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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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E已赚保费161,314160,904165242167,353170,593货币资金15.47617.58619.62121,15122,65260,21753,1885808563,03867,718买入返售金融资产4,1128,8479,73210,70511,775222,380214,319230652242,589253.670交易性金融资产70.0007926985.02691.65398,159退保金17,78618,5472253325,09127,811定期存款168540227,547222,377239,708256,72443,57740,5223584535,21535,385可供出售金融资产403,427375,654470,916507,617543,650提取保险责任准备金113,187118,388125727132,905138,075持有至到期投资301,102378,391379,349408,914437,940保户红利支出1,2071,6541,6361,5561,535长期股权投资5,4525,8206,5407,0507,551手续费及佣金支出14,59210,16897499,95810,2271,127,7211,2550441,3106361,441,5921,585,174业务及管理费12,87211,7391203912,25312,487保户储金及投资款57,69169,4477342576,47579,080206,742207.804213099223,078232,199未到期责任准备金15851,1502.4792,5102,55915,638651517,55219,51121,471未决赔款准备金2,1842,1942,3132,0082,047税前利润15,67017,54419,50121,461寿险责任准备金707,345776007875071984,9671,101,468所得税719-3,31935093,9004,292长期健康险责任准备金152,581190,805217,469240,477262,05114,9519,82614,03515,60117,168应付保单红利92224272914,9479,8221403115,59717,164负债合计1,019,2071,152,1391,1966681,3162361,447,3334444股本3,1203,1203,1203,1203,120险企财务指标2021A2022A2023E2024E2025E108,497102,884113,947125,335137,820EPS元)4.793.154.505.005.50少数股东权巷1721212121BVPS元)34.7832.9836.5340.1844.18所有青权益合计108,514102,905113,968125,356137,841EVP元)82.96819294.43101.16内含价值（百万元）2021A2022A2023E2024E2025EPE(X)8.4212.808.968.067.33调整后净资产163,027165,666179,553193,235207,614PB(X)1.161221.101.000.91扣偿后有效业务价值95,79789,91695,389101,385107,994P/EV0.490.490.460.430.40内含价值258,824255,582274,941294,620315,6084.304.604514.524.52一年新业务价值5,98024232,5602,7293,0314.305.065.385.542021A2022A2023E2024E2025E财产险综合成本率偿付能力充足率（寿险）财产险赔付率偿付能力充足率（产险）财产险费用率偿付能力充足率（集圆）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
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