{"F": {"ts_code": "600901.SH", "name": "江苏金租", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "租赁", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "20180301", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.74, "pe_ttm": 11.5304, "pb": 1.5151, "dv_ttm": 4.451, "total_mv": 3903717.9536, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [37.5, 39.4, 43.5, 47.9, 52.8, 61.1], "np_series": [18.8, 20.7, 24.1, 26.6, 29.4, 32.4], "roe_series": [15.0, 15.0, 15.8, 15.7, 14.0, 13.2], "period": "20260630", "rev_ttm": 66.2, "np_ttm": 33.9, "ocf_ttm": 27.0, "fcf_ttm": 26.4, "fcf_yield": 6.8, "ocf_yield": 6.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 55.5, "roe_median": 15.0, "commodity": false, "hard_ratio": 0.7, "fix_assets": 13.8, "goodwill_ratio": 0.0, "pb_calc": 1.52, "capex_dep": 0.53, "interest_debt": 146.4, "debt_ebitda": null, "debt_ratio": 85.8, "debt_mv": 37.5, "payout": 50.8, "div_years": 5, "rev_cagr3": 12.0, "np_cagr3": 10.3, "rev_yoy": 16.9, "np_yoy": 9.3, "np_vol": 2.4, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.7, "consensus_n": 17, "fwd_pe": 10.9, "fwd_pe2": 9.8, "fwd_g1": 6.0, "fwd_g2": 11.0, "peg": 0.99, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 23.0], ["融资租赁业务", 23.0], ["利息净收入：利息收入：应收租赁款", 22.0], ["利息净收入", 17.0]], "ret_prev_year": 28.0, "ret_prev2_year": 17.7, "ret_ytd": 13.3, "ret_pivot": 72.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 5.1, "ret_120": 6.6, "ret_250": 23.2, "mdd_250": -18.0, "vol_250": 24.8, "pos_52w": 96.1}, "S": {"duration": 25, "pricing": null, "hard": null, "bondness": 55}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["江苏金租 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 15.0%,PB 1.52倍,股息率 4.5%,分红率 51%。", "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 8.7%(1/PE)与股息率 4.5% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.5 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 23%,最大回撤 -18%,年化波动 25%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 6% / 5% / 7%。", "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%。", "江苏金租:PE 比行业中位低 8.6倍;股息率 比行业中位高 3.1个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}