": false, "hard_ratio": 14.8, "fix_assets": 32.1, "goodwill_ratio": 0.2, "pb_calc": 0.68, "capex_dep": 13.18, "interest_debt": 83.2, "debt_ebitda": null, "debt_ratio": 54.6, "debt_mv": 125.3, "payout": 32.3, "div_years": 3, "rev_cagr3": -9.1, "np_cagr3": null, "rev_yoy": -29.0, "np_yoy": -81.0, "np_vol": 228.2, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["类金融板块", 21.0], ["其他板块", 17.0], ["合计特别调整", 9.0]], "ret_prev_year": 7.0, "ret_prev2_year": 1.8, "ret_ytd": -24.6, "ret_pivot": 2.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.4, "ret_60": 6.9, "ret_120": -9.5, "ret_250": -34.2, "mdd_250": -40.9, "vol_250": 34.7, "pos_52w": 66.4}, "S": {"duration": 100, "pricing": null, "hard": null, "bondness": 34}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["爱建集团 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 0.8%,PB 0.68倍,股息率 —,分红率 32%。", "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/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -34%,最大回撤 -41%,年化波动 35%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 6% / 7% / -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%。", "爱建集团:PE ;股息率 ;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位高 14.1个百分点。"]}}