{"F": {"ts_code": "US.XZO", "name": "Exzeo Group", "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": "20251105", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.55, "pe_ttm": 17.814, "pb": 5.173, "dv_ttm": 0.0, "total_mv": 149092.19429, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [60.4], "rev_series": [2.2], "np_series": [0.8], "roe_series": [61.4], "rev_ttm": 2.2, "np_ttm": 0.9, "ocf_ttm": 0.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.6, "gm_median": 60.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 38.1, "roe_median": 61.4, "commodity": false, "hard_ratio": 7.0, "fix_assets": 0.2, "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": 1.1, "debt_ratio": 26.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 62.0, "np_yoy": 82.6, "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": -31.8, "ret_20": 6.8, "ret_60": 23.9, "ret_120": 5.5, "ret_250": -21.2, "mdd_250": null, "vol_250": null, "pos_52w": 67.3, "eps": 0.869}, "S": {"duration": 36, "pricing": null, "hard": null, "bondness": 13}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["Exzeo Group 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 61.4%,PB 5.17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 5.6%(1/PE)与股息率 0.0% 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 -21%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 7% / 24% / 6%。", "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%。", "Exzeo Group:PE 比行业中位高 5.1倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 8.2个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}