{"F": {"ts_code": "US.FRHC", "name": "Freedom Holding", "mkt": "US", "ccy": "美元", "sw1": "金融集团", "sw2": "金融集团", "sw3": "", "ind": "金融集团", "fin_source": "futu", "market": "NASDAQ", "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": 164.54, "pe_ttm": 67.991, "pb": 6.836, "dv_ttm": 0.0, "total_mv": 1049562.256364, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [53.9], "rev_series": [21.9], "np_series": [1.5], "roe_series": [11.3], "rev_ttm": 21.9, "np_ttm": 1.5, "ocf_ttm": -6.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -6.1, "gm_median": 53.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 7.0, "roe_median": 11.3, "commodity": false, "hard_ratio": 1.6, "fix_assets": 1.8, "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": 7.5, "debt_ratio": 88.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.3, "np_yoy": 101.3, "np_vol": null, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.5, "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": 35.2, "ret_20": 10.4, "ret_60": 18.4, "ret_120": 20.8, "ret_250": 2.1, "mdd_250": null, "vol_250": null, "pos_52w": 92.9, "eps": 2.51}, "S": {"duration": 82, "pricing": null, "hard": null, "bondness": 13}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["Freedom Holding 是金融集团。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 11.3%,PB 6.84倍,股息率 0.0%,分红率 0%。", "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 1.5%(1/PE)与股息率 0.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 68.0 倍 粗算,约 93%(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 2%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 10% / 18% / 21%。", "行业对照": ["同富途行业「金融集团」8 家中位:PE 14.6 / 股息率 0.0% / 毛利率 70.0% / 固定资产占比 3% / 分红率 26%。", "Freedom Holding:PE 比行业中位高 53.4倍;股息率 与行业中位持平;毛利率 比行业中位低 16.1个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}