20240316_东方证券_银行行业央国企改革专题研究：银行股如何开展市值管理_15页.pdf
|2024 1 2024 1 BVPS 2 A 2023 10-15bp 2023Q3 100bp 300 2pct 2023 ROE ROE ROE 1 2 3 2020 2023H1 6bp 4 2024 1(601288)(601398)(601328)2(600919)(002966)(600926)(601838)3(601009)(601077)(601169)/2024 03 16 S0860523060001 S0860524020002 2024 2024-03-06 25BP 2 LPR 2024-02-21 2024-02-19 2.4.5 ROE.9.12.13 0YEVuNnQpMnMoQmPsPoRmNaQ9R8OoMnNmOsOlOoOnRiNqQzQ9PmMzQMYnRqQNZmMoP 3 1 PB-LF.5 2 2024 3 15.6 3 A vs.6 4.8 5.8 6.8 7 PB-LF.9 8 300.9 9 ROE.9 10 2023.10 11 A PPOP.10 12 A ROE.10 13.11 14 A.11 15 A.11 16.11 17 A.12 18 A.12 19 2023Q3 A.12 1.4 2.5 3 2019-2023.7 4 2022 5 2024 1 2024 1/2022/5/27 2022/7/21 2022/12/1 2022-2025 2023/4/2 2024/1/24 2024/1/25 2024 2024/1/29 2024 ia4qh3ispSehHkx7nAoU+MiCYydMK33bsDsO0TSEcfYBrnkmF2hVyon4LomXswlO 5 3 15 PB LF 0.57 30%1 2 ROE 1 PB-LF Wind 2/IPO IPO 0.300.400.500.600.700.800.901.00 PB-LF 6 5 1 1 2 3 3 15 1%2 2023 8 IPO 存 在 破 发、破 净、经 营 业 绩 持 续 亏 损、财 务 性 投 资 比 例 偏 高 等情形的上市公司再融资，截至3 月15 日上市银行均处于破净 状态，再融资或阶段性受限。2 2024 3 15 Wind 3 A vs.Wind 2023Q3 2024 3 15 23Q3距 距 价 距 500 0.00%13.24 17.21 10.59 20.54 7.12-46%-59%NA 500 0.01%23.29 30.28 18.63 33.43 16.48-29%-46%NA 400 0.52%6.10 7.93 4.88 11.94 6.40 5%-19%NA 200 16.92%9.11 11.84 7.29 13.05 8.99-1%-24%NA 200 0.01%9.83 12.78 7.86 14.91 6.62-33%-48%NA 150 0.01%12.24 15.91 9.79 15.17 11.15-9%-30%NA 130 0.00%10.50 13.65 8.40 13.71 7.25-31%-47%NA 80 17.44%5.49 7.14 4.39 6.81 4.34-21%-39%NA 80 35.04%13.13 17.07 10.50 16.09 13.51 3%-21%NA 60 0.00%7.83 10.18 6.26 8.68 6.91-12%-32%NA 50 0.01%6.78 8.81 5.42 10.39 7.13 5%-19%NA 50 0.01%4.22 5.49 3.38 5.94 2.75-35%-50%NA 45 0.01%3.85 5.01 3.08 4.87 2.61-32%-48%NA 25 0.12%4.33 5.63 3.46 6.53 4.03-7%-28%NA 25 48.46%5.04 6.55 4.03 8.47 4.48-11%-32%NA0.005.0010.0015.0020.0025.0030.0035.0040.00 7 2022 2023 2023Q3 1 3 2019-2023 2023 Q4 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 2021 Q4 Q3 Q2 Q1 2020 Q4 Q3 Q2 Q1 2019 Q4 Q3 Q2 Q1 8 4 Wind 2022 2023 15.06%12.12%10.54%11bp 18bp 20bp 14-20bp 1bp 2023Q3 100bp 5 6 Wind Wind A PB-10%-5%0%5%10%15%20%6%9%12%15%18%8%10%12%14%16%18%20%9 7 PB-LF Wind ROE 2022 5%300 2pct 2023 8 300 9 ROE Wind Wind Wind 0.200.400.600.801.001.209.0%9.5%10.0%10.5%11.0%11.5%2017-032017-062017-092017-122018-032018-062018-092018-122019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-092022-122023-032023-062023-092023-12 PB-LF 0%1%2%3%4%5%6%7%2017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-072024-01 3007%8%9%10%11%12%13%ROE 10 10 2023 Wind 300 ROE ROE ROE ROE ROE 2023Q3 8.49%1.2pct ROE 11 A PPOP 12 A ROE Wind Wind 2024 1 MLF 1 LPR 2 2023-10%-5%0%5%10%15%20%25%-15%-10%-5%0%5%10%15%20%2017-032017-082018-012018-062018-112019-042019-092020-022020-072020-122021-052021-102022-032022-082023-012023-06 PPOP 0%5%10%15%20%25%2015-032015-092016-032016-092017-032017-092018-032018-092019-032019-092020-032020-092021-032021-092022-032022-092023-032023-09 11 13 14 A Wind Wind 15 A 16 Wind Wind 2020 A 2023H1 1.29%6bp 2023H1 1.00%0%2%4%6%8%10%15%20%25%30%35%40%0102030405060702015-062015-122016-062016-122017-062017-122018-062018-122019-062019-122020-062020-122021-062021-122022-062022-122023-06 0%5%10%15%20%25%2017-12 2018-12 2019-12 2020-12 2021-12 2022-12 2023-06 1520253035 12 17 A 18 A Wind Wind 2023Q3 200%300%150%19 2023Q3 A Wind 2024 0.40%0.60%0.80%1.00%1.20%1.40%1.60%-2,000 4,000 6,000 8,000 10,000 0%1%2%3%4%5%2017-12 2018-12 2019-12 2020-12 2021-12 2022-12 2023-06 0%100%200%300%400%500%600%23Q3 13 1(601288)(601398)(601328)2(600919)(002966)(600926)(601838)3(601009)(601077)(601169)1 2 2024 3 4 14 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
