{"F": {"ts_code": "HK.02596", "name": "宜宾银行", "mkt": "HK", "ccy": "港元", "sw1": "银行", "sw2": "银行", "sw3": "", "ind": "银行", "fin_source": "futu", "market": "主板", "list_date": "20250113", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.64, "pe_ttm": 17.837, "pb": 0.91, "dv_ttm": 1.55, "total_mv": 1211337.6, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [25.3], "np_series": [6.2], "roe_series": [5.4], "rev_ttm": 25.3, "np_ttm": 6.8, "ocf_ttm": 16.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 24.6, "roe_median": 5.4, "commodity": false, "hard_ratio": 0.4, "fix_assets": 4.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.0, "debt_ratio": 90.7, "debt_mv": null, "payout": 28.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.0, "np_yoy": 22.4, "np_vol": null, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 2.0, "ret_20": 0.2, "ret_60": 0.8, "ret_120": 1.6, "ret_250": 2.8, "mdd_250": null, "vol_250": null, "pos_52w": 99.3, "eps": 0.135}, "S": {"duration": 36, "pricing": null, "hard": null, "bondness": 32}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["宜宾银行 是银行。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 最新年报 5.4%,PB 0.91倍,股息率 1.6%,分红率 28%。", "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 5.6%(1/PE)与股息率 1.6% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.8 倍 粗算,约 72%(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 3%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 0% / 1% / 2%。", "行业对照": ["同富途行业「银行」37 家中位:PE 5.7 / 股息率 4.5% / 毛利率 — / 固定资产占比 1% / 分红率 28%。", "宜宾银行:PE 比行业中位高 12.1倍;股息率 比行业中位低 3.0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。"]}}