{"F": {"ts_code": "601665.SH", "name": "齐鲁银行", "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": "20210618", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.21, "pe_ttm": 7.2114, "pb": 0.853, "dv_ttm": 3.4563, "total_mv": 4436920.4425, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [79.4, 101.7, 110.6, 119.5, 125.0, 131.4], "np_series": [25.2, 30.4, 35.9, 42.3, 49.9, 57.1], "roe_series": [10.2, 10.2, 10.6, 11.0, 11.1, 11.2], "period": "20260630", "rev_ttm": 138.5, "np_ttm": 61.5, "ocf_ttm": 516.3, "fcf_ttm": 511.3, "fcf_yield": 115.2, "ocf_yield": 116.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 35.7, "roe_median": 11.0, "commodity": false, "hard_ratio": 0.2, "fix_assets": 18.4, "goodwill_ratio": 0.0, "pb_calc": 0.75, "capex_dep": 2.97, "interest_debt": 1112.1, "debt_ebitda": null, "debt_ratio": 93.2, "debt_mv": 250.6, "payout": 25.3, "div_years": 5, "rev_cagr3": 5.9, "np_cagr3": 16.8, "rev_yoy": 10.6, "np_yoy": 16.1, "np_vol": 1.9, "loss_years": 0, "far_share": 31.0, "earn_yield": 13.9, "consensus_n": 12, "fwd_pe": 7.0, "fwd_pe2": 6.2, "fwd_g1": 2.0, "fwd_g2": 14.0, "peg": 0.5, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 24.0], ["产品", 16.0], ["利息净收入：利息收入：发放贷款和垫款", 15.0], ["利息收入:发放贷款及垫款:公司贷款和垫款(产品)", 12.0]], "ret_prev_year": 8.2, "ret_prev2_year": 59.8, "ret_ytd": 31.3, "ret_pivot": 86.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.9, "ret_60": 14.2, "ret_120": 27.3, "ret_250": 30.1, "mdd_250": -14.7, "vol_250": 23.1, "pos_52w": 100.0}, "S": {"duration": 16, "pricing": null, "hard": null, "bondness": 47}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["齐鲁银行 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 11.0%,PB 0.85倍,股息率 3.5%,分红率 25%。", "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 13.9%(1/PE)与股息率 3.5% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.2 倍 粗算,约 31%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 30%,最大回撤 -15%,年化波动 23%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 16% / 14% / 27%。", "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%。", "齐鲁银行:PE 比行业中位高 0.8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 比行业中位低 0.1个百分点。"]}}