{"F": {"ts_code": "603093.SH", "name": "南华期货", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "期货", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "20190830", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.49, "pe_ttm": 21.7693, "pb": 2.399, "dv_ttm": 0.3505, "total_mv": 1400456.9305, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [99.2, 105.1, 68.2, 62.5, 57.1, 13.9], "np_series": [0.9, 2.4, 2.5, 4.0, 4.6, 4.9], "roe_series": [3.9, 8.9, 7.7, 11.4, 11.7, 10.0], "period": "20260630", "rev_ttm": 11.7, "np_ttm": 6.4, "ocf_ttm": 175.2, "fcf_ttm": 174.8, "fcf_yield": 124.8, "ocf_yield": 125.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.4, "roe_median": 10.0, "commodity": false, "hard_ratio": 0.3, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 2.4, "capex_dep": 1.51, "interest_debt": 13.4, "debt_ebitda": null, "debt_ratio": 92.4, "debt_mv": 9.5, "payout": 10.0, "div_years": 5, "rev_cagr3": -41.2, "np_cagr3": 25.5, "rev_yoy": 48.2, "np_yoy": 67.9, "np_vol": 59.3, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 10, "fwd_pe": 16.4, "fwd_pe2": 13.8, "fwd_g1": 33.0, "fwd_g2": 18.0, "peg": 0.91, "consensus_disp": null, "mainbz": [["产品", 34.0], ["利息净收入：利息收入", 17.0], ["利息净收入", 16.0], ["手续费及佣金净收入", 15.0]], "ret_prev_year": 65.2, "ret_prev2_year": -0.3, "ret_ytd": 0.7, "ret_pivot": 106.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.8, "ret_60": 8.7, "ret_120": -7.6, "ret_250": -17.5, "mdd_250": -37.0, "vol_250": 50.0, "pos_52w": 75.8}, "S": {"duration": 42, "pricing": null, "hard": null, "bondness": 29}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["南华期货 是多元金融。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 10.0%,PB 2.40倍,股息率 0.4%,分红率 10%。", "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 4.6%(1/PE)与股息率 0.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.8 倍 粗算,约 77%(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 -18%,最大回撤 -37%,年化波动 50%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 9% / 9% / -8%。", "行业对照": ["同申万二级「多元金融」24 家中位:PE 20.1 / 股息率 1.4% / 毛利率 28.6% / 固定资产占比 1% / 分红率 31%。", "南华期货:PE 比行业中位高 1.7倍;股息率 比行业中位低 1.0个百分点;毛利率 ;固定资产占比 比行业中位低 0.4个百分点。"]}}