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16171699171018012000净利润增速113%6.6%7.0%7.0%73%手续费及佣金4764464694925179.1%0.1%2.0%9.2%10.4%其他收入66666税前利润增速8.7%5.9%5.9%73%营业收入26942730277529013136营业收入增速13%1.6%4.5%8.1%营业税及附加30.0131193181324533.10净利息收入增速5.5%5.1%0.653%11.0%业务管理费899933952971990手续费及佣金增速5.5%-6.2%5.0%5.0%5.0%17971799183420022210营业费用增速10.0%11%33%计提拨备687623571665税前利润11101176126313381435所得税50625457生息资产增速92%114%9.0%10.0%12.0%净利润10461115119312771370贷款增速12.1%113%10.0%12.0%同业资产增速108%9.1%7.0%10.0%12.0%正券投资增速123%10.0%12.0%贷款总额65604729628009398606其他资产增速34%113%10.0%10.0%10.0%同业资产6327690473858123计息负债增速6.7%108%10.1%125%证券投资3523239552425364679052405存款增速65%12.9%10.1%125%生息资产113029137214150835169047同业负债增速9.0%4.5%10.1%125%非生息资产36294040444448895377股东权益增速112%6.0%115%9.0%总资产11665812992414165815582417442570398794918568794345106153其他计息负债24513256582856231448活期414%362%38.0%39.0%40.0%非计息负债1197514419158601744619191定期574%624%58.0%58.0%57.0%总负债10688511956713011014324016072912%15%4.0%3.0%股东权益97721035711548125841369663.1%64.6%64.0%63.0%62.0%每服净利润元)1.101141.611.72185个人贷款348%324%33.0%34.0%35.0%每股拔备前利润元2422422472.70每股净资产元)10.64114313.0314.4315.93每服总资产元)157.09174.95190.7520983不良贷款率148%135%132%129%125%P/E453.028正常97.17%9721%P/PPOP2117关注135%144%P/B0503次级081%0.55%P/A0.00.00.00.00.0可疑040%损失0.27%034%166.50%180.68%18219%18632%188.77%156%13131%131%147%135%117%624%6.0满6.09%6.03%资本充足率15.45%14.97%1534%15.24%14.90%2.27%231%231%231%核心资本充足率10.62%10.06%10.63%10.70%10.55%生息资产收益率3.64%350%349%资产负债率91.62%92.03%9185%9192%92.15%计息负债成本率2.17%230%233%232%总股本亿742.63742.63742.63742.63742.63ROAA0.94%090%083%ROAE13.74%13.61%13.131252%12.15%拔备前利润率1.61%146%135%134%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