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，恒立液压、晨化股份、伟星股份昨日涨幅8.91%、8.33%、6.44%。

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)恒立液压

60110037.0879.0310.920.858.91-0.631140.88晨化股份

30061017.0245.4612.190.948.3324.3747.05伟星股份

00200317.9974.8723.020.836.446.68113.45迈克生物

30046326.8189.5125.780.645.956.86172.45北新建材

00078621.3761.6912.930.845.6413.10632.89新钢股份

60078217.755.401.401.924.571.78182.39东方雨虹

00227121.2357.9914.190.834.188.311308.00伟星新材

00237229.6277.6018.091.063.6014.94394.37赛意信息

30068718.6666.1423.190.863.491.54115.46浙江美大

00267740.2087.5417.061.003.2312.66117.84艾迪精密

60363818.9866.2714.490.673.220.22272.75旗滨集团

60163643.0586.7115.100.842.86-8.14463.65杭叉集团

60329818.7928.7411.951.452.864.26152.66苏泊尔

00203228.5549.3315.441.712.74-5.17500.01法拉电子

60056325.4478.2910.370.662.67-9.00450.47罗莱生活

00229316.8577.8925.840.932.6612.97129.37太钢不锈

00082521.8223.556.301.312.660.14418.10麦克奥迪

30034115.0879.5426.370.802.5320.5262.04三利谱

00287618.2545.839.020.692.453.76103.20鲁阳节能

00208823.3963.6912.750.902.3412.52126.48三全食品

00221619.6736.7011.521.192.302.61179.71振德医疗

60330123.4274.6518.050.942.107.80119.33电投能源

00212815.8765.334.480.652.03-7.77280.36金安国纪

00263626.6442.468.020.922.038.79109.93怡球资源

60138825.0728.214.141.381.79-2.1699.95韶钢松山

00071723.5211.083.652.031.6814.66117.35飞科电器

60386823.9680.0722.421.031.5612.16201.68海螺水泥

60058520.2853.144.780.851.558.172329.57沙钢股份

00207519.6324.793.081.291.505.18134.39星宇股份

60179920.1446.929.890.721.44-11.41556.76欧普照明

60351517.4870.2826.841.061.322.73161.70视源股份

00284124.2846.5115.211.411.232.71533.57科锐国际

30066222.5013.125.772.581.16-7.87114.98鲁西化工

00083028.2459.347.610.900.92-7.16293.65弘亚数控

00283330.3864.119.410.900.87-4.8898.09山东出版

60101915.4172.1021.640.600.798.52132.94天赐材料

00270938.8668.808.130.950.62-15.301012.14陕西煤业

60122524.9153.023.940.960.50-5.961176.97上峰水泥

00067230.8382.729.920.650.4915.59185.18芒果超媒

30041321.3866.7720.390.740.3511.971027.21恒润股份

60398531.4752.027.460.810.33-2.59176.00大豪科技

60302521.7276.9315.650.670.31-13.44238.66圣邦股份

30066134.4287.2525.810.850.30-8.85679.43盈趣科技

00292525.3253.7710.500.960.272.19266.20顺络电子

00213816.1269.8314.970.540.08-5.22289.79美亚光电

00269024.3486.2522.200.660.08-5.77250.48马应龙

60099315.8571.3223.730.890.0011.74118.97三友化工

60040918.7243.4510.050.880.00-7.29181.04老凤祥

60061222.727.232.552.77-0.04-0.54240.37和胜股份

00282419.7730.189.191.29-0.076.9278.22银都股份

60327717.6373.3320.020.70-0.102.1380.60新金路

00051022.8740.4010.661.56-0.177.4536.00海康威视

00241530.2481.5023.750.86-0.20-6.664655.77海天味业

60328832.5373.927.030.83-0.22-3.034603.92三鑫医疗

30045318.8458.0913.560.87-0.242.2249.02扬杰科技

30037318.3065.1313.490.68-0.28-10.89327.37扬农化工

60048619.5541.7911.190.93-0.32-7.96385.08永新股份

00201415.8837.179.761.03-0.335.3746.36塔牌集团

00223316.3067.937.670.60-0.366.57133.42君正集团

60121629.4062.978.720.50-0.38-7.28440.46晨光文具

60389927.9041.4613.251.72-0.380.97579.38万和电气

00254317.1442.6716.260.90-0.384.3057.78工业富联

60113819.098.363.831.97-0.50-1.252350.04生益科技

60018325.6850.6210.570.89-0.57-4.77521.73金达威

00262623.6283.6919.740.66-0.580.45191.11和邦生物

60307719.8469.604.970.55-0.60-6.78291.43万年青

00078924.9248.405.820.84-0.616.75103.42天际股份

00275917.6181.2511.540.52-0.63-9.50114.49久立特材

00231818.5149.3811.100.85-0.6914.68169.44奥士康

00291316.7441.3710.670.74-0.72-8.82120.13长海股份

30019616.5159.7410.150.58-0.74-5.6171.57赤峰黄金

60098821.4963.274.290.52-0.74-7.44246.26全志科技

30045817.5773.5122.830.68-0.75-14.43197.28好太太

60384820.2781.9122.650.66-0.775.7957.10宝信软件

60084523.1558.0313.530.72-0.82-2.91906.46桃李面包

60386616.1149.3310.901.10-0.85-11.54265.76国恩股份

00276817.6520.705.431.28-0.874.8371.26中核钛白

00214518.6466.417.770.53-0.980.54270.06嘉化能源

60027320.9559.545.740.72-0.983.64157.48百合花

60382316.9346.629.910.76-1.00-0.2746.99新疆天业

60007524.3667.4415.360.72-1.090.74138.02华鲁恒升

60042636.9468.803.320.94-1.10-9.19642.66中国中免

60188849.4470.685.681.40-1.11-9.354056.85高德红外

00241422.2687.6520.390.51-1.13-10.33531.50豪迈科技

00259517.6952.578.220.81-1.15-1.08219.60锐科激光

30074719.7456.3511.480.82-1.18-13.40245.70紫光国微

00204929.7589.9319.440.52-1.18-6.931280.31金力永磁

30074823.6941.409.990.83-1.18-16.42284.82周大生

00286724.1257.809.551.20-1.19-0.71199.73濮阳惠成

30048117.8052.828.000.80-1.23-0.0968.92新宙邦

30003719.8565.0512.980.65-1.32-6.57442.54普洛药业

00073921.2553.4416.231.03-1.35-11.45379.13南兴股份

00275715.2843.0111.110.89-1.381.2844.26南极电商

00212716.6654.454.970.73-1.412.05171.35光威复材

30069919.8682.5215.100.50-1.41-8.43397.57广信股份

60359920.4875.6314.320.59-1.42-6.89164.36新余国科

30072215.5287.2524.050.51-1.46-7.5367.11海大集团

00231116.249.275.612.42-1.503.341178.59中欣氟材

00291517.8345.728.950.78-1.54-2.3265.94华贸物流

60312816.9011.785.632.53-1.64-9.18172.33朗迪集团

60372615.5131.9710.160.95-1.68-3.1026.12东风股份

60151517.4661.9218.840.56-1.697.52125.16新安股份

60059630.3934.156.811.18-1.69-16.32195.10漫步者

00235116.7660.6116.870.91-1.74-3.02105.54艾华集团

60398917.3754.9813.480.69-1.76-7.61147.50上海物贸

60082228.394.424.273.76-1.864.9244.44阳谷华泰

30012117.3838.098.651.05-1.876.3541.45石大胜华

60302643.1651.018.081.83-1.88-10.53372.20铁流股份

60392617.5949.2512.550.78-1.88-11.4927.60片仔癀

60043629.1885.1312.800.69-1.91-14.632378.94通策医疗

60076331.1682.9113.000.74-1.92-17.31564.33浙江鼎力

60333819.8252.287.920.68-1.931.00408.58莲花健康

60018615.0520.169.381.04-1.940.3354.36永东股份

00275317.9122.793.761.29-1.98-0.8037.13湖南海利

60073118.6745.559.760.71-2.04-7.3737.73名臣健康

00291926.1785.3228.700.89-2.06-15.2245.78中颖电子

30032729.6980.9622.360.93-2.08-14.00190.30ST安泰

60040827.958.472.272.12-2.147.3536.75兴化股份

00210915.3056.733.300.64-2.176.5361.81寒锐钴业

30061816.0556.486.490.60-2.17-18.76235.93洽洽食品

00255720.8760.7314.890.78-2.17-1.82287.88金雷股份

30044321.5179.017.570.52-2.19-19.17137.94鱼跃医疗

00222321.4083.8724.150.66-2.220.03349.46国电南瑞

60040616.3349.8610.930.63-2.26-16.212038.50振华股份

60306715.9841.3412.040.89-2.34-15.8653.13恒天海龙

00067719.9647.897.741.01-2.349.5128.86信捷电气

60341620.4575.7916.170.58-2.37-11.8164.88横店东磁

00205620.5734.6510.131.03-2.41-16.71283.70双汇发展

00089520.2725.936.501.99-2.462.941128.79三维化学

00246929.8254.5011.370.71-2.501.5343.08氯碱化工

60061826.5749.055.990.84-2.50-6.14139.69承德露露

00084824.6881.1913.990.81-2.51-0.35121.10紫天科技

30028022.7366.413.900.57-2.5213.2762.69福晶科技

00222216.7088.9323.990.53-2.53-4.1175.88思源电气

00202815.1550.5712.800.75-2.56-14.93344.19富满微

30067146.9885.9013.910.77-2.57-12.62169.27安琪酵母

60029822.6849.6612.370.87-2.71-11.24458.32硅宝科技

30001915.6540.6711.680.95-2.75-11.4376.07亚普股份

60301316.6823.058.561.36-2.81-12.8185.39燕塘乳业

00273215.5054.5917.761.27-2.82-0.2242.31新洋丰

00090216.9627.394.370.93-2.83-5.66219.55易德龙

60338021.8352.2210.361.02-2.85-1.5861.11环球印务

00279919.9813.365.821.81-2.8610.5730.84金禾实业

00259717.9844.066.570.66-2.90-13.25242.03龙大美食

00272618.084.652.072.38-3.051.84113.17沪电股份

00246318.6153.0710.190.70-3.12-3.18288.29富瀚微

30061323.4778.9120.480.76-3.15-2.93177.17北方稀土

60011130.8335.494.871.02-3.16-21.471525.89百傲化学

60336020.2378.8714.010.58-3.17-3.9633.56微光股份

00280118.7754.567.460.73-3.25-7.2345.05伯特利

60359619.1645.368.720.66-3.29-5.75260.38上机数控

60318536.2745.334.960.95-3.33-22.59423.85英飞特

30058220.1564.8815.950.67-3.37-16.7760.35九洲药业

60345617.0963.7515.110.67-3.41-18.77402.81新易盛

30050219.9961.345.270.59-3.4211.69187.47航天电器

00202515.0665.2920.780.66-3.48-3.69319.76世名科技

30052215.9672.6718.800.73-3.50-11.6944.71凌霄泵业

00288422.5056.544.100.89-3.539.6290.39泰晶科技

60373823.7565.7612.550.68-3.54-16.35101.92火炬电子

60367824.3566.919.330.76-3.59-11.83311.32三孚股份

60393821.8753.143.370.79-3.60-13.7767.49利尔化学

00225819.8952.1510.890.68-3.625.44172.62兆易创新

60398617.0577.0017.240.59-3.66-9.981047.87裕兴股份

30030515.6752.576.540.69-3.69-8.7551.20中航电测

30011416.0370.4620.200.65-3.75-8.6992.51阿科力

60372215.4639.7910.251.02-3.770.3947.17宏发股份

60088519.1065.7619.380.87-3.80-13.05484.84当升科技

30007322.2530.548.280.94-3.82-17.62408.85万盛股份

60301046.2469.4012.011.39-4.17-11.15117.19雅化集团

00249715.8165.1313.240.60-4.27-12.34297.13长城科技

60389716.795.372.302.43-4.27-23.3994.86安纳达

00213618.3821.354.741.51-4.42-5.6534.83福斯特

60380622.3447.676.160.97-4.51-20.261028.14绝味食品

60351722.7764.9213.310.97-4.63-10.32381.13凯莱英

00282115.0479.9721.680.52-4.68-21.38935.24山东赫达

00281026.8968.9810.950.79-4.73-9.26184.34航锦科技

00081823.0553.968.440.93-4.94-15.82220.79山河药辅

30045216.6455.3012.250.66-4.9815.0833.75宇信科技

30067420.3465.8625.260.88-5.7722.51157.62太龙股份

30065022.977.554.292.34-6.0515.4137.93姚记科技

00260526.8878.0025.950.93-6.1521.2698.73抚顺特钢

60039916.1840.4710.370.74-7.87-8.58418.09

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：

推荐线索推荐原因调研纪要!真知灼见的一手信息[22/01/09]近期点赞数较多元旦初暴跌后，这么做策略，赚钱如喝水一样简单近期点赞数较多【财经早餐】2022.01.09星期日近期收藏数较多知名公募/私募追踪！隐藏在基金季报及上市公司股东数据中的蛛丝马迹[22/01/09]近期收藏数较多这周炒股亏钱别怕，我来教你2022炒股怎么赚钱（附：选股名单）近期收藏数较多2022年潜在资产注入可能的公司名单近期收藏数较多一图了解A股传媒公司元宇宙相关布局情况近期收藏数较多

数据来自:

（来源：萝卜投研的财富号 2022-01-10 01:46） [点击查看原文]