国信证券证券研究报告GUOSEN SECURITIES附表：财务预测与估值每股指标（元）2021A2022M2023E2024E2025E2021A2022A2023E2024E2025EEPS0.840.001.21.451.693.3103.5254.03246915.430BVPS8.999.8810.9612.2213.70其中：利息净收入299%3.1883.5474.1304,783DPS0.180.150.180.210.25手续费净收入(83)202839其他非息收入448419465533资产负债表（百万元）2021A2022从2023E2024e2025E营业支出1,9452.0262.0782.3722729总资产136.868159.623183.566212.570246,156其中：业务及管理费1.1731.2101.4071.62982.49799.982117.978141.574169.889资产减值损失8228409321.062信贷资产54.37059.64165.58870.99576.267其他支出2428总负债123.051144,447166.743193.79614,4991,361.95523192701其中：存款102,359126052151,262178.489210.6172.3212.794非存款负债20.693183515.48015.30714.499营业外净收入11900所有者权益13.81615.1761682418.77321,039利润总额1.6181.9552.319其中：总股本1.5091.5091.5091.5091.509减：所得税80용111普通股东净资产13.57314.91616.53518.45120.6781,2951.5511.87422232.590归母净利涧1.2711.5281.8462.189总资产同比5.7%166线15.0W15.8%15.8%其中：普通股东净利涧1,27111.8462.18910.9%21.2%20.0%20.0%分红总额2627332437810.6线23.1%18.0%贷存比79%9%81%营业收入同比10.06.5%16.315.8%非存款负债/负债17%6其中：利息净收入同比4.06.8%11.3%15.8%权益乘数9.910.510.911.311.7手续费净收入同比0.0%na40.040.0%20.2%20.8%18.616.5%资产质量指标2021A202212023E2024E2025E不良贷款率1.25%1.08%1.000.960.93%业填增长归因2021A2022A20232024E2025E信用成本率1.15%1.00%0.75%生息资产规模11.3%15.8%拨备覆盖率253%280%300%净息差（广义）-4.5%0.0%手续费净收入1.9%3.3%0.1w2021A202242023E2024E2025E其他非息收入-2.2%0.2ROA0.96%1.03%1.09%1.12%1.13%业务及管理费-1.7%0.00.0%ROE10.5%10.9%11.9%12.7%13.2%资产减值损失3.22.3%核心一级资本充足率15.41%0.00%0.000.00%0.00%其他因素0.%10.10.0%一级资本充足率15.420.00%0.000.00线0.0015.1w20.2%16.5%资料来源：Wind、国信证券经济研究所预测请务必阅读正文之后的免责声明及其项下所有内容