{"F": {"ts_code": "US.WDH", "name": "水滴", "mkt": "US", "ccy": "美元", "sw1": "多元化保险", "sw2": "多元化保险", "sw3": "", "ind": "多元化保险", "fin_source": "futu", "market": "NYSE", "list_date": "20210507", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.02, "pe_ttm": 4.573, "pb": 0.478, "dv_ttm": 5.1, "total_mv": 36648.799206, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [44.0], "rev_series": [5.7], "np_series": [0.8], "roe_series": [11.4], "rev_ttm": 5.7, "np_ttm": 0.8, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.5, "gm_median": 44.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.2, "roe_median": 11.4, "commodity": false, "hard_ratio": 2.7, "fix_assets": 0.3, "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": 0.5, "debt_ratio": 27.4, "debt_mv": null, "payout": 23.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 49.7, "np_yoy": 68.0, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 21.9, "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": -45.3, "ret_20": 2.0, "ret_60": -27.1, "ret_120": -40.0, "ret_250": -44.5, "mdd_250": null, "vol_250": null, "pos_52w": 51.0, "eps": 0.223}, "S": {"duration": 11, "pricing": null, "hard": null, "bondness": 51}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["水滴 是多元化保险。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 11.4%,PB 0.48倍,股息率 5.1%,分红率 23%。", "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 21.9%(1/PE)与股息率 5.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.6 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -44%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 2% / -27% / -40%。", "行业对照": ["同富途行业「多元化保险」13 家中位:PE 12.7 / 股息率 0.8% / 毛利率 52.2% / 固定资产占比 5% / 分红率 14%。", "水滴:PE 比行业中位低 8.1倍;股息率 比行业中位高 4.3个百分点;毛利率 比行业中位低 8.2个百分点;固定资产占比 比行业中位低 2.1个百分点。"]}}