公司报告丨季报点评天风证券TF SECURITIES财务预测摘要人民币亿元2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E净利息收入12031301137914921635净利润增速25.6%253%15.4%17.7%17.9%手续费及佣金33130231734940111.7%74%63%8.7%10.5%其他收入160196205226248税前利润增速248%248%14.7%17.7%17.9%营业收入16941799190120672284营业收入增速103%6.2%5.7%10.5%营业税及附加1617181920净利息收入增速6.1%81%5.9%8.2%9.6479494514560620手续费及佣金增速115%-8.65.0%10.0%15.0%11971286136614851642营业费用增速73%3.1%4.1%8.7%10.5%738713710713732税前利润459573656772911所得税95117131154182生息资产增速10.4%84%8.0%8.0%9.0%净利润363455525618728贷款增速143%10.0%8.0%9.0%同业资产增速52.9%8.0%9.0%证券投资增速122%5.7%95%9.0%贷款总额3063433292367373967243242其他资产增速32%5.0%5.0%5.0%同业资产17912738185820062187计息负债增速103%73%7.7%8.7%证券投资1282913566148541604217486存款增速10.9%12.1%4.5%7.7%8.7%生息资产4758851579557066016265577同业负债增速-14.5%16.1%44.9%7.7%8.7%非生息资产16261636171818031894股东权益增速9.9%10.5%112%11.9%总资产4921453215574236196667470客户款2990533523350283772641018其他计息负债1397313579157371694918429374%38.0%39.00%40.00%40.00%非计息负债13811767185519482046定期615%60.50%5950%5950%总负债4525948868526215662461493其他1.0%0.5%0.50%0.50%0.50%股东权益3954434748035342597839.6%39.6%39.60%39.60%39.60%每服净利润元)1872352713.183.75个人贷款60.4%604%60.40%60.40%60.40%6.176.627047.65846每服净资产元)16.77188021.1423.922720每股总资产元)253.6027422295.9131931347.68不良贷款率1.02%1.05%1.00%0.99%0.98%P/E6.465.16447380322正常9784%P/PPOP1.961831.72158143关注106%P/B0.720.640570510.44次级053%P/A0.050.040.040.040.03可疑0.21%损失036%28842%290.28%30430%30658%30954%2.0%277%2.72%2.75%284%280%2.75%资本状况贷款利率6.09%6.10%6.10%资本充足率1334%13.01%1380%14.15%14.47%存款利率2.24%225%226%核心资本充足率8.60%8.64%957%10.03%1047%生息资产收益率4.94%485%481%483%484%资产负债率9183%91.64%9138%91.14%计息负债成本率2.10%205%2.10%2.09%总股本亿194.06194.06194.06194.06194.06ROAA0.77%104%113%ROAE11.73%13.19%14.13%14.69%发备前利润率255%251%247%2.49%254%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