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327375402474560净利润增速299%18.1%19.1%20.0%203%手续费及佣金8375909930.7%104%15.2%183%其他收入112税前利润增速24.2%188%18.7%19.9%营业收入528579638727830营业收入增速284%97%103%13.9%14.1%营业税及附加4.134.674.764864.96净利息收入增速174%148%7.0%182%18.0%业务管理费199221225229234手续费及佣金增速303%-9.610.0%10.0%10.0%328357394454537营业费用增速24.9%10.7%10.0%118%7.1%计提拨备124税前利润204253300357428所得税82129生息资产增速25.7%18.7%20.0%18.0%18.0%净利润195231275330贷款增速255%214%20.7%18.0%18.0%同业资产增速105.5%29.0%30.9%18.0%18.0%正券投资增速27.5%15.7개18.9%18.0%18.0%贷款总额862710460126301486017492其他资产增速-192%5.0%5.0%5.0%同业资产4936368329811158计息负债增速258%194%20.4%184%183%证券投资967511190133081570418530存款增速138%233%22.7%18,4%183%生息资产1946823104277253271638605同业负债增速135%27.7%184%183%非生息资产557584614644股东权益增速26.1%124%16.6%144%153%总资产20156236612831033329392491062313103160711902922514其他计息负债7116807794381117613223活期41.2%372%37.0%365%非计息负债916795835877921定期588%63.0%63.2%63.5%总负债18656219762634531082366580.0%0.0%0.0%0.0%0.0%股东权益15001685196522482591538%54.1%54.0%53.0%每服净利润元)3.133384.164.996.01个人贷款38.6%374%38.0%382%385%每股拔备前利润元4.975415.978.13每服净资产元)203823.142730314636.47每服总资产元)3052335830428.70504.7259436不良贷款率0.77%0.75%0.73%0.72%0.70%P/EA正常98.75%98.67%P/PPOP5.04.033关注0.48%0.58%P/B131210次级0.29%024%P/A0.0可疑030%034%损失0.18%0.17%52552%504.90%510.00%522.00%530.00%221%202%183%246%237%2.20%221%624%6.09%6.03%资本充足率15.44%15.18%14.98%14.66%1441%2.27%231%231%231%核心资本充足率10.16%9.75%9.71%951%936%生息资产收益率4.59%441%4.07%4.07%资产负债率9256%9288%计息负债成本率2.13%205%18撕187%总股本亿66.046604660466.0466.04ROAA1.07%105%1.07%1.09%ROAE16,41%16.50%17.00%17.69%拔备前利润率10%163%147%148%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