{"F": {"ts_code": "601128.SH", "name": "常熟银行", "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": "20160930", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.42, "pe_ttm": 5.2884, "pb": 0.7135, "dv_ttm": 3.8233, "total_mv": 2342131.0464, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [65.8, 76.6, 88.1, 98.7, 109.1, 116.2], "np_series": [18.0, 21.9, 27.4, 32.8, 38.1, 42.2], "roe_series": [10.3, 11.6, 13.0, 13.7, 14.1, 14.1], "period": "20260630", "rev_ttm": 119.9, "np_ttm": 44.3, "ocf_ttm": -77.9, "fcf_ttm": -81.1, "fcf_yield": -34.6, "ocf_yield": -33.3, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 35.5, "roe_median": 13.7, "commodity": false, "hard_ratio": 0.5, "fix_assets": 20.7, "goodwill_ratio": 0.0, "pb_calc": 0.7, "capex_dep": 1.58, "interest_debt": 98.9, "debt_ebitda": null, "debt_ratio": 91.6, "debt_mv": 42.2, "payout": 20.8, "div_years": 5, "rev_cagr3": 9.7, "np_cagr3": 15.4, "rev_yoy": 6.0, "np_yoy": 10.6, "np_vol": 5.0, "loss_years": 0, "far_share": 5.0, "earn_yield": 18.9, "consensus_n": 20, "fwd_pe": 4.8, "fwd_pe2": 4.3, "fwd_g1": 11.0, "fwd_g2": 11.0, "peg": 0.44, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 21.0], ["产品", 17.0], ["利息净收入：利息收入：发放贷款及垫款", 17.0], ["利息净收入", 13.0]], "ret_prev_year": 8.4, "ret_prev2_year": 39.5, "ret_ytd": 2.1, "ret_pivot": 36.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.9, "ret_60": -0.2, "ret_120": -0.3, "ret_250": -4.7, "mdd_250": -14.8, "vol_250": 17.0, "pos_52w": 94.0}, "S": {"duration": 12, "pricing": null, "hard": null, "bondness": 44}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["常熟银行 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 13.7%,PB 0.71倍,股息率 3.8%,分红率 21%。", "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 18.9%(1/PE)与股息率 3.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.3 倍 粗算,约 5%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -5%,最大回撤 -15%,年化波动 17%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 5% / -0% / -0%。", "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%。", "常熟银行:PE 比行业中位低 0.1倍;股息率 比行业中位低 0.4个百分点;毛利率 ;固定资产占比 比行业中位高 0.2个百分点。"]}}