{"F": {"ts_code": "HK.02858", "name": "易鑫集团", "mkt": "HK", "ccy": "港元", "sw1": "信贷", "sw2": "信贷", "sw3": "", "ind": "信贷", "fin_source": "futu", "market": "主板", "list_date": "20171116", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.205, "pe_ttm": 5.262, "pb": 0.423, "dv_ttm": 11.62, "total_mv": 819115.503597, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [55.9], "rev_series": [128.6], "np_series": [13.3], "roe_series": [7.3], "rev_ttm": 128.6, "np_ttm": 15.5, "ocf_ttm": -16.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -20.3, "gm_median": 55.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.4, "roe_median": 7.3, "commodity": false, "hard_ratio": 1.5, "fix_assets": 8.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 46.4, "debt_ratio": 68.8, "debt_mv": null, "payout": 61.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 22.2, "np_yoy": 54.7, "np_vol": null, "loss_years": 0, "far_share": 5.0, "earn_yield": 19.0, "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": -50.2, "ret_20": -6.9, "ret_60": -13.3, "ret_120": -47.8, "ret_250": -59.6, "mdd_250": null, "vol_250": null, "pos_52w": 39.4, "eps": 0.195}, "S": {"duration": 12, "pricing": null, "hard": null, "bondness": 64}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["易鑫集团 是信贷。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 7.3%,PB 0.42倍,股息率 11.6%,分红率 61%。", "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 19.0%(1/PE)与股息率 11.6% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.3 倍 粗算,约 5%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -60%,现价在 52 周高点的 39%;近 20 / 60 / 120 日 -7% / -13% / -48%。", "行业对照": ["同富途行业「信贷」41 家中位:PE 7.8 / 股息率 0.0% / 毛利率 53.9% / 固定资产占比 1% / 分红率 37%。", "易鑫集团:PE 比行业中位低 2.5倍;股息率 比行业中位高 11.6个百分点;毛利率 比行业中位高 2.0个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}