{"F": {"ts_code": "601788.SH", "name": "光大证券", "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": "20090818", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.65, "pe_ttm": 15.8179, "pb": 1.0989, "dv_ttm": 1.9352, "total_mv": 6754803.834, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [158.7, 167.1, 107.8, 100.3, 96.0, 108.5], "np_series": [23.3, 34.8, 31.9, 42.7, 30.6, 37.2], "roe_series": [4.7, 6.3, 5.2, 6.5, 4.5, 5.3], "period": "20260630", "rev_ttm": 117.8, "np_ttm": 42.7, "ocf_ttm": 196.5, "fcf_ttm": 193.4, "fcf_yield": 28.6, "ocf_yield": 29.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 32.1, "roe_median": 5.3, "commodity": false, "hard_ratio": 0.2, "fix_assets": 7.6, "goodwill_ratio": 0.1, "pb_calc": 0.91, "capex_dep": 1.69, "interest_debt": 502.3, "debt_ebitda": null, "debt_ratio": 78.5, "debt_mv": 74.4, "payout": 34.3, "div_years": 5, "rev_cagr3": 0.2, "np_cagr3": 5.3, "rev_yoy": 18.2, "np_yoy": 32.5, "np_vol": 28.3, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.3, "consensus_n": 3, "fwd_pe": 15.2, "fwd_pe2": 14.5, "fwd_g1": 4.0, "fwd_g2": 5.0, "peg": 3.04, "consensus_disp": null, "mainbz": [["手续费及佣金净收入：手续费及佣金收入", 17.0], ["证券经纪业务", 13.0], ["手续费及佣金净收入", 11.0], ["手续费及佣金净收入：证券经纪业务净收入：证券经纪", 11.0]], "ret_prev_year": -1.9, "ret_prev2_year": 20.9, "ret_ytd": -15.7, "ret_pivot": 3.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": 6.4, "ret_120": -8.2, "ret_250": -28.0, "mdd_250": -33.4, "vol_250": 21.8, "pos_52w": 73.0}, "S": {"duration": 33, "pricing": null, "hard": null, "bondness": 46}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["光大证券 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 5.3%,PB 1.10倍,股息率 1.9%,分红率 34%。", "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 6.3%(1/PE)与股息率 1.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.8 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -28%,最大回撤 -33%,年化波动 22%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 1% / 6% / -8%。", "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%。", "光大证券:PE 比行业中位高 0.1倍;股息率 与行业中位持平;毛利率 ;固定资产占比 比行业中位低 0.2个百分点。"]}}