ROE成长跨越规律

由于企业存在周期性，因此没有任何一家公司的ROE可以连续每年保持上涨不波动、不发生阶段性下跌，但必然有许多企业在快速成长或行业景气周期中收获ROE上升，从而给投资者带来高额的投资回报。

可以找到A股历史上，发生过ROE上升的公司及其相对应的历史阶段，并从这些公司身上，通过归纳法找到ROE可以成长的“答案”。

企业在不同发展阶段，应使用不同的标准精选，富满电子、承德露露、欧派家居昨日涨幅12.61%、10.03%、8.98%。

证券名称净资产收益率ROE(%)毛利率分位数(%)期间费用率(%)总资产周转率上日涨幅(%)近1月累计涨幅(%)市值(亿元)富满电子

30067138.3176.6211.160.7912.61-9.60265.39承德露露

00084824.0183.7816.480.7910.035.93140.47欧派家居

60383322.9465.3918.160.898.9815.84972.69桃李面包

60386618.5751.1910.811.108.5016.82313.47马应龙

60099315.5972.0924.990.878.03-2.77131.60圣邦股份

30066125.4683.6025.950.787.6437.80845.18江苏索普

60074626.6844.115.701.197.0915.44266.38昌红科技

30015119.4869.6317.320.946.2822.70145.32大元泵业

60375718.5655.6213.450.965.2515.1639.97三孚股份

60393817.1044.823.680.724.6350.22140.79南极电商

00212722.6563.634.740.734.16-16.15245.98浙江美大

00267739.6287.8117.390.984.11-2.85107.89嘉化能源

60027319.0261.695.770.654.0817.29153.59鱼跃医疗

00222322.1484.4823.860.663.916.46386.45工业富联

60113819.277.244.002.013.638.482437.70龙马环卫

60368616.5243.7913.681.083.62-9.8459.44扬农化工

60048621.1843.0811.890.913.6014.17415.14洽洽食品

00255722.1660.3214.570.903.5410.00222.47漫步者

00235115.5961.9315.860.883.531.99127.68双汇发展

00089525.7323.926.032.063.41-2.24967.33安井食品

60334518.6940.1212.951.153.32-1.45448.52普洛药业

00073921.2951.4217.301.053.018.19375.12绝味食品

60351718.5264.4911.550.983.00-7.33452.99中炬高新

60087219.8075.8520.390.802.732.35302.32海大集团

00231123.5910.755.632.322.71-0.851175.27视源股份

00284132.2145.8714.071.402.711.02781.66伟星新材

00237231.0977.8118.261.062.61-0.81332.11中颖电子

30032723.4776.5622.500.872.462.30197.92广州酒家

60304321.5673.2121.080.952.37-7.94131.84金达威

00262632.3287.4719.450.722.10-8.38219.16天山股份

00087716.2168.399.040.602.064.59145.77山河药辅

30045218.1055.1511.280.662.052.6627.81罗莱生活

00229316.9778.0125.090.942.02-6.4396.29凌霄泵业

00288419.8359.796.000.762.003.4674.36安车检测

30057219.7979.1423.530.551.88-8.2055.90久立特材

00231821.3450.6311.770.861.8345.19151.95豪迈科技

00259519.3656.168.310.811.827.84242.00苏泊尔

00203230.4248.1215.441.731.78-5.52442.98诺邦股份

60323825.8962.6311.490.991.75-10.5323.89祁连山

60072019.9265.639.660.701.656.9486.17索菲亚

00257223.6667.3118.480.931.65-4.64191.42裕同科技

00283116.1447.0915.610.811.63-8.54254.96安琪酵母

60029825.6755.4213.520.891.54-5.74407.44维力医疗

60330915.3378.9424.640.791.464.5738.06弘亚数控

00283326.1062.729.890.851.363.13105.94飞亚达

00002615.7469.9926.291.241.26-7.0954.79通策医疗

60076332.5082.9213.260.781.18-18.35992.73硅宝科技

30001922.7857.9016.440.911.1422.5886.64迈克生物

30046327.6389.0924.500.651.12-7.45190.99名臣健康

00291926.5281.7524.510.941.06-3.9747.89宝信软件

60084520.8254.4813.660.721.069.89991.53拓邦股份

00213923.7441.6012.711.001.01-9.94197.38北新建材

00078621.8863.3812.570.811.01-2.58624.61日月股份

60321821.4053.195.570.621.0128.50329.37银都股份

60327716.2176.4222.210.611.00-8.7580.68国恩股份

00276825.7028.416.041.380.984.8767.11怡球资源

60138820.1523.184.471.240.9712.4091.81欧普照明

60351519.0870.9526.461.080.95-2.40183.69宁波富达

60072416.5564.998.330.600.900.0048.70陕西煤业

60122524.5749.386.580.770.891.441094.57信维通信

30013615.1344.1714.690.660.88-16.88256.31宝莱特

30024641.8980.7417.350.960.84-3.9024.46东方雨虹

00227124.4262.3615.420.860.831.191350.11科锐国际

30066220.7914.716.672.320.764.05116.77盈趣科技

00292525.2259.7211.350.890.71-7.45286.48永高股份

00264120.3943.2212.181.030.68-10.7772.64海螺水泥

60058524.0750.794.000.960.688.852195.50再升科技

60360121.6667.8812.370.740.6520.6699.96海利尔

60363918.2654.5415.090.880.63-1.5660.01蓝思科技

30043317.8849.6713.170.640.61-6.041238.40阳光照明

60026115.2463.0422.180.770.55-4.9253.29中顺洁柔

00251121.3575.0325.221.150.531.83299.65华贸物流

60312815.0612.106.322.220.536.18175.47世名科技

30052216.3774.7018.110.660.475.6157.51奥士康

00291316.7745.8111.540.740.4424.92151.99周大生

00286722.9775.4313.530.880.42-12.64208.39亚普股份

60301316.6221.947.691.430.3932.2892.71皮阿诺

00285316.4762.4814.390.620.34-12.4533.32集泰股份

00290918.5452.4417.841.010.32-1.7023.67三全食品

00221625.2648.8215.751.210.31-2.90141.28南卫股份

60388015.3162.4820.371.020.30-0.4419.88万盛股份

60301040.1068.2013.361.220.29-5.00100.55环旭电子

60123116.5210.016.331.810.29-4.77308.91片仔癀

60043624.0381.1015.200.670.26-17.232341.29东宏股份

60385617.7446.349.270.930.242.1631.76双箭股份

00238117.1153.1510.190.740.24-2.1234.20广弘控股

00052916.5431.019.340.980.19-1.3430.01锋龙股份

00293116.3163.6915.310.650.158.9226.02海康威视

00241530.3281.0524.130.860.14-10.495296.20飞科电器

60386824.5177.1718.731.020.131.39170.97万年青

00078927.3146.345.460.930.093.8991.46唐人神

00256722.5015.456.481.900.00-1.6372.96宁夏建材

60044916.5159.545.520.650.009.2554.80好太太

60384819.0282.8323.010.640.00-0.1650.93新易盛

30050227.5066.166.770.73-0.032.19196.50上峰水泥

00067233.3784.349.820.63-0.0514.65149.62老凤祥

60061224.216.632.662.76-0.09-5.60241.63上海物贸

60082217.863.473.633.30-0.12-7.4742.41濮阳惠成

30048120.3755.829.700.86-0.128.4173.25宏昌电子

60300220.0422.985.681.11-0.139.0568.60顺络电子

00213816.0468.4714.400.55-0.130.05305.19国睿科技

60056215.7641.148.060.55-0.142.21183.67海天味业

60328836.7475.787.850.90-0.16-5.784865.53沪电股份

00246323.5754.929.780.81-0.16-2.17239.19塔牌集团

00223317.2368.207.280.64-0.194.94124.12禾丰股份

60360919.317.303.902.23-0.21-6.9087.13天孚通信

30039423.6888.1717.250.54-0.278.96116.84金禾实业

00259716.7248.457.730.58-0.292.30194.75三鑫医疗

30045318.7958.7114.350.84-0.33-25.6347.80香飘飘

60371117.4166.7823.150.92-0.39-5.8464.51浙江鼎力

60333819.9662.079.780.59-0.3927.59343.72伯特利

60359619.5245.478.290.72-0.4616.00178.58湘油泵

60331918.1650.7916.370.72-0.47-12.0633.73青松股份

30013215.3943.6110.900.88-0.50-21.9781.83国检集团

60306019.5981.6925.690.73-0.52-5.34103.83伊力特

60019715.5286.398.580.50-0.53-13.95116.14大连电瓷

00260617.2070.8317.030.68-0.547.4632.31三花智控

00205016.5753.2416.100.81-0.5517.83904.37安靠智电

30061718.5286.0119.910.56-0.5515.0890.46沙钢股份

00207518.2922.043.101.29-0.56-6.65158.00晨光生物

30013815.0520.297.490.93-0.66-4.3080.61华峰化学

00206434.7554.885.820.93-0.67-9.06618.57洪汇新材

00280216.5649.469.640.95-0.73-10.1425.16湖南海利

60073121.2055.5112.190.73-0.735.7037.68龙大肉食

00272633.865.552.242.99-0.731.17102.29高德红外

00241426.9189.3921.770.57-0.7511.35679.33嘉友国际

60387119.6923.052.921.04-0.764.7548.43晨光文具

60389928.3742.9213.851.71-0.85-7.03695.90华鲁恒升

60042619.7447.203.310.75-0.865.03781.37伟星股份

00200317.1072.4624.880.77-0.8713.2161.84永新股份

00201416.3135.639.901.01-0.88-10.1040.71广信股份

60359916.6973.0815.570.54-0.930.50148.55艾迪精密

60363827.4773.5512.260.77-0.935.84358.34百傲化学

60336017.1285.3319.210.52-0.93-7.3533.27巨星农牧

60347719.5461.609.690.58-0.948.0158.71康力电梯

00236718.4957.5117.580.77-0.95-1.7766.52中电电机

60398816.4556.1215.850.68-1.05-7.4939.77安徽合力

60076116.0124.629.701.50-1.1512.1282.83春光科技

60365717.0149.1010.490.83-1.23-17.9832.36新洋丰

00090216.3328.565.900.95-1.270.90262.86利尔化学

00225822.3055.5311.280.69-1.3326.66175.68山东赫达

00281028.7270.8713.140.84-1.3525.24181.61深南电路

00291622.0445.7412.400.85-1.37-11.54493.96苏博特

60391616.2070.7420.910.66-1.374.8384.82生益科技

60018322.8548.7010.940.87-1.3812.94606.70方大特钢

60050730.0838.273.281.17-1.417.42165.36利安隆

30059615.5748.2412.960.74-1.451.1880.65横店东磁

00205621.1242.1811.630.92-1.5513.03258.16天宇股份

30070223.7884.1324.110.67-1.5851.42153.70电能股份

60087721.4376.3718.510.70-1.63-5.89108.94德邦股份

60305615.6212.9310.402.86-1.641.09104.65赛意信息

30068720.0364.1521.020.82-1.7035.6698.94福斯特

60380624.6354.486.410.94-1.7317.781231.68中航电测

30011415.1772.0422.680.66-1.8320.55114.02旗滨集团

60163629.3976.4714.060.78-1.85-7.02540.47新乡化纤

00094920.3050.0710.150.71-1.86-0.25116.16汉宇集团

30040317.8870.6515.140.51-1.886.4044.08森霸传感

30070126.3289.7011.700.51-1.964.1237.76锐科激光

30074716.3756.7813.220.76-1.986.25312.51双一科技

30069024.4065.9910.200.86-2.00-7.8940.75泰和新材

00225418.5357.069.610.54-2.02-8.80136.19美亚光电

00269022.8386.5122.390.63-2.10-9.35305.89长亮科技

30034823.0985.5429.610.80-2.171.71120.49微光股份

00280117.2156.369.150.64-2.21-3.7159.02易德龙

60338020.9547.839.751.04-2.212.9446.29欣龙控股

00095518.3070.7812.560.93-2.26-0.4225.63坚朗五金

00279123.9472.6422.381.14-2.306.56718.58巨星科技

00244417.1455.4615.300.69-2.30-2.75368.64法拉电子

60056323.0579.7911.180.61-2.374.51426.35九洲药业

60345615.0866.3918.800.60-2.472.96384.67佳电股份

00092217.1855.2016.860.57-2.516.1844.28晨化股份

30061018.4450.9113.230.89-2.8510.4532.63海顺新材

30050116.0364.1817.910.57-2.8929.8433.17石大胜华

60302627.2432.918.501.63-2.997.08446.30恒润股份

60398541.2059.007.971.08-3.0020.5954.01中石科技

30068416.2959.2813.940.66-3.1320.0770.43星宇股份

60179924.1650.579.120.79-3.14-9.85551.13扬杰科技

30037317.4364.6414.580.68-3.17-4.44261.43东方电缆

60360638.9956.598.510.98-3.243.14152.47百合花

60382318.0548.159.790.76-3.241.2352.14麦克奥迪

30034115.5278.1025.080.77-3.2517.3050.15火炬电子

60367822.7262.599.090.75-3.563.73356.53福晶科技

00222215.2089.1626.040.50-3.6419.4179.17玲珑轮胎

60196617.4947.7013.560.69-3.72-1.89519.46恒立液压

60110041.6679.369.420.90-4.09-0.371324.94阳谷华泰

30012117.0832.536.311.01-4.342.9246.29宏发股份

60088517.5767.8120.730.80-4.423.00503.98克来机电

60396015.0158.8512.070.62-4.60-3.1281.15艾华集团

60398916.8356.8815.270.69-4.65-0.48140.03大北农

00238517.8931.1211.511.12-5.8312.57341.24鲁阳节能

00208819.5168.2816.260.81-5.99-1.2889.05金雷股份

30044325.8682.077.480.58-6.039.4685.67天华超净

30039034.8067.0410.910.70-6.73-3.12382.08国电南瑞

60040615.6547.4711.040.63-6.7812.791623.25恒通股份

60322315.674.512.163.66-7.324.1897.18思源电气

00202816.9351.6413.340.77-7.3418.54238.12英飞特

30058216.0269.0219.220.61-7.631.0792.65德赛西威

00292015.6541.1014.471.10-7.71-16.46508.20富临精工

30043217.8564.2116.090.68-8.2751.83243.23博创科技

30054818.0949.5212.710.77-8.896.8470.83信捷电气

60341623.4777.1714.640.59-9.99-0.0996.45凯莱英

00282115.7580.6822.350.50-10.005.25910.58铁流股份

60392616.1148.3413.030.77-10.002.6625.38

数据来自:

ROE成长跨越规律

借鉴于东方证券研报结论，以史为鉴，找到发生过ROE上升的公司并复盘，从行业层面分析：

1) 医药、房地产、化工、食品饮料、计算机、家电和汽车是ROE成长性第一梯队的行业，更容易完成ROE20%+的成长目标。

2) 几乎每个高ROE成长性行业背后，都有宏观货币政策或行业产业政策的推动。

3) 消费和科技行业的ROE成长性来源于稳定的下游需求以及技术和产品应用场景的突破更新迭代。

4) 周期板块ROE也有成长性。只不过演绎得更为极端、极致，且受宏观经济的影响最大。

5) 细分子行业、子版块、子产品越多的大行业，越容易诞生高ROE成长性的公司。

从个股财务层面，同样可以归纳总结这些公司N年前的财务特征：

1) 毛利率最高组，ROE起点和天花板均最高，其毛利率在成长期间反而有最大幅度的提升，一定程度上说明了行业壁垒带来强者恒强的情况。

2) 毛利率最低组，其高周转率、低费用率是获得高ROE“入场券”的基础，而成长性则更多地是来自于毛利率的提升、财务杠杆的提升以及把控费能力提升做到极致，这一分组公司倾向于通过增大资本开支扩充产能（重资产类行业）、补充生产增加存货、给予上下游企业现金流话语权来来打通产品销路、从而最终获得利润率的提升。

3) 毛利率居中组，活用杠杆和提升费用支出效率是关键。重资产以及融资性行业更多的是靠有息负债，轻资产行业则更多的是依靠活用无息（或者低息）流动负债，赚上下游产业链的现金流。提升费用支出效率意味着在既定的产品服务毛利率水平下，通过控费、优化管理效率和研发支出、优化销售费用支出来提升营收。

大家都在看：

推荐线索推荐原因发现有主力偷偷吸筹！周一这些股票筹码加速集中！近期点赞数较多利好丨8月16日晚间上市公司利好公告一览近期点赞数较多买入！这只个股即将迎来大反弹！近期点赞数较多今日北上资金净买入62.02亿, 北方稀土、宁德时代等公司上榜十大成交活跃股近期收藏数较多分析师大幅调整26股盈利预测 1股距离目标价仍13成上涨空间！近期收藏数较多氢能源迎来新一轮高速发展期，未来潜力大的六家高成长龙头公司！近期收藏数较多把握市场时机的20条原则近期收藏数较多彼得林奇谈股市十大危险说法近期收藏数较多

数据来自:

（来源：萝卜投研的财富号 2021-08-17 01:47） [点击查看原文]