{"F": {"ts_code": "601077.SH", "name": "渝农商行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "农商行Ⅱ", "sw3": "农商行Ⅲ", "ind": "农商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20191029", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.92, "pe_ttm": 6.2386, "pb": 0.5615, "dv_ttm": 4.6374, "total_mv": 7859044.0692, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [281.9, 308.4, 289.9, 279.6, 282.6, 286.5], "np_series": [84.0, 95.6, 102.8, 109.0, 115.1, 121.3], "roe_series": [9.3, 9.7, 9.4, 9.3, 9.1, 9.0], "period": "20260630", "rev_ttm": 298.0, "np_ttm": 126.0, "ocf_ttm": 304.7, "fcf_ttm": 275.8, "fcf_yield": 35.1, "ocf_yield": 38.8, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 39.8, "roe_median": 9.3, "commodity": false, "hard_ratio": 0.3, "fix_assets": 61.6, "goodwill_ratio": 0.0, "pb_calc": 0.54, "capex_dep": 3.67, "interest_debt": 2177.7, "debt_ebitda": null, "debt_ratio": 91.7, "debt_mv": 277.1, "payout": 30.8, "div_years": 5, "rev_cagr3": -0.4, "np_cagr3": 5.7, "rev_yoy": 7.8, "np_yoy": 6.1, "np_vol": 3.2, "loss_years": 0, "far_share": 20.0, "earn_yield": 16.0, "consensus_n": 21, "fwd_pe": 6.1, "fwd_pe2": 5.6, "fwd_g1": 3.0, "fwd_g2": 9.0, "peg": 0.68, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 32.0], ["产品", 21.0], ["利息净收入：利息收入：发放贷款和垫款", 19.0], ["利息净收入", 18.0]], "ret_prev_year": 13.2, "ret_prev2_year": 71.3, "ret_ytd": 12.7, "ret_pivot": 61.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.3, "ret_60": 1.1, "ret_120": 1.0, "ret_250": 12.2, "mdd_250": -16.7, "vol_250": 25.7, "pos_52w": 94.4}, "S": {"duration": 14, "pricing": null, "hard": null, "bondness": 62}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["渝农商行 是农商行Ⅱ。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 9.3%,PB 0.56倍,股息率 4.6%,分红率 31%。", "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 16.0%(1/PE)与股息率 4.6% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 20%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 12%,最大回撤 -17%,年化波动 26%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 7% / 1% / 1%。", "行业对照": ["同申万二级「农商行Ⅱ」10 家中位:PE 5.4 / 股息率 4.2% / 毛利率 — / 固定资产占比 0% / 分红率 23%。", "渝农商行:PE 比行业中位高 0.8倍;股息率 比行业中位高 0.4个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}