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758390101113净利润增速208%26.1%20.6%21.0%213%手续费及佣金121416170.9%6.1%83%12.1%其他收入0000税前利润增速26.1%20.5%195%185%营业收入108118128141154营业收入增速4.5%85%102%营业税及附加149152155158净利息收入增速0.1%10.7%7.9%11.7%业务管理费3641424243手续费及佣金增速7810.0%7.0%8.0%7283104营业费用增速12.6%13.9%6.7%4.2%计提拨备3321税前利润394984所得税9生息资产增速165%15.7%15.0%13.0%13.0%净利润3139475769贷款增速12.5%175%16.9%13.0%153%同业资产增速81.7%444%13.0%正券投资增速18.0%95%21.1%13.0%13.0%贷款总额2133250629283299其他资产增速202%173%5.0%5.0%5.0%同业资产284410280316286计息负债增速17.6%15.5%145%12.6%12.6%证券投资16891850224025312860存款增速113%163%15.2%12.612.6%生息资产42094869560063287150同业负债增速-0.4%82%25.9%非生息资产321376395415436股东权益增速18.0%125%11.7%12.6%总资产453052455995674227833236372741974725其他计息负债13601549175419752223活期38.1%35.0%35.2%36.0%非计息负债565965定期573%58.0%57.0%56.0%总负债418748415539623470137.0%7.0%股东权益343405455508573538%548%53.0%每股净利润元)0.93129156189个人贷款35.9%36.1%37.0%38.0%38.0%每股拔备前利润元1.97227285每服净资产元)8809.59108812.221384每服总资产元)1235514306163.491838820688不良贷款率111%083%080%P/E78675.6正常97.93%9837%P/PPOP3725关注0.75%P/B080807次级0.52%0.44%P/A0.000.0可疑045%033%损失0.14%0.11%422.91%53081%55224%535.97%53551%1.91%187%173%1.71%1.98%190%1.75%1.72%624%6.0满6.09%6.03%资本充足率13.06%1292%12.59%1249%12,48%2.27%231%231%231%核心资本充足率1037%9.63%935%934%生息资产收益率437%414%4.02%3.99%资产负债率9243%92.29%9241%9245%计息负债成本率239%224%227%2.27%总股本亿333336.6736.6736.67ROAA0.74%080%084%0.90%0.97%ROAE10.02%11.62%1350%1451%拔备前利润率1.72%157%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