{"F": {"ts_code": "601187.SH", "name": "厦门银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "城商行Ⅱ", "sw3": "城商行Ⅲ", "ind": "城商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20201027", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.2, "pe_ttm": 6.9874, "pb": 0.6915, "dv_ttm": 3.4722, "total_mv": 1900172.088, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [55.6, 53.2, 59.0, 56.0, 57.6, 58.6], "np_series": [18.2, 21.7, 25.1, 26.6, 25.9, 26.3], "roe_series": [10.5, 10.3, 10.7, 9.9, 8.4, 8.1], "period": "20260630", "rev_ttm": 63.9, "np_ttm": 27.2, "ocf_ttm": 128.0, "fcf_ttm": 124.5, "fcf_yield": 65.5, "ocf_yield": 67.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 47.0, "roe_median": 9.9, "commodity": false, "hard_ratio": 0.3, "fix_assets": 14.0, "goodwill_ratio": 0.0, "pb_calc": 0.58, "capex_dep": 1.34, "interest_debt": 870.7, "debt_ebitda": null, "debt_ratio": 93.0, "debt_mv": 458.2, "payout": 34.8, "div_years": 5, "rev_cagr3": -0.2, "np_cagr3": 1.7, "rev_yoy": 19.6, "np_yoy": 7.3, "np_vol": 8.2, "loss_years": 0, "far_share": 28.0, "earn_yield": 14.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["利息净收入：利息收入：发放贷款及垫款", 100.0], ["利息净收入：利息收入", 0.0], ["利息收入:发放贷款和垫款:贷款(产品)", 0.0], ["利息净收入：利息收入：发放贷款及垫款：贷款", 0.0]], "ret_prev_year": 38.2, "ret_prev2_year": 24.5, "ret_ytd": -0.4, "ret_pivot": 80.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": -6.5, "ret_120": -1.2, "ret_250": 9.1, "mdd_250": -14.8, "vol_250": 32.3, "pos_52w": 90.8}, "S": {"duration": 16, "pricing": null, "hard": null, "bondness": 56}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["厦门银行 是城商行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 9.9%,PB 0.69倍,股息率 3.5%,分红率 35%。", "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 14.3%(1/PE)与股息率 3.5% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.0 倍 粗算,约 28%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 9%,最大回撤 -15%,年化波动 32%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 -1% / -6% / -1%。", "行业对照": ["同申万二级「城商行Ⅱ」17 家中位:PE 6.4 / 股息率 3.9% / 毛利率 — / 固定资产占比 0% / 分红率 30%。", "厦门银行:PE 比行业中位高 0.6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 与行业中位持平。"]}}