{"F": {"ts_code": "601198.SH", "name": "东兴证券", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "证券Ⅱ", "sw3": "证券Ⅲ", "ind": "证券Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20150226", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.17, "pe_ttm": 19.8492, "pb": 1.5046, "dv_ttm": 1.1715, "total_mv": 4580375.2735, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [56.9, 53.8, 34.3, 47.4, 93.7, 47.1], "np_series": [15.4, 16.5, 5.2, 8.2, 15.4, 21.0], "roe_series": [7.4, 6.9, 2.0, 3.1, 5.6, 6.8], "period": "20260630", "rev_ttm": 49.7, "np_ttm": 23.1, "ocf_ttm": -6.5, "fcf_ttm": -7.2, "fcf_yield": -1.6, "ocf_yield": -1.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 17.4, "roe_median": 5.6, "commodity": false, "hard_ratio": 0.1, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 1.37, "capex_dep": 1.31, "interest_debt": 217.0, "debt_ebitda": null, "debt_ratio": 74.8, "debt_mv": 47.4, "payout": 30.1, "div_years": 5, "rev_cagr3": 11.2, "np_cagr3": 59.6, "rev_yoy": 11.4, "np_yoy": 25.1, "np_vol": 53.6, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["公允价值变动收益", 14.0], ["手续费及佣金净收入：手续费及佣金收入", 12.0], ["证券经纪业务", 12.0], ["投资与交易业务", 11.0]], "ret_prev_year": 28.2, "ret_prev2_year": 37.6, "ret_ytd": 2.8, "ret_pivot": 80.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": 16.0, "ret_120": 5.4, "ret_250": 14.9, "mdd_250": -14.8, "vol_250": 26.3, "pos_52w": 98.7}, "S": {"duration": 39, "pricing": null, "hard": null, "bondness": 29}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["东兴证券 是证券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 5.6%,PB 1.50倍,股息率 1.2%,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 5.0%(1/PE)与股息率 1.2% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.8 倍 粗算,约 75%(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 15%,最大回撤 -15%,年化波动 26%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 3% / 16% / 5%。", "行业对照": ["同申万二级「证券Ⅱ」50 家中位:PE 15.7 / 股息率 1.9% / 毛利率 10.2% / 固定资产占比 0% / 分红率 33%。", "东兴证券:PE 比行业中位高 4.1倍;股息率 比行业中位低 0.7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。"]}}