国信证券证券研究报告GUOSEN SECURITIES附表：财务预测与估值每股指标（元）2021A202242023E2024E2025E2021A2022A2023E2024E2025EEPS0.801.001.21.451.757.655.48.808.710.172.111.837.013.863.2BVPS7.229.2610.4611.92其中：利息净收入6.91.47,611.58851.510.356.312.116.9DPS0.200.200.240.290.35手续费净收入237.6187.9216.1259.43242其他非息收入726.51.009.31.104.51.221.41.4222资产负债表（百万元）2021A202242023E2024E2025E营业支出4.950.75,445.1605.76.974.47.9823总资产246.583287.881336821394.081461.075其中：业务及管理费3.169.13.398.23.924.24.566.55.348.2156.246185.626221.823265.079312.793资产减值损失1.710.81.973.22060.52.307.02.518.3信贷资产90.337102,255114,998128.002148.281其他支出70.973.781.1101.0115.9总负债225.446263.766309.685363.38792.7192,704.73,363.64,106.44.862.65.880.9其中：存款187.559219.182253.156291,129333,343其中：拔备前利涧4.415.55,336.86166.97,169.58.399.1非存款负债37.88844.5835652872.25892.719营业外净收入020.00.00.0所有者权益21.13724,11627.13630.9435.0132.95.63.363.94106.44.862.65.880.9其中：总股本2.7412.741274127412.741减：所得税354.4437.0537.9637.0770.4普通股东净资产19.78822.57825.37528.66832.6672.341.22.926.93.568.54,225.65,110.5归母净利涧2.188.12.743.73.345.23.9%1.14,790.7总资产同比18.2%167%17.0%17.0%17.0%其中：普通股东净利涧2.188.12,743.73.345.23.961.14,790.724.0%18.8%19.5%18.0%分红总额548.0548.0668.1791.216.9%15.5%15.0%14.5%贷存比85%816.315.1%15.5%16.417.1%非存款负债/负债17%17%20%22%其中：利息净收入同比12.15.7%17.0%权益乘数11.711.912.412.813.2手续费净收入同比-20.9%15.0%25.0%25.4%21.9%18.4%20.9%资产质量指标2023E202452025E不良贷款率0.81%0.810.79%0.78%0.78%业填增长归因2021A2022A20232024E2025E信用成本率1.36%0.95%生息资产规模14.8%17.017.0%拨备覆盖率532%537%559%567%净息差（广义）-2.4%1.5%0.0%手续费净收入0.1w2021A202242023E2024E2025E其他非息收入0.6-0.8%ROA1.01%1.07%1.14w1.16线1.20%业务及管理费5.5%0.0ROE12.5%13.8%14.9%15.6线16.7%资产减值损失2.9%2.2核心一级资本充足率10.21%10.21w9.81w9.47%9.22线其他因素0.1.60.10.1一级资本充足率10.26线10.27%9.87%9.539.28%21.325.4%21.9%18.4%20.9%资料来源：Wind、国信证券经济研究所预测请务必阅读正文之后的免责声明及其项下所有内容