{"F": {"ts_code": "US.AON", "name": "怡安保险", "mkt": "US", "ccy": "美元", "sw1": "保险经纪", "sw2": "保险经纪", "sw3": "", "ind": "保险经纪", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 323.09, "pe_ttm": 17.81, "pb": 7.14, "dv_ttm": 0.95, "total_mv": 6853560.647105999, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [47.7], "rev_series": [171.8], "np_series": [37.5], "roe_series": [47.8], "rev_ttm": 171.8, "np_ttm": 39.1, "ocf_ttm": 35.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.2, "gm_median": 47.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 21.8, "roe_median": 47.8, "commodity": false, "hard_ratio": 2.9, "fix_assets": 14.7, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 65.4, "debt_ratio": 81.2, "debt_mv": null, "payout": 17.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.4, "np_yoy": 37.9, "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": -7.8, "ret_20": -9.8, "ret_60": -3.7, "ret_120": -0.6, "ret_250": -11.9, "mdd_250": null, "vol_250": null, "pos_52w": 84.7, "eps": 17.02}, "S": {"duration": 36, "pricing": null, "hard": null, "bondness": 25}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["怡安保险 是保险经纪。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 47.8%,PB 7.14倍,股息率 0.9%,分红率 17%。", "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 0.9% 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 -12%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -10% / -4% / -1%。", "行业对照": ["同富途行业「保险经纪」24 家中位:PE 25.2 / 股息率 0.0% / 毛利率 41.0% / 固定资产占比 3% / 分红率 21%。", "怡安保险:PE 比行业中位低 7.4倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 6.7个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}