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26942736290232043490净利润增速18.6%119%10.7%123%手续费及佣金2202843844615768.1%-11%153%10.9%114%其他收入334税前利润增速195%12.2%14.1%10.7%123%营业收入31883350364840454503营业收入增速114%5.1%89%10.9%113%营业税及附加24.68262026.722780净利息收入增速63%6.1%8.9%业务管理费19072084212621682212手续费及佣金增速29.2%35.0%20.0%25.0%12811267146116211805营业费用增速135%93%5.0%10.9%113%计提拨备467353419467509税前利润815914104311541296所得税4960104生息资产增速108%12.0%12.0%9.0%11.0%净利润76285294310551185贷款增速13.1%11.9%115%9.0%11.0%同业资产增速15.2%12.0%9.0%11.0%正券投资增速11.1%14.0%13.0%11.0%贷款总额6454172104802978747296994其他资产增速143%-25%5.0%5.0%5.0%同业资产63616946778184829415计息负债增速125%12.0%9.0%11.1%证券投资4348649589560256106867785存款增速12.0%123%9.0%11.1%生息资产124114138952155626169632188292同业负债增速49.2%323%9.0%111%非生息资产17651721180718981993股东权益增速18.2%114%92%总资产125879140673157433171530190284113541127145142814155643其他计息负债33084318441748145347活期34.4%323%321%324%32.6非计息负债107595199910491101定期65.6%67.7%67.0%668%总负债1179231324151482301615061793370.0%0.0%0.9%股东权益7955825892031002410947每服净利润元)0.780851.02114128个人贷款每股拔备前利润元1.291281471.63182每服净资产元)6.426.907858.689.61每服总资产元)126.9414186158.76172.98不良贷款率082%084%081%0.79%P/E55416正常98.71%98.60%P/PPOP62.6关注047%P/B070.706次级0.24%028%P/A0.00.00.00.00.0可疑0.18%0.22%损失0.40%034%418.61%38551%394.12%39637%398.08%236%220%2.03%2.07%230%210%1.99%197%624%6.09%6.03%资本充足率14.78%1382%1383%1382%13.65%2.27%231%231%231%核心资本充足率9.92%936%957%9.71%9.69%生息资产收益率3.95%373%3.62%3.62%3.59%资产负债率94.13%9415%94.25%计息负债成本率1.65%1.631.63%1.62%总股本亿9238492384991.61991.61991.61ROAA0.64%064%0.630.64%0.66%ROAE12.91%12.91%13.07%拔备前利润率1.07%095%0.99%1.00%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