{"F": {"ts_code": "601528.SH", "name": "瑞丰银行", "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": "20210625", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.18, "pe_ttm": 5.1484, "pb": 0.4982, "dv_ttm": 4.0541, "total_mv": 1016399.6052, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [30.1, 33.1, 35.2, 38.0, 43.8, 44.1], "np_series": [11.0, 12.7, 15.3, 17.3, 19.2, 19.7], "roe_series": [10.4, 10.3, 10.7, 11.0, 10.8, 10.2], "period": "20260630", "rev_ttm": 43.6, "np_ttm": 19.7, "ocf_ttm": 98.5, "fcf_ttm": 97.9, "fcf_yield": 96.3, "ocf_yield": 96.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 44.3, "roe_median": 10.7, "commodity": false, "hard_ratio": 0.5, "fix_assets": 11.7, "goodwill_ratio": 0.0, "pb_calc": 0.5, "capex_dep": 0.35, "interest_debt": 53.7, "debt_ebitda": null, "debt_ratio": 91.9, "debt_mv": 52.9, "payout": 20.5, "div_years": 5, "rev_cagr3": 7.7, "np_cagr3": 8.8, "rev_yoy": -2.0, "np_yoy": 0.9, "np_vol": 5.9, "loss_years": 0, "far_share": 3.0, "earn_yield": 19.4, "consensus_n": 11, "fwd_pe": 5.1, "fwd_pe2": 4.9, "fwd_g1": 2.0, "fwd_g2": 3.0, "peg": 1.7, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 27.0], ["利息净收入：利息收入：发放贷款和垫款", 19.0], ["产品", 18.0], ["利息净收入", 14.0]], "ret_prev_year": 5.2, "ret_prev2_year": 19.7, "ret_ytd": -5.6, "ret_pivot": 25.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.9, "ret_60": 9.7, "ret_120": -3.9, "ret_250": -8.2, "mdd_250": -20.6, "vol_250": 19.1, "pos_52w": 93.0}, "S": {"duration": 12, "pricing": null, "hard": null, "bondness": 47}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["瑞丰银行 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 10.7%,PB 0.50倍,股息率 4.1%,分红率 20%。", "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 19.4%(1/PE)与股息率 4.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.1 倍 粗算,约 3%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -8%,最大回撤 -21%,年化波动 19%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 6% / 10% / -4%。", "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%。", "瑞丰银行:PE 比行业中位低 0.3倍;股息率 比行业中位低 0.1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。"]}}