{"F": {"ts_code": "600927.SH", "name": "永安期货", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "期货", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "20211223", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.88, "pe_ttm": 24.2456, "pb": 1.408, "dv_ttm": 1.0888, "total_mv": 1868172.7736, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [254.7, 378.4, 347.8, 238.2, 217.3, 18.5], "np_series": [11.5, 13.1, 6.7, 7.3, 5.8, 6.5], "roe_series": [15.6, 13.5, 5.7, 6.0, 4.6, 5.0], "period": "20260630", "rev_ttm": -29.4, "np_ttm": 7.8, "ocf_ttm": 37.2, "fcf_ttm": 36.6, "fcf_yield": 19.6, "ocf_yield": 19.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.1, "roe_median": 5.7, "commodity": false, "hard_ratio": 0.4, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 1.41, "capex_dep": 1.76, "interest_debt": 28.9, "debt_ebitda": null, "debt_ratio": 85.9, "debt_mv": 15.5, "payout": 30.2, "div_years": 5, "rev_cagr3": -62.4, "np_cagr3": -1.0, "rev_yoy": 32.1, "np_yoy": 64.4, "np_vol": 24.8, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "consensus_n": 5, "fwd_pe": 26.2, "fwd_pe2": 23.7, "fwd_g1": -7.0, "fwd_g2": 11.0, "peg": 2.38, "consensus_disp": null, "mainbz": [["产品", 36.0], ["利息净收入：利息收入", 23.0], ["投资收益", 17.0], ["手续费及佣金净收入", 14.0]], "ret_prev_year": 22.9, "ret_prev2_year": -15.5, "ret_ytd": -19.2, "ret_pivot": 7.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": 7.3, "ret_120": -10.8, "ret_250": -19.1, "mdd_250": -27.7, "vol_250": 29.7, "pos_52w": 77.6}, "S": {"duration": 45, "pricing": null, "hard": null, "bondness": 40}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["永安期货 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 5.7%,PB 1.41倍,股息率 1.1%,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 4.1%(1/PE)与股息率 1.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.2 倍 粗算,约 79%(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 -19%,最大回撤 -28%,年化波动 30%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -1% / 7% / -11%。", "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%。", "永安期货:PE 比行业中位高 4.1倍;股息率 比行业中位低 0.3个百分点;毛利率 ;固定资产占比 比行业中位低 0.3个百分点。"]}}