山西证券股份有限公司SHANXI SECURITIES CO.,LTD.公司研究/公司快报财务报表预测和估值数据汇总2021A2022A2023E2024E2021A2022A2023E2024E2025E货币资金169,383179,895195,828217,602238,283现金及存放央行款项312,033285,277411,624457,305508,497手续费及佣金净收入33,06230,20833,22936,55240,207结算备付金其中：代理买卖证券业务净收入发放贷款和垫款2984,7533,242,25835620774,0282854,431,113证券承销业务净收入存放同业款项78,21598329108,964受托客户资产管理业务净收入融出资金利息净收入120,336130,130144,873163,976179,208交易性金融资产389,703446,133411,624457,305508,49712,24313,24316,72616,07517,867衍生金融资产30,23827,55335,28239,19843,585123,398122,420128.600139,381150.633买入返售金融资产6,38841,56194,08s104,527116,228税金及附加1,6441,7271,9582,1762,383存出保证金管理费用47,93749,38754,83258.75361,953长期股权投资45,98557,47567,22978,22287,649固定资产11,97411.08311.5001150011,500加：营业外收入15864无形资产5,8016,8796,10061006,100减：营业外支出286资产总计4,921,3805,321,5145,8803386,5329337,264,248利润总额45.87957.25367,22978,22287,649向中典银行借款148,162191,916151,200167,980186,785减：所得税9,54311,7371445416,81818,845同业及其他金融机构存放款345,131407278469,801521,939580,36636,33645,51652,77461,40468,805应付短期融资款吸收存款2990,5183,352,26635439524,008,3484409,182归属于母公司所有者的净利润36,33645,5165277461,40468,805拆入资金32,39453,28240,50044,99550,032交易性金融负债43,42169,05454,00059,99366,709财务指标2021A2022A2023E2024E2025E衍生金融负债31,0923652540,50044.99550,032净利润率21.45%25.30%26.95%28.22%28.889%卖出回购金融资产款47,70313,30310,80011,99913,342ROA0.770.890.940.991.00代理买卖证券款ROE10.8512.36115412.1112.21应付债券823,934692,075945,0021,049,8771,167,404EPS(元)1.872.352.723.163.55BVP元)16.7718.8021.1523.8926.97负债总计4,525,934,886835,400,015,999,006670,879PE(X)7.235.774.984.283.82所有者权益合计395,448434,580480,327533,633593,369PB(X)0.810.720.640.570.50股本19,40619.40619.40619,40619,406DPS(元)0.180.230280.330.38少数股东权兰分红比率12.1%122%12.0%12.0%12.1%归属于母公司所有者权益合395,448434.680480327533,633593,3692021A2022.A2023E2024E2025E资产质量风险加权资产3,566,4653975,1824,1633724,567,3195014,440不良贷款率1.021.051.151.15资本充足率13.3413.0113.0313.0513.08正常类97.5697.1397.9097.9097.90一级资本充足率10.5610.40114711.6311.78关注类1.421820.50.950.95核心一级资本充足率8.609.469.7910.11次级类0.590.570.600.600.60资产负债率91.9691.8391.8391.83拨备覆盖率288.42290.28290.28290.2829028负债权益比11.4511.241124112411.24生息资产4.95%4.83%4.80%4.80%4.80%计息负债221%2.16%2.15%2.15%2.15%净息差2.74%2.67%2.65%2.65%2.65%资料来源：最闻、山西证券研究所请务必阅读最后一页胶票评级说明和免责声明2