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<p>2024年5月22日,茅台发布“贵州茅台2023年度股东大会会议资料”,里面包含了“2024 年度财务预算”。</p>
<p>预算表示,总收入预计增长15%,营业成本增长15%,费用增长13%。</p>
<p>24年年报刚出时,全部以15%预估全年利润,参见 <a href="/2024/04/14/茅台2023年年报/">茅台2023年年报</a></p>
<p>此处仅需调整费用的增长率,带来的变化就是859变为861,基本可认为误差范围内,无需修改。</p>
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<time title="创建时间:2024-04-14 19:36:02 / 修改时间:19:40:31" itemprop="dateCreated datePublished" datetime="2024-04-14T19:36:02+08:00">2024-04-14</time>
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<h1 id="2023年核心数据"><a href="#2023年核心数据" class="headerlink" title="2023年核心数据"></a>2023年核心数据</h1><p>营业总收入1477亿,同比增长19%。</p>
<p>归母净利747亿,同比增长19%。</p>
<p>分红388亿,利润的51.9%,折合每股分红30.876元。</p>
<h2 id="细分"><a href="#细分" class="headerlink" title="细分"></a>细分</h2><p>23年总营收1506亿,构成</p>
<ol>
<li>营业收入1477亿<ol>
<li>白酒,1472亿<ol>
<li>茅台酒,1266</li>
<li>系列酒,206</li>
</ol>
</li>
<li>酒店、冰淇淋等,5亿</li>
</ol>
</li>
<li>财务公司利息收入29亿<ol>
<li>股份占比51%</li>
</ol>
</li>
</ol>
<p>渠道细分<br>1472亿 = 直销672亿 + 批发800亿</p>
<p>地区细分<br>1472亿 = 国内1429亿 + 国外44亿</p>
<h1 id="2024年利润预测"><a href="#2024年利润预测" class="headerlink" title="2024年利润预测"></a>2024年利润预测</h1><table>
<thead>
<tr>
<th>科目</th>
<th>2023年</th>
<th>2024年预测</th>
<th>备注</th>
</tr>
</thead>
<tbody><tr>
<td>营业总收入</td>
<td>1506</td>
<td>1732</td>
<td>目标增长15%</td>
</tr>
<tr>
<td>营业收入</td>
<td>1477</td>
<td></td>
<td></td>
</tr>
<tr>
<td>利息收入</td>
<td>29</td>
<td></td>
<td></td>
</tr>
<tr>
<td>营业成本</td>
<td>119</td>
<td>137</td>
<td>按增长15%估计</td>
</tr>
<tr>
<td>税金及附加</td>
<td>222</td>
<td>255</td>
<td>按增长15%估计</td>
</tr>
<tr>
<td>销售、管理费用</td>
<td>145</td>
<td>167</td>
<td>按增长15%估计</td>
</tr>
<tr>
<td>财务费用</td>
<td>-18</td>
<td>-18</td>
<td>不变</td>
</tr>
<tr>
<td>营业利润</td>
<td>1037</td>
<td>1191</td>
<td></td>
</tr>
<tr>
<td>所得税</td>
<td>261</td>
<td>300</td>
<td></td>
</tr>
<tr>
<td>净利润</td>
<td>775</td>
<td>891</td>
<td></td>
</tr>
<tr>
<td>归母净利</td>
<td>747</td>
<td>859</td>
<td></td>
</tr>
</tbody></table>
<h1 id="估值"><a href="#估值" class="headerlink" title="估值"></a>估值</h1><p>860亿净利润,30倍市盈率,合理估值860 * 30 = 25800亿。</p>
<p>三年后估值:</p>
<p>24年归母净利增长15%到860,25年接近1000亿,26年继续按15%增长到1150亿。按30市盈率,估值大概1150 * 30=34500亿。</p>
<p>理想买点,三年后估值打对折,17250亿。</p>
<p>理想买点,当年50倍市盈率,860 * 50 = 43000亿。</p>
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<h1 id="核心数据"><a href="#核心数据" class="headerlink" title="核心数据"></a>核心数据</h1><p>(全文无特殊说明,金额均指人民币,单位亿元)</p>
<p>营业收入,6090亿,去年5546,同比增长10%</p>
<p>非国际归母净利,1577亿,去年1156,同比增长36%</p>
<h2 id="收入细分"><a href="#收入细分" class="headerlink" title="收入细分"></a>收入细分</h2><p>腾讯的收入主要由增值服务、网络广告、金融科技及企业服务三大板块组成,三块业务收入贡献占99%,具体如下</p>
<table>
<thead>
<tr>
<th>板块</th>
<th>金额</th>
<th>占比</th>
<th>增长</th>
</tr>
</thead>
<tbody><tr>
<td>增值服务</td>
<td>2984</td>
<td>49%</td>
<td>4%</td>
</tr>
<tr>
<td>广告</td>
<td>1015</td>
<td>17%</td>
<td>23%</td>
</tr>
<tr>
<td>金融科技及企业服务</td>
<td>2038</td>
<td>33%</td>
<td>15%</td>
</tr>
</tbody></table>
<h3 id="增值服务"><a href="#增值服务" class="headerlink" title="增值服务"></a>增值服务</h3><p>增值服务同比增长4%,至2984亿。</p>
<table>
<thead>
<tr>
<th>分类</th>
<th>金额</th>
<th>占比</th>
<th>增长</th>
<th>备注</th>
</tr>
</thead>
<tbody><tr>
<td>游戏</td>
<td>1799</td>
<td>60%</td>
<td>5%</td>
<td></td>
</tr>
<tr>
<td>- 国内</td>
<td>1267</td>
<td></td>
<td>2%</td>
<td></td>
</tr>
<tr>
<td>- 国际</td>
<td>532</td>
<td></td>
<td>14%</td>
<td>剔除汇率,增长8%</td>
</tr>
<tr>
<td>社交网络</td>
<td>1185</td>
<td>40%</td>
<td>1%</td>
<td></td>
</tr>
<tr>
<td>- 会员</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>- 直播</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>总计</strong></td>
<td>2984</td>
<td>100%</td>
<td>4%</td>
<td></td>
</tr>
</tbody></table>
<h3 id="广告"><a href="#广告" class="headerlink" title="广告"></a>广告</h3><p>网络广告同比增长23%,至1015亿。</p>
<p>主要由视频号、微信搜一搜和广告平台升级带动。</p>
<p>分行业,汽车行业减少,其他行业增加;消费品、互联网、大健康显著增加。</p>
<h3 id="金融科技及企业服务"><a href="#金融科技及企业服务" class="headerlink" title="金融科技及企业服务"></a>金融科技及企业服务</h3><p>金融科技及企业服务同比增长15%,至2038亿。</p>
<p>金融科技增长两位数,主要由支付活动增加和理财服务收入增加所带动。</p>
<p>企业服务增长两位数,主要由视频号带货服务费和云服务所带动。</p>
<h2 id="其他"><a href="#其他" class="headerlink" title="其他"></a>其他</h2><h3 id="成本"><a href="#成本" class="headerlink" title="成本"></a>成本</h3><p>成本3159,总体持平;其中交易成本和渠道及分销成本增加,带宽与服务器成本及内容成本下降。</p>
<p>交易成本: todo</p>
<p>渠道及分销成本: 如推广游戏,像元梦之星的各种广告、直播推广等。</p>
<p>带宽与服务器成本及内容成本: 如腾讯视频、腾讯音乐等,缩减投入,降低版权购买数量,同时这些业务又是服务器、带宽的消耗大户,自然带来成本下降。</p>
<h3 id="毛利"><a href="#毛利" class="headerlink" title="毛利"></a>毛利</h3><p>毛利2931,增长23%,毛利率由43%提升至48%。</p>
<p>毛利的变化代表收入结构的变化。由毛利率低的(音乐直播、游戏直播)向毛利率高的(视频号广告、平台服务费)转移。</p>
<table>
<thead>
<tr>
<th>板块</th>
<th>金额</th>
<th>毛利率</th>
</tr>
</thead>
<tbody><tr>
<td>增值服务</td>
<td>1619</td>
<td>54%</td>
</tr>
<tr>
<td>广告</td>
<td>513</td>
<td>51%</td>
</tr>
<tr>
<td>金融科技及企业服务</td>
<td>806</td>
<td>40%</td>
</tr>
<tr>
<td>其他</td>
<td>-790</td>
<td>-15%</td>
</tr>
<tr>
<td><strong>总计</strong></td>
<td>2931</td>
<td>48%</td>
</tr>
</tbody></table>
<h1 id="重要事项"><a href="#重要事项" class="headerlink" title="重要事项"></a>重要事项</h1><h2 id="2024年计划回购1000亿港元"><a href="#2024年计划回购1000亿港元" class="headerlink" title="2024年计划回购1000亿港元"></a>2024年计划回购1000亿港元</h2><blockquote>
<p>於二零二四年,我們建議派發截至二零二三年十二月三十一日 止年度的股息每股3.40港元(約等於 3 320億港元),增長42%,並計劃將我們的股份 回購規模至少翻倍,從二零二三年的490億港元增加至二零二四年的超1,000億港元。</p>
</blockquote>
<p>在股价低于实际价值时回购,能够增加投资人的权益。</p>
<h2 id="2024年派息322亿港元"><a href="#2024年派息322亿港元" class="headerlink" title="2024年派息322亿港元"></a>2024年派息322亿港元</h2><p>2023年每股3.4港元,2022年为2.4港元。总股本94.62亿。</p>
<p>预计2023年流程分红现金3.4*94.62=322亿港元</p>
<h2 id="财务报表重排"><a href="#财务报表重排" class="headerlink" title="财务报表重排"></a>财务报表重排</h2><blockquote>
<p>若干項目已自經營盈利以上重新分類至經營盈利以下,且前期的比較數字已相應重列。詳見綜合財務報表附註1</p>
</blockquote>
<blockquote>
<p>截至二零二三年十二月三十一日止年度,本集團綜合收益表中若干項目已被重新分類。先前在 「其他收益╱(虧損)淨額」中的若干項目被重新分類至「投資收益╱(虧損)淨額及其他」,包括 (i)以權益法入賬的投資的減值撥備;(ii)商譽及業務合併產生的其他無形資產的減值撥備;(iii) 處置及視同處置投資公司的收益淨額;(iv)投資產生的公允價值變動及股息收入;(v)捐款及其 他。「投資收益╱(虧損)淨額及其他」以及「利息收入」呈列於「經營盈利」以下。管理層認為,該 等修訂後的綜合收益表呈列能更好地反映本集團日常運營的業績及投資活動相關的收入及收益 ╱虧損的財務影響,將有助於綜合財務報表使用者更好地了解本集團的財務表現。二零二二年 的比較數字已重列以與本年呈列一致。</p>
</blockquote>
<p>年报P34表格。<br>简略如下</p>
<table>
<thead>
<tr>
<th></th>
<th align="center">移动</th>
<th align="center">移动</th>
</tr>
</thead>
<tbody><tr>
<td>……</td>
<td align="center"></td>
<td align="center"></td>
</tr>
<tr>
<td><strong>毛利</strong></td>
<td align="center"></td>
<td align="center"></td>
</tr>
<tr>
<td>利息收入</td>
<td align="center"></td>
<td align="center">↓</td>
</tr>
<tr>
<td>……</td>
<td align="center"></td>
<td align="center">↓</td>
</tr>
<tr>
<td>其他收益(中的部分)</td>
<td align="center">↓</td>
<td align="center">↓</td>
</tr>
<tr>
<td><strong>经营利润</strong></td>
<td align="center">↓</td>
<td align="center">↓</td>
</tr>
<tr>
<td>投资收益</td>
<td align="center">←</td>
<td align="center">↓</td>
</tr>
<tr>
<td>利息收入</td>
<td align="center"></td>
<td align="center">←</td>
</tr>
<tr>
<td>……</td>
<td align="center"></td>
<td align="center"></td>
</tr>
</tbody></table>
<p>重排后,利息收入和投资收益,不再算作经营盈利,更多象征着腾讯不再将其认定为主业。</p>
<h1 id="估值"><a href="#估值" class="headerlink" title="估值"></a>估值</h1><p>2023年归母净利1577,不考虑疫情恢复,不考虑收入结构,不考虑毛利率、净利率比收入增长率高,归母净利按收入增速10%计算,三年后2026年归母净利可达1577 * 1.1^3 = 2100亿</p>
<p>无风险收益率按3%-4%,合理市盈率25-30倍,对应合理市值为 2100 * (25 + 30) / 2 = 57750亿</p>
<p>目前20240-03-24,市值27327亿港元,25255亿人民币,不到3年后合理市值的一半,在理想买点以下。</p>
<p>2024年卖点,2023年利润的50倍,1577 * 50 = 78850,对应股价900港元;哪怕是40倍,市值也要6万亿以上,对应股价720+港元。</p>
<p>美梦做起来吧。</p>
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<h3 id="引言"><a href="#引言" class="headerlink" title="引言"></a>引言</h3><p>在计算机中,程序和数据并没有一个明显的分界线。数据可以被当作程序执行,程序也可以作为数据使用。</p>
<p>前者,很多语言提供了<code>eval</code>功能,将一段数据作为代码执行,比如JavaScript</p>
<figure class="highlight javascript"><table><tr><td class="gutter"><pre><span class="line">1</span><br></pre></td><td class="code"><pre><span class="line"><span class="built_in">eval</span>(<span class="string">"alert(1)"</span>)</span><br></pre></td></tr></table></figure>
<p>这里我们主要说一下后者。</p>
<p>假设有一门语言,它可以定义函数,调用函数,但没有提供基础的数字类型,我们要如何使用函数来实现数字这一特性。</p>
<p>为了实现这个特性,我们要对这个特性有个初步的了解。</p>
<p>也就是,什么是数字?</p>
<p>在日常生活中,我们可以说,我有3个苹果、他打了我2下、口袋里空空如也1块钱也没有等等。</p>
<p>我们把数字作为计数的一个东西(循环定义?),换句话说是某一个东西(上述苹果)或某个动作(打人)的重复。</p>
<p>3个苹果就是有一个苹果,又有一个苹果,还有一个苹果;</p>
<p>打人2下,就是打一下,再打一下;</p>
<p>0就是空空如也,口袋没钱或者没执行打人这个动作。</p>
<p>如果一种语言可以定义函数、调用函数,那我们就可以通过定义一个函数,然后再调用这个函数表示数字,调用这个函数n次就代表数字n。</p>
<blockquote>
<p>这种程序表示数字的方式叫邱奇编码,数字叫邱奇数。以lambda演算的发明者阿隆佐·邱奇命名。</p>
</blockquote>
<h3 id="定义数字"><a href="#定义数字" class="headerlink" title="定义数字"></a>定义数字</h3><p>邱奇数就是函数被调用的次数。</p>
<p>为了使函数可以被调用多次,我们让这个函数调用的返回值能够被重新应用于这个函数。</p>
<p>换句话说,这个函数的参数和返回值的类型是相同的。</p>
<p>比如定义函数f,函数参数为a</p>
<p>那1就是<code>f(a)</code>,2就是<code>f(f(a))</code>,以此类推。</p>
<p>对于0,就是函数f,一次也没被调用。</p>
<p>没被调用怎么表示?</p>
<p>我们需要注意的是,数字是函数被调用的次数,在数字被使用前,函数是不能被调用的,否则调用完了数据也就看不到了。</p>
<p>有点像上发条的玩具,定义一个数字就是给玩具上好适当的发条,使用这个数字时,就是打开开关,玩这个玩具看被上了多少发条。</p>
<p>也就是说1,实际上是——接受一个函数和此函数的参数,并将这个参数应用到这个函数上。是一个动作,也是一个函数。</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br><span class="line">3</span><br><span class="line">4</span><br><span class="line">5</span><br></pre></td><td class="code"><pre><span class="line"><span class="title">one</span> = \f a -> f a</span><br><span class="line"></span><br><span class="line"><span class="comment">--two = \f a -> f (f a)</span></span><br><span class="line"><span class="comment">--two = \f a -> f . f a</span></span><br><span class="line"><span class="title">two</span> = \f -> f . f</span><br></pre></td></tr></table></figure>
<p>另外一种语言,比如js写就是</p>
<figure class="highlight javascript"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br><span class="line">3</span><br><span class="line">4</span><br><span class="line">5</span><br><span class="line">6</span><br><span class="line">7</span><br></pre></td><td class="code"><pre><span class="line"><span class="keyword">var</span> one = <span class="function"><span class="keyword">function</span>(<span class="params">f, a</span>) </span>{</span><br><span class="line"> <span class="keyword">return</span> f(a)</span><br><span class="line">}</span><br><span class="line"></span><br><span class="line"><span class="keyword">var</span> two = <span class="function"><span class="keyword">function</span>(<span class="params">f, a</span>) </span>{</span><br><span class="line"> <span class="keyword">return</span> f(f(a))</span><br><span class="line">}</span><br></pre></td></tr></table></figure>
<p>既然如此,0就是</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br></pre></td><td class="code"><pre><span class="line"><span class="title">zero</span> = \f a -> a</span><br></pre></td></tr></table></figure>
<p>传进的函数f,被忽略</p>
<h3 id="简单计算"><a href="#简单计算" class="headerlink" title="简单计算"></a>简单计算</h3><p>数字是可以被计算的,如两个数字相加</p>
<p>先从简单的开始,加一个固定的数,如加1</p>
<p>按照之前的定义,加1,就是在原来的基础上,多执行一次相同的动作</p>
<p>比如:</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br></pre></td><td class="code"><pre><span class="line"><span class="title">addOne</span> n f a = f (n f a)</span><br></pre></td></tr></table></figure>
<p>为什么这样写?为什么会有三个参数,这分别代表什么意思?</p>
<p>在分析之前,我们先考虑下类型,邱奇数的类型、作为依据的被调用函数的类型以及计算函数参数的类型等</p>
<p>首先看被调用函数的类型</p>
<p>之前提到</p>
<blockquote>
<p>为了使函数可以被调用多次,我们让这个函数调用的返回值能够被重新应用于这个函数。<br><br>换句话说,这个函数的参数和返回值的类型是相同的。</p>
</blockquote>
<p>这里包含以下信息:</p>
<ol>
<li>这个被调用函数是一个函数(显而易见)</li>
<li>这个函数可以接受一个参数</li>
<li>这个函数的参数类型与返回值类型相同,返回值可以被重新应用于此函数</li>
</ol>
<p>也就是我们可以给此函数的类型起个别名,用以下表示</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br></pre></td><td class="code"><pre><span class="line"><span class="comment">-- 接受一个类型a,返回一个类型a,别名Func</span></span><br><span class="line"><span class="class"><span class="keyword">type</span> <span class="type">Func</span> a = a -> a</span></span><br></pre></td></tr></table></figure>
<p>再看数字的类型</p>
<p>之前也有提到</p>
<blockquote>
<p>1,实际上是——接受一个函数和此函数的参数,并将这个参数应用到这个函数上。是一个动作,也是一个函数。</p>
</blockquote>
<p>同样,这包含以下信息:</p>
<ol>
<li>这个邱奇数是一个函数</li>
<li>这个函数接受两个参数,一个是之前提到的被调用Func a,一个是可被应用到函数的参数,也就是a</li>
<li>考虑这个函数的返回值类型,由于函数体只是简单的将参数应用到被调用函数上,然后返回,所以其类型也就是Func a的返回值类型,同样是a</li>
</ol>
<p>于是,我们就有了邱奇数的类型别名</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br></pre></td><td class="code"><pre><span class="line"><span class="comment">-- 接受一个类型Func a和类型a,返回一个类型a,别名ChurchNum</span></span><br><span class="line"><span class="class"><span class="keyword">type</span> <span class="type">ChurchNum</span> a = <span class="type">Func</span> a -> a -> a</span></span><br></pre></td></tr></table></figure>
<p>对于加一函数addOne</p>
<p>很明显,它接受一个类型ChurchNum a,返回另一个比它大1的另一个ChurchNum a</p>
<p>也就是</p>
<figure class="highlight plain"><table><tr><td class="gutter"><pre><span class="line">1</span><br></pre></td><td class="code"><pre><span class="line">addOne :: ChurchNum a -> ChurchNum a</span><br></pre></td></tr></table></figure>
<p>如果返回值类型不用邱奇数的类型别名,则为</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br></pre></td><td class="code"><pre><span class="line"><span class="title">addOne</span> :: <span class="type">ChurchNum</span> a -> (a -> a) -> a -> a</span><br></pre></td></tr></table></figure>
<p>那addOne的实现</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br></pre></td><td class="code"><pre><span class="line"><span class="title">addOne</span> :: <span class="type">ChurchNum</span> a -> (a -> a) -> a -> a</span><br><span class="line"><span class="title">addOne</span> n f a = f (n f a)</span><br></pre></td></tr></table></figure>
<p>可以理解为,addOne接受一个ChurchNum a类型的邱奇数,实参为n,返回另一个邱奇数,这个返回的邱奇数(类型为函数),接受两个参数,实参分别为f和a</p>
<p>到这里,两个邱奇数相加的函数add,也就很容易出来了</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br><span class="line">3</span><br><span class="line">4</span><br></pre></td><td class="code"><pre><span class="line"><span class="comment">-- 类型,接受两个邱奇数,返回另一个邱奇数</span></span><br><span class="line"><span class="title">add</span> :: <span class="type">ChurchNum</span> a -> <span class="type">ChurchNum</span> a -> <span class="type">ChurchNum</span> a</span><br><span class="line"><span class="comment">-- 实现,先将参数a应用于f n1次,再将结果应用f n2次</span></span><br><span class="line"><span class="title">add</span> n1 n2 f a = n2 f (n1 f a)</span><br></pre></td></tr></table></figure>
<h3 id="检验"><a href="#检验" class="headerlink" title="检验"></a>检验</h3><p>我们一直在说邱奇数是一组动作,这组动作代表一个参数被应用于一个函数多少次</p>
<p>还举例说定义数字像是给玩具上发条,使用数字是让玩具动起来</p>
<p>那怎样才能让玩具动起来</p>
<p>我们可以用实际的例子来说明</p>
<p>比如我们可以说动作是——给一个字符串头上加一个字符<code>'a'</code>,动作的参数就是被加的字符串,初始参数这里我们用空字符串</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br></pre></td><td class="code"><pre><span class="line"><span class="title">let</span> f = ('a':)</span><br><span class="line"><span class="title">let</span> a = <span class="string">""</span></span><br></pre></td></tr></table></figure>
<p>做几个简单的计算</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br><span class="line">3</span><br><span class="line">4</span><br><span class="line">5</span><br><span class="line">6</span><br><span class="line">7</span><br><span class="line">8</span><br><span class="line">9</span><br><span class="line">10</span><br><span class="line">11</span><br><span class="line">12</span><br><span class="line">13</span><br><span class="line">14</span><br></pre></td><td class="code"><pre><span class="line"><span class="comment">-- 0,执行这个函数,看看结果,也就是让玩具动起来</span></span><br><span class="line"><span class="type">Prelude</span>> zero f a</span><br><span class="line"><span class="comment">-- 返回空字符串,也就是加字符a这个动作没有被执行</span></span><br><span class="line"><span class="string">""</span></span><br><span class="line"><span class="comment">-- 通过0加一定义1</span></span><br><span class="line"><span class="type">Prelude</span>> one = addOne zero</span><br><span class="line"><span class="comment">-- 通过1加一定义2</span></span><br><span class="line"><span class="type">Prelude</span>> two = addOne one</span><br><span class="line"><span class="comment">-- 通过1 + 2定义3</span></span><br><span class="line"><span class="type">Prelude</span>> three = add one two</span><br><span class="line"><span class="comment">-- 查看3的结果</span></span><br><span class="line"><span class="type">Prelude</span>> three f a</span><br><span class="line"><span class="comment">-- 字符a被加到字符串头上3次</span></span><br><span class="line"><span class="string">"aaa"</span></span><br></pre></td></tr></table></figure>
<p>虽然我们之前假设系统中没有数字类型,但为了方便我们的验证,用其做一下检查是没问题的</p>
<p>我们可以说动作是——给一个系统数字加一,动作的初始参数是0</p>
<p>运行</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br><span class="line">3</span><br><span class="line">4</span><br><span class="line">5</span><br><span class="line">6</span><br><span class="line">7</span><br></pre></td><td class="code"><pre><span class="line"><span class="title">let</span> f = (+<span class="number">1</span>)</span><br><span class="line"><span class="title">let</span> a = <span class="number">0</span></span><br><span class="line"></span><br><span class="line"><span class="title">one</span> = addOne zero</span><br><span class="line"><span class="title">two</span> = addOne one</span><br><span class="line"><span class="title">three</span> = add one two</span><br><span class="line"><span class="title">three</span> f a</span><br></pre></td></tr></table></figure>
<p>得到</p>
<figure class="highlight haskell"><table><tr><td class="gutter"><pre><span class="line">1</span><br><span class="line">2</span><br><span class="line">3</span><br><span class="line">4</span><br><span class="line">5</span><br><span class="line">6</span><br><span class="line">7</span><br><span class="line">8</span><br></pre></td><td class="code"><pre><span class="line"><span class="type">Prelude</span>> <span class="keyword">let</span> f = (+<span class="number">1</span>)</span><br><span class="line"><span class="type">Prelude</span>> <span class="keyword">let</span> a = <span class="number">0</span></span><br><span class="line"><span class="type">Prelude</span>></span><br><span class="line"><span class="type">Prelude</span>> one = addOne zero</span><br><span class="line"><span class="type">Prelude</span>> two = addOne one</span><br><span class="line"><span class="type">Prelude</span>> three = add one two</span><br><span class="line"><span class="type">Prelude</span>> three f a</span><br><span class="line"><span class="number">3</span></span><br></pre></td></tr></table></figure>
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