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2021A2022.A2023E2024E2025E2021A2022A2023E2024E2025E货币资金着业收入52,77457,87963,87370.79778,729现金及存放央行款项97,596117,044133,119150,745171,208手续费及佣金净收入8,2627,4668,0019,49611,279结算备付金其中：代理买卖证券业务净收入发放贷款和垫款832,4431,010,811235,61,426,351,640,30证券承销业务净收入存放同业款项17,6792139626,62430,14934,242受托客户资产管理业务净收入融出资金利息净收入32,69737,52141,21446,26352,639交易性金融资产355,391361,750371,162420,306477,36112,53111,30114,65815,03814,812衍生金融资产19,11026,47326,62430,14934,242着业支出32,29632,48734.46136.50039,319买入返售金融资产9,56711,83013,31215,07417,121税金及附加413467354630存出保证金管理费用19,50021,58223.63324.77927,555长期股权投资20,47825,39229,41234,29839,411固定资产7,6187,6858,454929910,229加：营业外收入578189108无形资产1,3022,4212,66329293,222减：营业外支出90193212234257资产总计2015,6072,3660972562,3753,014,8933424,15420,44525,28029,28834,16239,262向中央银行借款81,74265.435111,249125.979143.081减：所得税8362,1482,3432,7332,748同业及其他金融机构存放款94,71488,307123,610139,977158,97919,60923,1322694531,42936,513应付短期融资款6357276337吸收存款1,062,321,310301,487,381,705,801,915,68归属于母公司所有者的净利润19,54623,07526,91831,36636,477拆入资金60,226109,10492,708104.983119,234交易性金融负债20,88222,45424,72227,99531,796财务指标2021A2022A2023E2024E2025E衍生金融负债19,3391958324.7227,9531,796净利润率37.1639.9742.1944.3946.38卖出回购金融资产款92,595108,04074,16683,98695,387ROA1.081.061.071.101.13代理买卖证券款ROE16.6315.5615.0115.4715.86应付债券382,364436,845444,997503,918572,323EPS(元)2.973.504.084.765.53长期借款BVP元)22.6325.3828.5932.3236.651,865,6072,197,5712472,2052,799,5443179,572PE(X)9.087.706.615.674.88所有青权益合计149,424167,626188,776213,412242,048PB(X)1.191.060.940.830.74股本6,6046,6046,6046,604DPS(元)0.630.610.871.021.195769001,3941,9372,535分红比率16.8925.0025.0025.00归属于母公司所有者权益合149,424167.626188,776213,412242,048资产充足率2021A2022A2023E2024E2025E资产质量风险加权资产1,318,8731-551,1411,787,1582045,2022338,892不良贷款率0.770.750.740.740.72资本充足率15.4415.1816.0816.0816.13正常类98.7698678.7798.78一级资本充足率10.7110.8510.8510.89关注类0.480.580.500.490.50核心一级资本充足率10.169.759.889.889.91次级类0.280240.350.35资产负债率92.5692.8892.8692.8692.86拨备覆盖率525.52504.90505.00505.00505.0012.4913.1113.1013.1213.14生息资产4.594254.244.214.18计息负债2.132.052.302.312.32净息差2.212.021.791.78资料来源：Wind,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