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价值股。净资产收益率每年>10 2010年1月22日

2020-06-20 分类： E大网易博客 阅读(309)

这是帕特.多尔西在晨星公司研究部寻找护城河的方法：寻找过往一段时期ROIC超过15%的企业，作为筛选对象。

 

过往2003年-至今ROIC超过10%的公司（15%是个苛刻的指标）

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2009200820072006200520042003
000423.SZ东阿阿胶13.091121.73317.619813.568910.390313.501610.6669
000538.SZ云南白药11.746918.326621.172121.678223.210721.416616.2505
000550.SZ江铃汽车17.672120.41622.486119.75716.303713.63916.1693
000651.SZ格力电器12.083521.063518.689813.474310.048611.065513.7704
000858.SZ五粮液18.490817.286316.474614.877811.26713.070212.2868
000895.SZ双汇发展24.702930.221626.202222.477318.513114.973113.2705
001696.SZ宗申动力16.876119.596323.408921.885421.588623.950813.9901
002003.SZ伟星股份11.045616.800616.84313.731710.376510.827813.2061
002022.SZ科华生物22.961729.32726.365519.233715.376516.703724.3689
002028.SZ思源电气13.587815.664217.915320.64317.936118.313532.7913
600123.SH兰花科创13.374825.25212.908417.687222.102217.931312.2997
600271.SH航天信息15.172418.377217.924916.151212.252611.561933.3019
600309.SH烟台万华11.573824.548629.819222.007119.764322.119523.4363
600348.SH国阳新能20.807832.040114.633321.315917.586211.960710.7503
600406.SH国电南瑞15.158712.113115.38814.26114.103712.902414.0803
600519.SH贵州茅台30.07338.928139.483526.955722.413319.925817.5428
600845.SH宝信软件16.479121.960221.311616.564913.816112.92915.0255
600971.SH恒源煤电12.910115.470212.617714.826916.737620.884516.3854

 

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过往2004年至今ROIC超过10%公司

——————————————————————————————————————



200920082007200620052004
000423.SZ东阿阿胶13.091121.73317.619813.568910.390313.5016
000538.SZ云南白药11.746918.326621.172121.678223.210721.4166
000550.SZ江铃汽车17.672120.41622.486119.75716.303713.639
000651.SZ格力电器12.083521.063518.689813.474310.048611.0655
000792.SZ盐湖钾肥25.521337.087227.532423.386816.452610.615
000858.SZ五粮液18.490817.286316.474614.877811.26713.0702
000869.SZ张裕A28.068837.489529.952519.796916.506911.8592
000895.SZ双汇发展24.702930.221626.202222.477318.513114.9731
000983.SZ西山煤电14.755234.197312.992412.636413.878811.3099
001696.SZ宗申动力16.876119.596323.408921.885421.588623.9508
002003.SZ伟星股份11.045616.800616.84313.731710.376510.8278
002022.SZ科华生物22.961729.32726.365519.233715.376516.7037
002028.SZ思源电气13.587815.664217.915320.64317.936118.3135
002051.SZ中工国际11.027714.816912.384813.724916.945914.4146
002065.SZ东华软件12.405818.698113.949816.958128.157627.8849
002081.SZ金螳螂16.790821.468316.23418.500228.74831.7404
002091.SZ江苏国泰13.618917.795111.731213.022212.793211.7152
002093.SZ国脉科技12.308715.326113.981412.299915.473216.8927
002096.SZ南岭民爆14.90211.423911.292113.394213.976314.1965
002104.SZ恒宝股份11.049316.136212.797312.408420.997920.52
002117.SZ东港股份10.190610.388911.619516.229619.531519.6819
002123.SZ荣信股份10.782317.918321.61234.555432.667913.9717
002140.SZ东华科技11.374813.927316.451223.711821.602318.6858
002152.SZ广电运通15.218724.894931.818531.87518.953218.3028
002153.SZ石基信息13.938624.412830.417546.725639.381628.3923
002154.SZ报喜鸟11.738916.307919.10319.428715.789815.5088
002177.SZ御银股份10.15410.217715.8525.283914.768318.5512
002187.SZ广百股份10.219315.167617.477423.084820.289114.0484
002194.SZ武汉凡谷11.625317.33320.204338.096434.640231.4456
002202.SZ金风科技14.469817.771225.97247.072230.448318.3663
002215.SZ诺普信17.914221.824228.134922.4315.273315.3196
002261.SZ拓维信息11.199621.304139.993839.887534.904420.8032
002281.SZ光迅科技11.637220.923.347916.753612.534810.1064
600123.SH兰花科创13.374825.25212.908417.687222.102217.9313
600271.SH航天信息15.172418.377217.924916.151212.252611.5619
600309.SH烟台万华11.573824.548629.819222.007119.764322.1195
600348.SH国阳新能20.807832.040114.633321.315917.586211.9607
600406.SH国电南瑞15.158712.113115.38814.26114.103712.9024
600508.SH上海能源12.162925.082814.289612.413212.181315.1891
600519.SH贵州茅台30.07338.928139.483526.955722.413319.9258
600582.SH天地科技13.711825.108327.141522.013316.7311.358
600809.SH山西汾酒22.816817.721229.625324.642613.960310.1373
600845.SH宝信软件16.479121.960221.311616.564913.816112.929
600971.SH恒源煤电12.910115.470212.617714.826916.737620.8845
601666.SH平煤股份11.300129.483317.382120.182332.327434.4499
601699.SH潞安环能15.534736.67621.104627.402730.698620.4419

 

 

因为ROIC是包含了有息负债，所以比ROE更好的剔除了财务杠杆的影响。不过ROE仍是个可以看看的指标：

 

以下是2002年至今每年ROE均超过15%的企业：

——————————————————————————————————



20092008200720062005200420032002
000157.SZ中联重科25.3330.878636.746620.930417.925523.625718.656715.28
000550.SZ江铃汽车16.8619.3621.5219.8517.2415.4119.8715.77
000651.SZ格力电器22.126.7922.5620.1818.7217.2415.5316.17
001696.SZ宗申动力18.0218.7319.3826.4627.8731.3226.0715.34
002024.SZ苏宁电器18.4824.7331.6923.3529.9921.8138.7438.87
600309.SH烟台万华17.8231.3437.7533.3434.7331.2624.0921.09
600971.SH恒源煤电31.1218.8617.8219.5920.3819.4222.4427.53

 

这个指标太苛刻了，不妨放宽些，以下是2002年至今每年ROE均超过10%的企业：

 

——————————————————————————————————————————————

 



20092008200720062005200420032002
000022.SZ深赤湾A11.7123.3325.6727.3327.6928.9220.9215.46
000157.SZ中联重科25.3330.878636.746620.930417.925523.625718.656715.28
000423.SZ东阿阿胶10.7720.4316.8314.1210.7813.1310.9711.05
000528.SZ柳工14.912.8824.2519.0112.9216.2722.2916.23
000538.SZ云南白药12.1314.842526.2328.0225.4819.4720.2
000550.SZ江铃汽车16.8619.3621.5219.8517.2415.4119.8715.77
000651.SZ格力电器22.126.7922.5620.1818.7217.2415.5316.17
000858.SZ五粮液17.0515.9115.3514.1710.7512.6111.711.56
000895.SZ双汇发展23.6329.2225.822.7520.5417.1415.6814.17
000933.SZ神火股份12.2639.2642.521.6730.5823.9414.0310.52
001696.SZ宗申动力18.0218.7319.3826.4627.8731.3226.0715.34
002003.SZ伟星股份13.9616.1321.5715.213.9110.620.8918.28
002004.SZ华邦制药11.5511.7930.8312.9712.1812.5927.6137.05
002010.SZ传化股份14.313.1214.416.0516.7413.8528.5934.21
002022.SZ科华生物22.6527.0225.719.8516.5612.8435.6735.32
002024.SZ苏宁电器18.4824.7331.6923.3529.9921.8138.7438.87
002028.SZ思源电气12.5316.1115.2931.3619.1513.230.6128.41
002050.SZ三花股份13.4421.4511.1710.911.5727.5223.2716.53
600000.SH浦发银行15.8230.0319.4313.5716.0114.2913.0416.15
600016.SH民生银行17.1114.6312.6219.8517.4815.7914.4214.85
600031.SH三一重工21.6521.1133.9521.0510.4217.1719.144.53
600033.SH福建高速13.3619.8817.414.5212.9312.5310.6510.11
600036.SH招商银行14.9526.5122.4212.8815.9315.0612.2110.82
600066.SH宇通客车17.7731.6314.1817.714.5212.0211.6310.86
600177.SH雅戈尔14.5617.5715.7316.614.8616.3115.7118.54
600271.SH航天信息14.8718.0517.3715.6712.7812.2222.7147.61
600309.SH烟台万华17.8231.3437.7533.3434.7331.2624.0921.09
600348.SH国阳新能24.131.4614.9222.4221.915.6110.6628.59
600352.SH浙江龙盛12.9114.914.2617.216.3816.8915.2634.06
600508.SH上海能源13.9626.9117.9518.4719.4119.3510.5811.54
600519.SH贵州茅台27.1733.7934.3825.5121.9719.6817.0613.21
600561.SH江西长运12.3113.0712.4410.7711.6610.8710.5911.04
600616.SH金枫酒业11.4223.0219.8721.4527.7822.4619.5610.1
600729.SH重庆百货12.319.7214.3413.0212.813.0113.3615.02
600845.SH宝信软件18.5222.6320.7916.6915.2913.1415.0717.38
600880.SH博瑞传播15.7118.8214.9519.0517.0218.5417.5118.53
600970.SH中材国际26.2229.6925.9115.6112.1325.2921.7920.34
600971.SH恒源煤电31.1218.8617.8219.5920.3819.4222.4427.53
600997.SH开滦股份12.9219.220.6718.0917.8613.4518.8618.29
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