{"id":5092,"date":"2026-10-22T07:15:00","date_gmt":"2026-10-21T23:15:00","guid":{"rendered":"https:\/\/laoyulaoyu.com\/?p=5092"},"modified":"2026-10-19T20:40:35","modified_gmt":"2026-10-19T12:40:35","slug":"%e4%b8%ba%e4%bb%80%e4%b9%88%e4%be%bf%e5%ae%9c%e7%9a%84%e8%82%a1%e7%a5%a8%e4%b8%80%e7%9b%b4%e4%be%bf%e5%ae%9c%ef%bc%8c%e8%b4%b5%e7%9a%84%e8%82%a1%e7%a5%a8%e4%b8%80%e7%9b%b4%e8%b4%b5","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2026\/10\/22\/%e4%b8%ba%e4%bb%80%e4%b9%88%e4%be%bf%e5%ae%9c%e7%9a%84%e8%82%a1%e7%a5%a8%e4%b8%80%e7%9b%b4%e4%be%bf%e5%ae%9c%ef%bc%8c%e8%b4%b5%e7%9a%84%e8%82%a1%e7%a5%a8%e4%b8%80%e7%9b%b4%e8%b4%b5\/","title":{"rendered":"\u4e3a\u4ec0\u4e48\u4fbf\u5b9c\u7684\u80a1\u7968\u4e00\u76f4\u4fbf\u5b9c\uff0c\u8d35\u7684\u80a1\u7968\u4e00\u76f4\u8d35"},"content":{"rendered":"\n

\u4f5c \u8005\uff1a\u8001\u4f59\u635e\u9c7c<\/a><\/p>\n\n\n\n

\u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005\u3002<\/mark><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
\n

\u6587\u4e2d\u793a\u4f8b\u4ec5\u7528\u4e8e\u6280\u672f\u8ba8\u8bba\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u64cd\u4f5c\u5efa\u8bae\u3002
\u91cf\u5316\u7b56\u7565\u5f00\u53d1\u5e94\u4ee5\u5b66\u4e60\u548c\u6280\u672f\u4ea4\u6d41\u4e3a\u76ee\u7684\u3002
\u672c\u53f7\u4e0d\u8350\u80a1\u3001\u4e0d\u5356\u8bfe\u3001\u4e0d\u627f\u8bfa\u6536\u76ca\u3002
\u5e02\u573a\u6709\u98ce\u9669\uff0c\u8bf7\u5408\u6cd5\u5408\u89c4\u6295\u8d44\u3002<\/p>\n<\/blockquote>\n\n\n\n

\u6587\u7ea6 2300 \u5b57 | \u9884\u8ba1\u9605\u8bfb 8 \u5206\u949f\uff0c\u6587\u672b\u6709\u5b8c\u6574\u811a\u672c\uff0c\u5efa\u8bae\u5148\u6536\u85cf\u3002<\/p>\n\n\n\n

\n\n\n\n

\u60f3\u8c61\u4f60\u8d70\u8fdb\u4e00\u5bb6\u8f66\u884c\uff0c\u770b\u4e24\u53f0\u8dd1\u8f66\u3002A \u8f66\u80fd\u7a33\u7a33\u5f00\u4e0a 120 \u8fc8\u3002B \u8f66\u73b0\u5728\u53ea\u6709 30 \u8fc8\uff0c\u4f46\u53d1\u52a8\u673a\u8f6c\u901f\u72c2\u98d9\uff0c\u4e09\u79d2\u949f\u5185\u80fd\u7834 100\u3002<\/p>\n\n\n\n

\u53ea\u770b\u5f53\u524d\u901f\u5ea6\uff0cA \u8f66\u8d62\u3002\u4f46\u8981\u8d62\u4e0b\u77ed\u8ddd\u79bb\u7ade\u901f\u8d5b\uff0c\u7b54\u6848\u663e\u7136\u662f B \u8f66\u3002<\/p>\n\n\n\n

\u80a1\u5e02\u91cc\u6bcf\u5929\u6709\u4eba\u72af\u8fd9\u4e2a\u9519\u3002\u628a\u516c\u53f8\u73b0\u5728\u8d5a\u591a\u5c11\u5f53\u6210\u4e86\u516c\u53f8\u8d5a\u94b1\u5f15\u64ce\u80fd\u8f6c\u591a\u5feb\u3002\u8fd9\u4e24\u4e2a\u6570\u6839\u672c\u4e0d\u662f\u4e00\u56de\u4e8b\u3002<\/p>\n\n\n\n

\u76c8\u5229\u6536\u76ca\u7387\uff08Earnings Yield\uff09\u662f\u4e00\u5f20\u5feb\u7167\uff0c\u544a\u8bc9\u4f60\u80a1\u7968\u73b0\u5728\u7ad9\u5728\u54ea\u3002\u6295\u5165\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09\u8c03\u6574\u7684\u53ef\u6301\u7eed\u589e\u957f\u7387\u662f\u4e00\u811a\u6cb9\u95e8\uff0c\u544a\u8bc9\u4f60\u5b83\u8981\u53bb\u54ea\u3002\u4e24\u4e2a\u4e00\u8d77\u770b\uff0c\u624d\u77e5\u9053\u4e00\u53ea\u80a1\u7968\u662f\u771f\u8d35\u8fd8\u662f\u5047\u8d35\u3002<\/p>\n\n\n\n

\u6211\u628a\u8fd9\u5957\u6a21\u578b\u5728 A \u80a1\u8dd1\u4e86\u4e00\u904d\uff0c\u8305\u53f0\u3001\u5b81\u5fb7\u65f6\u4ee3\u3001\u4e2d\u56fd\u5efa\u7b51\u4e09\u5bb6\u5bf9\u7167\u3002\u6570\u5b57\u90fd\u5728\u4e0b\u9762\uff0c\u811a\u672c\u5728\u6587\u672b\u3002<\/p>\n\n\n\n

\u4e00\u3001\u76c8\u5229\u6536\u76ca\u7387\uff0c\u4e00\u5f20\u5feb\u7167<\/h2>\n\n\n\n

\u8bb0\u4f4f\u8fd9\u4e2a\u5b9a\u4e49\u5f88\u7b80\u5355\uff1a\u76c8\u5229\u6536\u76ca\u7387\u5c31\u662f\u5e02\u76c8\u7387\u7684\u5012\u6570\u3002<\/p>\n\n\n\n

\u4e5f\u8bb8\u4f60\u770b\u5230\u540e\u7684\u7b2c\u4e00\u53cd\u5e94\u662f\uff0c\u8fd9\u4e0d\u5c31\u662f\u5e02\u76c8\u7387\u5012\u8fc7\u6765\u5417\uff0c\u6709\u4ec0\u4e48\u597d\u8bb2\u7684\u3002\u771f\u8dd1\u8d77\u6765\u624d\u53d1\u73b0\uff0c\u5751\u90fd\u5728\u540e\u534a\u6bb5\u3002<\/p>\n\n\n\n

\u5e02\u76c8\u7387\u56de\u7b54\uff1a\u6211\u4e3a\u6bcf\u4e00\u5757\u94b1\u9884\u671f\u76c8\u5229\u4ed8\u591a\u5c11\u94b1\u3002\u8305\u53f0TTM\u5e02\u76c8\u738720.34\u500d\uff0c\u4e2d\u56fd\u5efa\u7b515.92\u500d\u3002\u7ffb\u8fc7\u6765\uff0c\u8305\u53f0\u7684\u76c8\u5229\u6536\u76ca\u73874.92%\uff0c\u4e2d\u5efa16.88%\u3002<\/p>\n\n\n\n

\u8fd9\u4e2a\u6570\u6700\u5927\u7684\u7528\u5904\uff0c\u662f\u628a\u4f30\u503c\u7ffb\u8bd1\u6210\u5e74\u5316\u6536\u76ca\u7387\uff0c\u80fd\u8ddf\u56fd\u503a\u76f4\u63a5\u6bd4\u3002\u62ff\u5fae\u8f6f\u4e3e\u4e2a\u4f8b\u5b50\uff0c\u80a1\u4ef7529.05\u7f8e\u5143\uff0c\u9884\u671f\u6bcf\u80a1\u76c8\u522923.72\u7f8e\u5143\uff0c\u5e02\u76c8\u738722.31\u500d\uff0c\u76c8\u5229\u6536\u76ca\u73874.48%\u3002<\/p>\n\n\n\n

\u4f46\u5b83\u6709\u4e2a\u5927\u76f2\u533a\uff0c\u9759\u6001\u3002\u5b83\u53ea\u770b\u672a\u676512\u4e2a\u6708\u3002\u7b2c\u4e8c\u5e74\u3001\u7b2c\u4e94\u5e74\u3001\u7b2c\u5341\u5e74\u7684\u4e8b\uff0c\u4e00\u6982\u4e0d\u7ba1\u3002<\/p>\n\n\n\n

\u4e8c\u3001\u589e\u957f\u7387\u7684\u90a3\u811a\u6cb9\u95e8<\/h2>\n\n\n\n

\u76c8\u5229\u6536\u76ca\u7387\u7ba1\u73b0\u5728\uff0c\u589e\u957f\u7387\u7ba1\u5c06\u6765\u3002\u53ef\u6301\u7eed\u589e\u957f\u7387\uff08Sustainable Growth Rate\uff09\u7b97\u7684\u662f\u4e00\u5bb6\u516c\u53f8\u4e0d\u9760\u5916\u90e8\u878d\u8d44\u3001\u5149\u9760\u5185\u751f\u80fd\u957f\u591a\u5feb\u3002<\/p>\n\n\n\n

\u516c\u5f0f\u4e00\u53e5\u8bdd\uff1a\u53ef\u6301\u7eed\u589e\u957f\u7387 = \u7559\u5b58\u7387 \u00d7 \u56de\u62a5\u7387\u3002<\/p>\n\n\n\n

\u7559\u5b58\u7387\u597d\u61c2\uff0c\u8d5a\u7684\u94b1\u4e0d\u5206\u7ea2\u3001\u7559\u5728\u8d26\u4e0a\u7ee7\u7eed\u6295\u7684\u6bd4\u4f8b\u3002\u56de\u62a5\u7387\u662f\u5173\u952e\uff0c\u7528\u54ea\u4e2a\u56de\u62a5\u7387\u6709\u4e2a\u5751\uff0c\u4e0b\u4e00\u8282\u8bf4\u3002<\/p>\n\n\n\n

\u5148\u770b\u7ed3\u679c\u3002\u8305\u53f0\u5206\u7ea2\u738779.80%\uff0c\u7559\u5b58\u738720.20%\uff0cROIC 42.66%\uff0c\u4e58\u51fa\u6765SGR 8.62%\u3002\u4e2d\u5efa\u5206\u7ea2\u738735.46%\uff0c\u7559\u5b58\u738764.54%\uff0cROIC 4.09%\uff0cSGR 2.64%\u3002<\/p>\n\n\n\n

\u7ffb\u8bd1\u6210\u4eba\u8bdd\uff1a\u8305\u53f0\u7684\u76c8\u5229\u6bcf8.4\u5e74\u7ffb\u4e00\u500d\uff0c\u4e2d\u5efa\u898126.6\u5e74\u3002<\/p>\n\n\n\n

\u4e09\u3001\u56de\u62a5\u7387\u4e3a\u4ec0\u4e48\u7528 ROIC \u4e0d\u7528 ROE<\/h2>\n\n\n\n

\u6559\u79d1\u4e66\u9ed8\u8ba4\u7528 ROE\uff08\u51c0\u5229\u6da6\/\u51c0\u8d44\u4ea7\uff09\u3002ROE \u6709\u4e09\u4e2a\u6bdb\u75c5\u3002<\/p>\n\n\n\n

\u7b2c\u4e00\uff0c\u503a\u52a1\u626d\u66f2\u3002<\/strong>ROE \u53ea\u770b\u80a1\u4e1c\u6743\u76ca\u3002\u516c\u53f8\u52a0\u6760\u6746\uff0c\u6743\u76ca\u76f8\u5bf9\u76c8\u5229\u7f29\u6c34\uff0cROE \u88ab\u62ac\u9ad8\u3002\u4e2d\u5efa\u662f\u5178\u578b\uff0c\u6709\u606f\u8d1f\u503a9468\u4ebf\uff0cROE 6.28%\uff0c\u6362\u6210 ROIC \u53ea\u52694.09%\u3002<\/p>\n\n\n\n

\u7b2c\u4e8c\uff0c\u73b0\u91d1\u6de4\u79ef\u3002<\/strong>\u8d26\u4e0a\u8db4\u7740\u5927\u91cf\u4f4e\u6536\u76ca\u73b0\u91d1\uff0c\u62c9\u4f4e\u7ecf\u8425\u6548\u7387\u3002ROIC \u516c\u5f0f\u91cc\u73b0\u91d1\u662f\u51cf\u9879\u3002\u8305\u53f0\u8d26\u4e0a535\u4ebf\u8d27\u5e01\u8d44\u91d1\uff0cROE 32.41%\uff0cROIC \u53cd\u800c42.66%\u3002<\/p>\n\n\n\n

\u6211\u7b2c\u4e00\u6b21\u7b97\u5b8c\u76ef\u7740\u8fd9\u4e24\u4e2a\u6570\u770b\u4e86\u597d\u51e0\u904d\u3002ROIC \u6bd4 ROE \u8fd8\u9ad8\uff1f\u540e\u6765\u624d\u60f3\u660e\u767d\uff0c\u8305\u53f0\u7684\u73b0\u91d1\u6bd4\u6709\u606f\u8d1f\u503a\u591a\u5f97\u591a\uff0c\u51cf\u5b8c\u73b0\u91d1\uff0c\u5206\u6bcd\u6bd4\u51c0\u8d44\u4ea7\u8fd8\u5c0f\u3002<\/p>\n\n\n\n

\u7b2c\u4e09\uff0c\u53e3\u5f84\u3002<\/strong>ROE \u7528\u51c0\u5229\u6da6\uff0c\u542b\u5229\u606f\u548c\u975e\u7ecf\u8425\u6027\u635f\u76ca\u3002ROIC \u7528 NOPAT\uff08\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\uff09\uff0c\u53ea\u770b\u4e3b\u4e1a\u3002<\/p>\n\n\n\n

NOPAT = EBIT \u00d7\uff081 – \u7a0e\u7387\uff09<\/p>\n\n\n\n

\u6295\u5165\u8d44\u672c = \u80a1\u4e1c\u6743\u76ca + \u603b\u503a\u52a1 – \u603b\u73b0\u91d1<\/p>\n\n\n\n

ROIC = NOPAT \/ \u6295\u5165\u8d44\u672c<\/p>\n\n\n\n

\u6ce8\u610f\uff0cROIC \u548c ROE \u8c01\u9ad8\u8c01\u4f4e\u6ca1\u6709\u5b9a\u8bba\uff0c\u5168\u770b\u8d44\u672c\u7ed3\u6784\u3002\u503a\u52a1\u6bd4\u73b0\u91d1\u591a\uff0cROIC \u4f4e\u4e8e ROE\uff1b\u73b0\u91d1\u6bd4\u503a\u52a1\u591a\uff0c\u53cd\u8fc7\u6765\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

ROE \u4e0e ROIC \u5bf9\u6bd4\uff0c\u8d44\u672c\u7ed3\u6784\u51b3\u5b9a\u8c03\u6574\u65b9\u5411<\/p>\n\n\n\n

\u56db\u3001Widget Corp\uff0c\u6211\u628a\u7b97\u4f8b\u9a8c\u4e86\u4e00\u904d<\/h2>\n\n\n\n

\u5148\u62ff\u4e00\u4e2a\u865a\u6784\u516c\u53f8 Widget Corp \u7684\u7b97\u4f8b\u8d70\u4e00\u904d\u3002\u7167\u7740\u516c\u5f0f\u91cd\u7b97\uff0c\u516d\u4e2a\u6570\u5b57\u80fd\u5168\u90e8\u5bf9\u4e0a\u3002<\/p>\n\n\n\n

\u6b65\u9aa4<\/th>\u8ba1\u7b97\u8fc7\u7a0b<\/th>\u7ed3\u679c<\/th><\/tr>
NOPAT<\/td>1\u4ebf \u00d7\uff081 – 20%\uff09<\/td>8000\u4e07<\/td><\/tr>
\u6295\u5165\u8d44\u672c<\/td>3\u4ebf + 5000\u4e07 – 2000\u4e07<\/td>3.3\u4ebf<\/td><\/tr>
ROIC<\/td>8000\u4e07 \/ 3.3\u4ebf<\/td>24.24%<\/td><\/tr>
\u5206\u7ea2\u7387<\/td>2\u7f8e\u5143 \/ 5\u7f8e\u5143<\/td>40%<\/td><\/tr>
\u7559\u5b58\u7387<\/td>1 – 40%<\/td>60%<\/td><\/tr>
SGR<\/td>60% \u00d7 24.24%<\/td>14.55%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u8425\u4e1a\u5229\u6da61\u4ebf\uff0c\u7a0e\u738720%\uff0cNOPAT 8000\u4e07\u3002\u80a1\u4e1c\u6743\u76ca3\u4ebf\uff0c\u603b\u503a\u52a15000\u4e07\uff0c\u603b\u73b0\u91d12000\u4e07\uff0c\u6295\u5165\u8d44\u672c3.3\u4ebf\u3002ROIC \u7b49\u4e8e8000\u4e07\u9664\u4ee53.3\u4ebf\uff0c24.24%\u3002\u9884\u671f\u6bcf\u80a1\u76c8\u52295\u7f8e\u5143\uff0c\u6bcf\u80a1\u5206\u7ea22\u7f8e\u5143\uff0c\u5206\u7ea2\u738740%\uff0c\u7559\u5b58\u738760%\u3002SGR \u7b49\u4e8e60%\u4e5824.24%\uff0c14.55%\u3002<\/p>\n\n\n\n

\u7b97\u4f8b\u4e0d\u96be\uff0c\u96be\u7684\u662f\u8bb0\u4f4f\u6bcf\u4e2a\u6570\u5b57\u7684\u6765\u8def\u3002\u8fd9\u6761\u94fe\u6211\u5728\u6587\u672b\u811a\u672c\u91cc\u4e00\u6b65\u4e00\u6b65\u90fd\u5199\u4e86\u6ce8\u91ca\u3002<\/p>\n\n\n\n

\u4e94\u3001A \u80a1\u4e09\u5bb6\uff0c\u6211\u8dd1\u51fa\u6765\u7684\u6570<\/h2>\n\n\n\n

\u5149\u770b\u7b97\u4f8b\u6ca1\u611f\u89c9\uff0c\u4e0a\u771f\u6570\u636e\u3002\u6211\u7528 akshare \u62c9\u4e86\u4e09\u5bb6\u3002\u53e3\u5f84\u662f\u5229\u6da6\u8868\u7528 TTM\uff082025\u5e74\u62a5\u51cf2025\u4e2d\u62a5\u52a02026\u4e2d\u62a5\uff09\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u75282026\u5e74\u4e2d\u62a5\uff0c\u80a1\u4ef7\u752810\u670819\u65e5\u6536\u76d8\u4ef7\uff0c\u80a1\u606f\u7528\u8fd112\u4e2a\u6708\u6d3e\u606f\u3002<\/p>\n\n\n\n

\u6307\u6807<\/th>\u8d35\u5dde\u8305\u53f0<\/th>\u5b81\u5fb7\u65f6\u4ee3<\/th>\u4e2d\u56fd\u5efa\u7b51<\/th><\/tr>
\u6536\u76d8\u4ef7\uff08\u5143\uff09<\/td>1324.97<\/td>267.02<\/td>4.54<\/td><\/tr>
TTM\u6bcf\u80a1\u6536\u76ca\uff08\u5143\uff09<\/td>65.14<\/td>18.37<\/td>0.77<\/td><\/tr>
\u5e02\u76c8\u7387\uff08\u500d\uff09<\/td>20.34<\/td>14.53<\/td>5.92<\/td><\/tr>
\u76c8\u5229\u6536\u76ca\u7387<\/td>4.92%<\/td>6.88%<\/td>16.88%<\/td><\/tr>
ROIC<\/td>42.66%<\/td>59.72%<\/td>4.09%<\/td><\/tr>
ROE<\/td>32.41%<\/td>22.41%<\/td>6.28%<\/td><\/tr>
\u5206\u7ea2\u7387<\/td>79.80%<\/td>19.54%<\/td>35.46%<\/td><\/tr>
\u7559\u5b58\u7387<\/td>20.20%<\/td>80.46%<\/td>64.54%<\/td><\/tr>
SGR<\/td>8.62%<\/td>48.05%<\/td>2.64%<\/td><\/tr>
\u76c8\u5229\u7ffb\u4e00\u500d\uff08\u5e74\uff09<\/td>8.4<\/td>1.8<\/td>26.6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\"\"
\u76c8\u5229\u6536\u76ca\u7387\u4e0e\u53ef\u6301\u7eed\u589e\u957f\u7387\u8c61\u9650\u56fe\uff0c\u4e09\u5bb6\u4f4d\u7f6e\u4e00\u76ee\u4e86\u7136<\/figcaption><\/figure>\n\n\n\n

\u8305\u53f0\u5728\u5de6\u4e0a\uff0c\u8d35\u4f46\u8f6c\u5f97\u5feb\u3002\u4e2d\u5efa\u5728\u53f3\u4e0b\uff0c\u4fbf\u5b9c\u4f46\u8f6c\u5f97\u6162\u3002\u5b81\u5fb7\u65f6\u4ee3\u5728\u66f4\u5de6\u4e0a\u7684\u4f4d\u7f6e\uff0c\u76c8\u5229\u6536\u76ca\u73876.88%\uff0c\u6a21\u578b\u7b97\u51fa\u6765\u7684SGR 48.05%\u3002<\/p>\n\n\n\n

\u6211\u4e00\u5f00\u59cb\u4ee5\u4e3a\u662f\u4ee3\u7801\u5199\u9519\u4e86\uff0c\u56de\u5934\u628a\u53e3\u5f84\u5bf9\u4e86\u4e00\u904d\u624d\u53d1\u73b0\uff0c\u662f\u6a21\u578b\u672c\u8eab\u7684\u4e8b\u3002<\/p>\n\n\n\n

48% \u8fd9\u4e2a\u6570\u5148\u6309\u4f4f\uff0c\u4e0b\u4e00\u8282\u8bf4\u5b83\u4e3a\u4ec0\u4e48\u4e0d\u80fd\u5168\u4fe1\u3002<\/p>\n\n\n\n

\u516d\u3001\u6a21\u578b\u5728\u54ea\u91cc\u4f1a\u574f<\/h2>\n\n\n\n

\u5148\u8bf4\u5b81\u5fb7\u3002SGR 48.05% \u7b49\u4e8e80.46%\u7559\u5b58\u7387\u4e5859.72% ROIC\u3002ROIC 59.72% \u600e\u4e48\u6765\u7684\uff1f\u5b81\u5fb7\u8d26\u4e0a\u8db4\u77403720\u4ebf\u8d27\u5e01\u8d44\u91d1\uff0c\u6295\u5165\u8d44\u672c\u88ab\u51cf\u5230\u53ea\u52691530\u4ebf\uff0c\u5206\u6bcd\u4e00\u5c0f\uff0cROIC \u5c31\u7206\u8868\u3002<\/p>\n\n\n\n

\u95ee\u9898\u5728\u4e8e\uff0c\u8fd93720\u4ebf\u5c06\u6765\u8981\u6295\u51fa\u53bb\u3002\u6295\u5230\u54ea\u3001\u4ec0\u4e48\u56de\u62a5\u7387\uff0c\u8bf4\u4e0d\u597d\u3002\u6a21\u578b\u5047\u8bbe\u7559\u5b58\u6536\u76ca\u6c38\u8fdc\u630959.72%\u6295\u51fa\u53bb\u3002\u89c4\u6a21\u8d8a\u5927\uff0c\u8fb9\u9645\u56de\u62a5\u8d8a\u4f4e\uff0c\u8fd9\u662f\u5e38\u8bc6\u3002<\/p>\n\n\n\n

\u4e0d\u8fc7\u6709\u4e00\u8bf4\u4e00\uff0c\u5b81\u5fb72026\u5e74\u4e2d\u62a5\u5f52\u6bcd\u51c0\u5229\u6da6\u540c\u6bd4\u6da8\u4e8642%\uff0c\u548c\u6a21\u578b\u768448%\u65b9\u5411\u4e00\u81f4\u3002\u6a21\u578b\u8fd9\u6b21\u8499\u5bf9\u4e86\u65b9\u5411\uff0c\u4f46\u6211\u66f4\u503e\u5411\u628a48%\u5f53\u4e0a\u9650\u770b\uff0c\u4e0d\u5f53\u9884\u671f\u3002<\/p>\n\n\n\n

\u518d\u8bf4\u8305\u53f0\u3002ROIC 42.66% \u770b\u7740\u6f02\u4eae\uff0c\u4f46\u8305\u53f02026\u5e74\u4e2d\u62a5\u5f52\u6bcd\u51c0\u5229\u6da6\u540c\u6bd4-1.9%\uff0c\u76c8\u5229\u5b9e\u9645\u662f\u5e73\u7684\u3002\u6a21\u578b\u7b97\u7684\u662f\u8d44\u672c\u518d\u6295\u8d44\u80fd\u529b\uff0c\u4e0d\u7ba1\u6709\u6ca1\u6709\u9700\u6c42\u3002\u8305\u53f0\u6709\u94b1\u6709\u56de\u62a5\u7387\uff0c\u4f46\u6295\u4e0d\u51fa\u53bb\uff0c\u53ea\u80fd\u5206\u7ea2\uff0c\u5206\u7ea2\u738779.80%\u3002<\/p>\n\n\n\n

\u8fd8\u6709\u4e2d\u5efa\u3002SGR 2.64% \u5047\u8bbe\u7559\u5b58\u6536\u76ca\u8fd8\u80fd\u63094.09%\u6295\u51fa\u53bb\uff0c\u4f46\u4e2d\u5efa2026\u5e74\u4e2d\u62a5\u5f52\u6bcd\u51c0\u5229\u6da6\u540c\u6bd4-24%\u3002\u76c8\u5229\u5728\u4e0b\u6ed1\uff0c\u6a21\u578b\u5374\u5047\u8bbe\u5b83\u80fd\u589e\u957f\u3002\u6a21\u578b\u4e0d\u4f1a\u7b97\u8d1f\u6570\uff0c\u8fd9\u662f\u5b83\u7684\u4e0b\u9650\u5931\u6548\u3002<\/p>\n\n\n\n

\u4e00\u53e5\u8bdd\uff0c\u6a21\u578b\u7b97\u7684\u662f\u4f9b\u7ed9\u7aef\uff0c\u4e0d\u7ba1\u9700\u6c42\u7aef\u3002<\/p>\n\n\n\n

\"\"
\u76c8\u5229\u6536\u76ca\u738715\u5e74\u8ffd\u5e73\u66f2\u7ebf\uff0c\u589e\u957f\u7f29\u5c0f\u4f30\u503c\u5dee\u4f46\u8ffd\u4e0d\u5e73<\/figcaption><\/figure>\n\n\n\n

\u518d\u770b\u65f6\u95f4\u7ef4\u5ea6\u3002\u5047\u8bbe\u4f30\u503c\u500d\u6570\u4e0d\u53d8\uff0c\u8305\u53f0\u7684\u76c8\u5229\u6536\u76ca\u738715\u5e74\u540e\u4f1a\u722c\u523017.0%\uff0c\u73b0\u5728\u662f4.92%\u3002\u4e2d\u5efa\u4f1a\u722c\u523025.0%\uff0c\u73b0\u5728\u662f16.88%\u3002\u4e24\u6761\u7ebf\u7ea622\u5e74\u540e\u624d\u76f8\u4ea4\u3002<\/p>\n\n\n\n

\u6240\u4ee5\u300c\u4f4e\u76c8\u5229\u6536\u76ca\u7387\u4e0d\u7b49\u4e8e\u8d35\u300d\u8fd9\u53e5\u8bdd\u8981\u8fd9\u4e48\u8bfb\uff0c\u8d35\u4e0d\u8d35\uff0c\u5f97\u6298\u7b97\u6210\u672a\u6765\u6536\u76ca\u7387\u518d\u5224\u65ad\u3002\u5b83\u6ca1\u627f\u8bfa\u8d35\u7684\u4f1a\u53d8\u4fbf\u5b9c\u3002\u8305\u53f015\u5e74\u4e5f\u6ca1\u8ffd\u4e0a\u4e2d\u5efa\uff0c\u4f46\u5b83\u7684\u76c8\u5229\u6536\u76ca\u7387\u53d8\u6210\u4e86\u539f\u6765\u7684\u4e09\u500d\u534a\u3002\u8fd9\u662f\u6cb9\u95e8\u7684\u4ef7\u503c\u3002<\/p>\n\n\n\n

\u4ee5\u4e0a\u662f\u666e\u901a\u8bfb\u8005\u7684\u90e8\u5206\uff0c\u770b\u61c2\u8fd9\u4e24\u4e2a\u6307\u6807\u5c31\u591f\u7528\u3002\u5f80\u4e0b\u662f\u52a8\u624b\u90e8\u5206\uff0c\u811a\u672c\u53ef\u4ee5\u76f4\u63a5\u6284\u3002<\/p>\n\n\n\n

\u4e03\u3001\u52a8\u624b\u533a\uff0c\u5b8c\u6574\u811a\u672c<\/h2>\n\n\n\n
# \u76c8\u5229\u6536\u76ca\u7387 + ROIC \u53ef\u6301\u7eed\u589e\u957f\u7387\uff0cA \u80a1\u7248\n# \u6570\u636e\uff1aakshare\uff08\u65b0\u6d6a\u8d22\u7ecf\u63a5\u53e3\uff09\uff0c2026-10-19\nimport akshare as ak\nimport pandas as pd\n\ndef analyze(symbol):\n    # \u5229\u6da6\u8868 TTM = 2025\u5e74\u62a5 - 2025\u4e2d\u62a5 + 2026\u4e2d\u62a5\n    p = ak.stock_financial_report_sina(stock=symbol, symbol=\"\u5229\u6da6\u8868\").set_index(\"\u62a5\u544a\u65e5\")\n    ebit = p.loc[\"20251231\", \"\u8425\u4e1a\u5229\u6da6\"] - p.loc[\"20250630\", \"\u8425\u4e1a\u5229\u6da6\"] + p.loc[\"20260630\", \"\u8425\u4e1a\u5229\u6da6\"]\n    profit = p.loc[\"20251231\", \"\u5229\u6da6\u603b\u989d\"] - p.loc[\"20250630\", \"\u5229\u6da6\u603b\u989d\"] + p.loc[\"20260630\", \"\u5229\u6da6\u603b\u989d\"]\n    tax = p.loc[\"20251231\", \"\u6240\u5f97\u7a0e\u8d39\u7528\"] - p.loc[\"20250630\", \"\u6240\u5f97\u7a0e\u8d39\u7528\"] + p.loc[\"20260630\", \"\u6240\u5f97\u7a0e\u8d39\u7528\"]\n    net = p.loc[\"20251231\", \"\u5f52\u5c5e\u4e8e\u6bcd\u516c\u53f8\u6240\u6709\u8005\u7684\u51c0\u5229\u6da6\"] - p.loc[\"20250630\", \"\u5f52\u5c5e\u4e8e\u6bcd\u516c\u53f8\u6240\u6709\u8005\u7684\u51c0\u5229\u6da6\"] + p.loc[\"20260630\", \"\u5f52\u5c5e\u4e8e\u6bcd\u516c\u53f8\u6240\u6709\u8005\u7684\u51c0\u5229\u6da6\"]\n    eff_tax = tax \/ profit\n\n    # \u8d44\u4ea7\u8d1f\u503a\u8868\uff082026\u4e2d\u62a5\uff09\n    b = ak.stock_financial_report_sina(stock=symbol, symbol=\"\u8d44\u4ea7\u8d1f\u503a\u8868\").set_index(\"\u62a5\u544a\u65e5\").loc[\"20260630\"]\n    equity = b[\"\u5f52\u5c5e\u4e8e\u6bcd\u516c\u53f8\u80a1\u4e1c\u6743\u76ca\u5408\u8ba1\"]\n    cash = b[\"\u8d27\u5e01\u8d44\u91d1\"]\n    debt = sum(b[c] for c in [\"\u77ed\u671f\u501f\u6b3e\", \"\u957f\u671f\u501f\u6b3e\", \"\u5e94\u4ed8\u503a\u5238\", \"\u4e00\u5e74\u5185\u5230\u671f\u7684\u975e\u6d41\u52a8\u8d1f\u503a\"] if pd.notna(b.get(c)))\n    shares = b[\"\u5b9e\u6536\u8d44\u672c(\u6216\u80a1\u672c)\"]\n\n    # \u80a1\u606f\uff08\u8fd112\u4e2a\u6708\u6d3e\u606f\uff0c\u5355\u4f4d\u5143\/10\u80a1\uff09\n    div = ak.stock_history_dividend_detail(symbol=symbol, indicator=\"\u5206\u7ea2\")\n    div[\"\u9664\u6743\u9664\u606f\u65e5\"] = pd.to_datetime(div[\"\u9664\u6743\u9664\u606f\u65e5\"])\n    dps = div[div[\"\u9664\u6743\u9664\u606f\u65e5\"] >= \"2025-10-19\"][\"\u6d3e\u606f\"].sum() \/ 10\n\n    # \u80a1\u4ef7\uff08\u524d\u590d\u6743\u6700\u65b0\u6536\u76d8\uff09\n    prefix = \"sh\" if symbol.startswith(\"6\") else \"sz\"\n    price = float(ak.stock_zh_a_daily(symbol=prefix + symbol, adjust=\"qfq\")[\"close\"].iloc[-1])\n\n    # \u6a21\u578b\n    nopat = ebit * (1 - eff_tax)\n    ic = equity + debt - cash\n    roic = nopat \/ ic\n    eps = net \/ shares\n    ey = eps \/ price\n    payout = dps \/ eps\n    sgr = (1 - payout) * roic\n    return dict(price=price, eps=eps, ey=ey, roic=roic, payout=payout, sgr=sgr)\n\nfor sym in [\"600519\", \"300750\", \"601668\"]:\n    r = analyze(sym)\n    print(f\"{sym}: P\/E {1\/r['ey']:.2f}x \u76c8\u5229\u6536\u76ca\u7387 {r['ey']:.2%} ROIC {r['roic']:.2%} \u5206\u7ea2\u7387 {r['payout']:.2%} SGR {r['sgr']:.2%}\")<\/code><\/pre>\n\n\n\n
\u53e3\u5f84\u8bf4\u660e\u3002TTM \u5229\u6da6\u8868\uff0c\u6700\u65b0\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u8fd112\u4e2a\u6708\u80a1\u606f\uff0c\u524d\u590d\u6743\u6536\u76d8\u4ef7\u3002\u6709\u606f\u8d1f\u503a\u7b49\u4e8e\u77ed\u671f\u501f\u6b3e\u52a0\u957f\u671f\u501f\u6b3e\u52a0\u5e94\u4ed8\u503a\u5238\u52a0\u4e00\u5e74\u5185\u5230\u671f\u975e\u6d41\u52a8\u8d1f\u503a\u3002\u73b0\u91d1\u53ea\u7b97\u8d27\u5e01\u8d44\u91d1\uff0c\u5b81\u5fb7\u7684\u4ea4\u6613\u6027\u91d1\u878d\u8d44\u4ea7\u6ca1\u7b97\uff0c\u7b97\u8fdb\u53bb ROIC \u8fd8\u4f1a\u53d8\u3002<\/p>\n\n\n\n
\u516b\u3001\u89c2\u70b9\u603b\u7ed3<\/h2>\n\n\n\n
\u8dd1\u5b8c\u8fd9\u4e00\u904d\uff0c\u6211\u5e0c\u671b\u5927\u5bb6\u548c\u6211\u4e00\u6837\u8bb0\u4f4f\u7684\u5c31\u4e00\u6761\uff0c\u5355\u4e2a\u6307\u6807\u90fd\u4f1a\u9a97\u4eba<\/strong>\u3002\u76c8\u5229\u6536\u76ca\u7387\u9a97\u4e00\u6b21\uff0c\u9759\u6001\u3002\u589e\u957f\u7387\u9a97\u4e00\u6b21\uff0c\u5047\u8bbe\u56de\u62a5\u7387\u6052\u5b9a\u3002ROE \u9a97\u4e00\u6b21\uff0c\u8d44\u672c\u7ed3\u6784\u5e7b\u89c9\u3002\u4e09\u4e2a\u4e00\u8d77\u770b\uff0c\u4e92\u76f8\u5236\u8861\u3002<\/p>\n\n\n\n
\u4f60\u53ef\u4ee5\u62ff\u81ea\u5df1\u7684\u6301\u4ed3\u7b97\u4e00\u904d\uff0c\u811a\u672c\u5728\u6587\u672b\uff0c\u6539\u4e2a\u80a1\u7968\u4ee3\u7801\u5c31\u80fd\u8dd1\u3002<\/p>\n\n\n\n
\u4f60\u7684\u6301\u4ed3\u91cc\uff0c\u76c8\u5229\u6536\u76ca\u7387\u548c SGR \u5dee\u8ddd\u6700\u5927\u7684\u90a3\u53ea\uff0c\u5dee\u8ddd\u6709\u591a\u5c11\uff1f\u6562\u5728\u8bc4\u8bba\u533a\u62a5\u4e2a\u6570\u5417\uff1f<\/p>\n\n\n\n
\u89c9\u5f97\u6709\u7528\u7684\u8bdd\uff0c\u628a\u8fd9\u7bc7\u8f6c\u7ed9\u540c\u6837\u5728\u641e\u91cf\u5316\u7684\u670b\u53cb\u3002<\/p>\n\n\n\n
\n\n\n\n
#\u76c8\u5229\u6536\u76ca\u7387<\/a> #\u53ef\u6301\u7eed\u589e\u957f\u7387<\/a> #ROIC<\/a> #\u4f30\u503c\u6a21\u578b<\/a> #\u91cf\u5316\u9009\u80a1<\/a> #\u8d35\u5dde\u8305\u53f0<\/a> #\u4e2d\u56fd\u5efa\u7b51<\/a> #\u5b81\u5fb7\u65f6\u4ee3<\/a> #akshare<\/a> #Python\u91cf\u5316<\/a> #\u4ef7\u503c\u6295\u8d44<\/a> #\u8d22\u62a5\u5206\u6790<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
\u4f5c \u8005\uff1a\u8001\u4f59\u635e\u9c7c \u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005…<\/p>\n
Continue reading\u4e3a\u4ec0\u4e48\u4fbf\u5b9c\u7684\u80a1\u7968\u4e00\u76f4\u4fbf\u5b9c\uff0c\u8d35\u7684\u80a1\u7968\u4e00\u76f4\u8d35<\/span><\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[17,4,5,6],"class_list":["post-5092","post","type-post","status-publish","format-standard","hentry","category-aiinvest","tag-ai","tag-6","entry"],"_links":{"self":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts\/5092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/comments?post=5092"}],"version-history":[{"count":1,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts\/5092\/revisions"}],"predecessor-version":[{"id":5098,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts\/5092\/revisions\/5098"}],"wp:attachment":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/media?parent=5092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/categories?post=5092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/tags?post=5092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}