{"F": {"ts_code": "601838.SH", "name": "成都银行", "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": "20180131", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.49, "pe_ttm": 6.0868, "pb": 0.8957, "dv_ttm": 4.7255, "total_mv": 8260710.5946, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [146.0, 178.9, 202.4, 217.0, 229.8, 236.0], "np_series": [60.2, 78.3, 100.4, 116.7, 128.6, 132.8], "roe_series": [14.8, 16.0, 17.7, 17.6, 16.4, 14.3], "period": "20260630", "rev_ttm": 241.1, "np_ttm": 135.7, "ocf_ttm": 931.1, "fcf_ttm": 925.6, "fcf_yield": 112.0, "ocf_yield": 112.7, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 53.8, "roe_median": 16.4, "commodity": false, "hard_ratio": 0.1, "fix_assets": 10.6, "goodwill_ratio": 0.0, "pb_calc": 0.8, "capex_dep": 1.1, "interest_debt": 1929.2, "debt_ebitda": null, "debt_ratio": 93.1, "debt_mv": 233.5, "payout": 30.0, "div_years": 5, "rev_cagr3": 5.3, "np_cagr3": 9.8, "rev_yoy": 4.1, "np_yoy": 4.4, "np_vol": 10.3, "loss_years": 0, "far_share": 18.0, "earn_yield": 16.4, "consensus_n": 22, "fwd_pe": 5.9, "fwd_pe2": 5.6, "fwd_g1": 3.0, "fwd_g2": 6.0, "peg": 0.98, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 26.0], ["利息净收入：利息收入：发放贷款和垫款", 19.0], ["利息收入:发放贷款及垫款:公司贷款及垫款(产品)", 16.0], ["利息净收入：利息收入：发放贷款和垫款：公司贷款和", 16.0]], "ret_prev_year": -0.6, "ret_prev2_year": 78.9, "ret_ytd": 28.2, "ret_pivot": 62.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.0, "ret_60": 3.5, "ret_120": 20.1, "ret_250": 14.2, "mdd_250": -18.0, "vol_250": 20.3, "pos_52w": 100.0}, "S": {"duration": 14, "pricing": null, "hard": null, "bondness": 57}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["成都银行 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 16.4%,PB 0.90倍,股息率 4.7%,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 16.4%(1/PE)与股息率 4.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.1 倍 粗算,约 18%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 14%,最大回撤 -18%,年化波动 20%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 9% / 4% / 20%。", "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%。", "成都银行:PE 比行业中位低 0.3倍;股息率 比行业中位高 0.8个百分点;毛利率 ;固定资产占比 比行业中位低 0.2个百分点。"]}}