{"F": {"ts_code": "US.FUTU", "name": "富途控股", "mkt": "US", "ccy": "美元", "sw1": "资本市场", "sw2": "资本市场", "sw3": "", "ind": "资本市场", "fin_source": "futu", "market": "NASDAQ", "list_date": "20190308", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 121.75, "pe_ttm": 12.047, "pb": 3.442, "dv_ttm": 2.14, "total_mv": 1706867.879225, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [87.1], "rev_series": [29.4], "np_series": [14.5], "roe_series": [33.3], "rev_ttm": 29.4, "np_ttm": 14.3, "ocf_ttm": 52.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 30.7, "gm_median": 87.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 49.5, "roe_median": 33.3, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.4, "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": 0.0, "debt_ratio": 82.3, "debt_mv": null, "payout": 26.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 67.8, "np_yoy": 107.6, "np_vol": null, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.3, "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": -24.7, "ret_20": 11.7, "ret_60": 31.0, "ret_120": -17.0, "ret_250": -34.1, "mdd_250": null, "vol_250": null, "pos_52w": 61.1, "eps": 10.31}, "S": {"duration": 26, "pricing": null, "hard": null, "bondness": 35}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["富途控股 是资本市场。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 33.3%,PB 3.44倍,股息率 2.1%,分红率 26%。", "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 8.3%(1/PE)与股息率 2.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -34%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 12% / 31% / -17%。", "行业对照": ["同富途行业「资本市场」99 家中位:PE 15.9 / 股息率 0.0% / 毛利率 32.0% / 固定资产占比 5% / 分红率 12%。", "富途控股:PE 比行业中位低 3.9倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位高 55.1个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}