天风证券公司报告年报点评报告TF SECURITIES财务预测摘要人民币亿元2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E收入增长净利息收入3535384247净利润增速205%26.7%22.9%20.0%202%手续费及佣金239.0%-0.1%8.1%168%其他收入000税前利润增速18.7%263%20.0%174%19.7%营业收入43454859营业收入增速11.6%3.0%8.1%103%10.5%营业税及附加036036037037038净利息收入增速6.9%-05%8.7%11.2%113%业务管理费1314151515手续费及佣金增速3.9%24.0%10.0%15.0%15.0%3131333943营业费用增速18.1%10.6%82%-35%5.4%计提拨备136税前利润18222738所得税22生息资产增速12.2%48%13.0%12.0%12.0%净利润1620253035贷款增速17.5%9.2%12.1%13.9%13.9%同业资产增速344%25.6%-123%-35.0%12.0%正券投资增速6.5%-27%13.7%12.0%85%贷款总额11781286143716291846其他资产增速9.0%63%5.0%5.0%5.0%同业资产516436计息负债增速12.7%33%12.9%12.0%11.9%证券投资676658748838909存款增速114%9.5%12.2%10.7%生息资产1973206923382619同业负债增速542%344%非生息资产4447股东权益增速132%22.6%12.6%10.9%118%总资产201821162387267016181771198722012436其他计息负债234143173218活期29.6%27.7%28.0%285%29.0%非计息负债68定期66.5%682%68.0%67.0%67.0%总负债1858192121672427271540%4.0%4.0%股东权益15919522024467.7%66.6%67.0%66.0%65.0%每股净利润元)0811.021141371.65个人贷款213%208%21.0%22.0%23.0%每股拔备前利润元1421421541.792.02每股净资产元)6.147808.9510.061139每服总资产元)93809837110.98124.141388加不良贷款率0.93%081%0.78%0.77%P/E6.645.274.713.92326正常98.78%9888%P/PPOP3.783.783503.002.66关注0.29%031%P/B0880.690.600.54047次级0.20%032%P/A0.060.050.050.040.04可疑0.66%0.40%损失0.07%0.09%477.19%552.74%531.00%547.00%552.00%1.95%1.78%1.77%156%154%1.52%151%624%6.0满6.09%6.03%资本充足率1435%14.75%1533%1522%1521%2.27%231%231%231%核心资本充足率8.74%10.97%1135%1140%1154%生息资产收益率4.16%391%资产负债率9211%90.78%90.79%90.87%计息负债成本率245%235%234%234%234%总股本亿18.62215121512151ROAA097%1.0117%125%ROAE12.61%13.35%1444%1537%拔备前利润率1.60%147%153%154%资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明2