{"F": {"ts_code": "603323.SH", "name": "苏农银行", "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": "20161129", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.53, "pe_ttm": 4.8385, "pb": 0.5043, "dv_ttm": 4.2143, "total_mv": 1005839.2068, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [37.5, 38.3, 40.4, 40.5, 41.7, 42.1], "np_series": [9.5, 11.6, 15.0, 17.4, 19.4, 20.4], "roe_series": [8.1, 9.2, 11.0, 11.6, 11.5, 11.1], "period": "20260630", "rev_ttm": 42.4, "np_ttm": 20.8, "ocf_ttm": 11.5, "fcf_ttm": 10.1, "fcf_yield": 10.1, "ocf_yield": 11.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 43.1, "roe_median": 11.1, "commodity": false, "hard_ratio": 0.5, "fix_assets": 12.8, "goodwill_ratio": 0.0, "pb_calc": 0.5, "capex_dep": 1.0, "interest_debt": 72.1, "debt_ebitda": null, "debt_ratio": 91.7, "debt_mv": 71.7, "payout": 18.6, "div_years": 5, "rev_cagr3": 1.4, "np_cagr3": 10.8, "rev_yoy": 1.0, "np_yoy": 3.0, "np_vol": 8.4, "loss_years": 0, "far_share": 0.0, "earn_yield": 20.7, "consensus_n": 6, "fwd_pe": 4.5, "fwd_pe2": 4.2, "fwd_g1": 9.0, "fwd_g2": 5.0, "peg": 0.9, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 23.0], ["产品", 18.0], ["利息净收入：利息收入：发放贷款及垫款", 17.0], ["利息收入:发放贷款及垫款:公司贷款业务(产品)", 12.0]], "ret_prev_year": 11.1, "ret_prev2_year": 36.7, "ret_ytd": 1.1, "ret_pivot": 39.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.6, "ret_60": 7.4, "ret_120": 0.7, "ret_250": -5.1, "mdd_250": -19.1, "vol_250": 18.0, "pos_52w": 94.7}, "S": {"duration": 11, "pricing": null, "hard": null, "bondness": 53}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["苏农银行 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 11.1%,PB 0.50倍,股息率 4.2%,分红率 19%。", "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 20.7%(1/PE)与股息率 4.2% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.8 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -5%,最大回撤 -19%,年化波动 18%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 8% / 7% / 1%。", "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%。", "苏农银行:PE 比行业中位低 0.6倍;股息率 与行业中位持平;毛利率 ;固定资产占比 比行业中位高 0.2个百分点。"]}}