市值管理的两把刷子：
内升增长 × 外延并购

flowchart LR
    A["运营效率
总资产周转率"] --> B["资本效率
ROIC"]
    B --> C["盈利能力
ROE · 营业利润增长率"]
    C --> D["股东回报
股息率"]
    D --> E["估值中枢
行业PE · Beta"]

    style A fill:#1a1a3e,stroke:#42A4B6,color:#e8e8f0
    style B fill:#1a1a3e,stroke:#42A4B6,color:#e8e8f0
    style C fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style D fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style E fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
        

flowchart TD
    GROW["内升增长"] --> G1["生产服务效率提升"]
    GROW --> G2["供应链管理能力提升"]
    GROW --> G3["产品竞争力提升"]
    GROW --> G4["销售与组织效能提升"]

    G1 --> M1["ROIC
营业利润增长率
总资产周转率"]
    G2 --> M2["ROIC
营业利润增长率
总资产周转率"]
    G3 --> M3["营业利润增长率
净利润增长率
行业PE"]
    G4 --> M4["净利润增长率
ROE
资产负债率"]

    style GROW fill:#1a1a3e,stroke:#42A4B6,color:#e8e8f0,font-weight:bold
    style G1 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style G2 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style G3 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style G4 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style M1 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
    style M2 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
    style M3 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
    style M4 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
        

flowchart TD
    MA["外延并购"] --> E1["供应链并购"]
    MA --> E2["生产效率并购"]
    MA --> E3["产品竞争力并购"]
    MA --> E4["渠道及市场并购"]
    MA --> E5["产能并购"]

    E1 --> N1["ROIC
营业利润增长率"]
    E2 --> N2["ROIC
净利润增长率"]
    E3 --> N3["营业利润增长率
行业PE"]
    E4 --> N4["ROIC
总资产周转率"]
    E5 --> N5["净利润增长率
ROE"]

    style MA fill:#1a1a3e,stroke:#42A4B6,color:#e8e8f0,font-weight:bold
    style E1 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style E2 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style E3 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style E4 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style E5 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style N1 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
    style N2 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
    style N3 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
    style N4 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
    style N5 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
        

flowchart LR
    S1["① 战略筛选
赛道大·增长快
可被改善"] --> S2["② 协同尽调
Gemba Walk
现场诊断"]
    S2 --> S3["③ 整合团队
IMO派驻
人先到位"]
    S3 --> S4["④ 百日计划
90天密集改善
导入体系"]
    S4 --> S5["⑤ 文化融合
3-5年渗透
自循环"]

    style S1 fill:#1a1a3e,stroke:#42A4B6,color:#e8e8f0
    style S2 fill:#1a1a3e,stroke:#42A4B6,color:#e8e8f0
    style S3 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style S4 fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style S5 fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0
        

flowchart TD
    IN["① 内升积累能力
6-12个月夯实主业
练出经营体系"] --> EX["② 外延放大规模
带着体系去并购
复制管理能力"]
    EX --> EM["③ 赋能被投企业
DBS导入·百日计划
文化融合"]
    EM --> FB["④ 反哺内升经验
飞轮加速"]

    IN --> EM
    FB --> IN

    style IN fill:#1a1a3e,stroke:#42A4B6,color:#e8e8f0
    style EX fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style EM fill:#1a1a3e,stroke:#5fc4d6,color:#e8e8f0
    style FB fill:#1a1a3e,stroke:#7dd5e8,color:#e8e8f0