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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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E已赚保费739,933742.418740.410739,388748,059货币资金535,067612,595694267763,298834,151103.37839,71094290145,068200,166买入返售金融资产61,42991,315163,455178,264193,3051,180,4441,110,5681,2282751,324,0831,419,131交易性金融资产1,426,6771,531,4161,600,2851,7132651,827,306退保金52,93154,1025296660,23568,431定期存款268,854282,122288501298,205308279可供出售金融资产提取保险责任准备金266,815262,301234314252,928269,845持有至到期投资保户红利支出19,40519,59917,21616,56416,222长期股权投资手续费及佣金支出80,68770,3546855768,90170,353业务及管理费172,597164,700180906203,526217,972保户储金及投资款755291,040,7591,004,2491,0084941,078,3621,142,920未到期责任准备金139,685106,319210028227,512255,810未决赔款准备金税前利润139,580105,815219781245,720276,212寿险责任准备金1,932,3832116,0982,296,1082,5082562746,036所得税17,7785555661,80069,396长期健康险责任准备金251,6983引4,995363240397,523422,916121,802107,432164225183,920206,815应付保单红利67,27671,44570,80069,66468,470101,61883,774132389149,006170,721负债合计20,18423,55831,83634,91436,095股本18280182801828018,28018,280险企财务指标2021A2022A2023E2024E2025E8124058586759659321,0752211,201,240EPS元)5.774.807249.34少数股东权巷265,318316,623315,457351,149392,305BVPS元)44.4446.9758.8265.71所有青权益合计1,077,7231,1752981,281,3901,4263711,59g,545EVP元)76.3477.8994.44103.44内含价值（百万元）2021A2022A2023E2024E2025EPE(X)7.849.426255.554.84调整后净资产869,6399230571,0406091,162,611,294,337PB(X)1.020.960.860.770.69扣偿后有效业务价值525,869500,706532,107563,830595,577P/EV0.590580.530.480.44内含价值1,3955091,4237631,572,7161,7264511,890,9144.64.74.74.7一年新业务价值37,89828,82029,61430,04431,0824.03.84.75.62021A2022A2023E2024E2025E财产险综合成本率98.00103.10101.09101.20101.34偿付能力充足率（寿险）财产险赔付率67.0071.040.7770.6870.54偿付能力充足率（产险）财产险费用率31.0032.0630.3230.5230.80偿付能力充足率（集团）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
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