2009 1210 2023 12 28 2024 PB 2016 PB 1.6XPB 1.1X PB/ROE 2016 PB/ROE 1921 2018 PB/ROE 27 2021 16.8 ROE ROE PB/ROE 21 62 15%ROE PB/ROE 2831 2018 13 2030pct 10pct/2023 PB 1.36X ROE PB 1 20192021 ROE 8.9%21 PB/ROE PB 1.87X 2 2021 ROE 7.2%21 PB/ROE PB 1.51X 3 ROE 4.8%21 PB/ROE PB 1.02 2023 ROE 5.6%PB PB/ROE 22.5 PB/ROE/17.7/14.3 1 PB 2 ROE 2021 3 PB/ROE 2018 4 ROE ROE ROE+ROE ROE ROA ROE ROA ROE ROE 021-20572556 S0360518060005%()54 0.01()30,762.17 3.61()24,580.76 3.74%1M 6M 12M-6.9%2.0%1.7%-1.9%15.2%15.9%2023-12-09 2023-11-04 23Q3 2023-10-15-15%-2%11%24%22/12 23/03 23/05 23/08 23/10 23/122022-12-282023-12-27 300 2024 2009 1210 2 EPS PE PB 2023E 2024E 2025E 2023E 2024E 2025E 2023E 7.77 0.33 0.41 0.49 23.68 19.09 15.80 1.39 10.60 0.41 0.47 0.60 25.90 22.38 17.52 1.71 5.74 0.44 0.51 0.59 13.11 11.36 9.69 0.88 14.03 1.33 1.53 1.64 10.56 9.19 8.55 0.92 Wind 2023 12 27 YWEVuNnQsRpOoQtQmRqPqRbR9RaQoMmMpNtQkPqRtRjMtRvM7NpPuMvPtOrOvPnQmM 2024 2009 1210 2023 2024 2024 2009 1210 4.6 PB ROE.6 ROE.7 2024 ROE/.9 2024.10.11 ROE.11 ROE.11 1 ROE.11 2 ROE.12.16.17.17 2024 2009 1210 5 1 PB/ROE 1921.7 2 2019 PB/ROE 21 62 15%.7 3 PB/ROE 2831.8 4 2018.8 5 2023 2024.9 6 PB/ROE 2425.10 7 2024 ROE.11 8 ROE+0.5pct.12 9 2024 ROE.13 10 ROE.14 11 ROE.15 12 ROE.15 13 2020.16 14.16 15 2024 ROE.17 2024 2009 1210 6 PB ROE PB/ROE 1921 20162023 2018 2021 PB/ROE 1921 ROE PB 20162017 2122 20192023 1921 1 2021 ROE 2021 3.67%1.5pct 2021 PB/ROE 16.8 PB ROE 2021 ROE 2020 1.06+25%7.75+66%ROE 2020 2 2018 ROE 2018 PB/ROE 26.6 PB ROE 1 ROE PB ROE 2018 PB 1.08 PB 2018 ROE 4.1%45%ROE 2018 1 29 2018 10 17 39%11.6pct 2 2018 10 19 1.06 PB 32.4%2024 2009 1210 7 1 PB/ROE 1921 Wind 2023 PB 2023 12 13 ROE ROE PB/ROE 21 2019 PB/ROE 21 88 12.7%2021 2021 ROE ROE 62 15%2 2019 PB/ROE 21 62 15%3 7 15 30 60 90 2019/1/3 28.6%64 7.0%5.5%5.5%5.2%25.7%31.2%2020/2/3 8.3%31-2.7%-2.2%0.1%7.4%0.8%-0.3%2020/3/16 16.3%120-0.9%-2.3%-4.5%-4.8%-7.0%-9.4%2021/1/31 2.1%219-2.6%-5.1%-6.7%-7.3%-8.9%-9.9%2022/10/29 4.5%18 1.7%0.9%2.9%2.3%3.2%9.8%2023/5/24 16.7%75 0.1%-0.7%-0.7%-2.0%1.4%14.2%12.7%87.8 0.5%-0.7%-0.6%0.1%2.5%5.9%50.0%33.3%50.0%50.0%66.7%50.0%Wind ROE PB/ROE PB/ROE 2831 2016/2018/2021/2022 PB 2831 PB/ROE 21.021.926.618.519.016.820.520.00.05.010.015.020.025.030.02016 2017 2018 2019 2020 2021 2022 2023券商指数年内PB/ROE 下限 2024 2009 1210 8 3 PB/ROE 2831 Wind 2023 PB 2023 12 13 2023ROE ROE 2018 13 38 13pct 2030pct 1+2018 2018 10 18 2023 6 27 2 2018 12 28 2020 5 26 50%20%3/10%2 4 2018 2018/10/18 2018/11/20 33 26.4%3.3%23.2%2018/12/28 2019/3/8 70 51.4%19.6%31.8%2019/6/6 2019/6/25 19 11.0%4.2%6.8%2019/8/19 2019/9/16 28 14.3%7.3%7.0%2019/11/28 2020/1/7 40 18.4%6.9%11.4%2020/2/4 2020/2/25 21 20.2%9.7%10.5%2020/5/26 2020/7/13 48 51.8%22.2%29.6%2021/8/2 2021/9/13 42 21.9%9.4%12.5%31.328.045.130.829.622.931.425.00.010.020.030.040.050.02016 2017 2018 2019 2020 2021 2022 2023券商指数年内PB/ROE 上限 2024 2009 1210 9 2021/11/3 2021/12/14 41 8.3%4.4%3.9%2022/4/28 2022/6/16 49 12.8%11.1%1.7%2022/11/1 2022/12/2 31 11.4%9.1%2.4%2022/12/30 2023/1/30 31 11.2%6.4%4.8%2023/6/27 2023/8/8 42 23.6%3.5%20.1%Wind 2024 ROE/PB/ROE 21 ROE/ROE 5 2023 2024 2022 2023Q3 2023E 2024E 1181.2 762.5 982.8 994.5 1111.5 1228.5 9256.0 8920.0 8400.0 8500.0 9500.0 10500.0 581.5 350.9 494.3 494.3 726.9 785.1-15.0%0.0%47%59%456.8 343.1 457.5 434.6 503.3 549.0 AUM 74998.7 74008.2 74008.2 70307.8 81409.0 88809.8 AUM-1.3%-5.0%10.0%20.0%593.5 336.2 467.2 410.0 575.1 708.6 786.8 1025.7 1345.9 1062.8 1632.2 1974.0 39593.2 43984.8 44864.5 46210.4 48005.0 49350.9 12694.2 12775.0 13410.2 12069.2 13410.2 14751.2 4684.8 3781.9 3895.3 3116.3 3505.8 3895.3 2.0%2.3%3.0%2.3%3.4%4.0%/+3.4%2.0%2.7%2.7%3.4%3.8%3599.8 2818.3 3747.8 3396.3 4549.0 5245.2 2219.5 1456.5 1934.6 1923.4 2341.7 2562.6 1380.3 1361.9 1813.2 1472.8 2207.3 2682.6 2359.3 1792.8 2473.6 2275.5 2865.9 3147.1 65.5%63.6%66.0%67.0%63.0%60.0%1317.2 1091.6 1349.2 1188.7 1774.1 2203.0 36.6%38.7%36.0%35.0%39.0%42.0%23552.1 24074.6 24315.4 24801.7 25044.8 25288.0 ROE 5.6%5.6%4.8%7.2%8.9%21 PB/ROE PB 1.17 1.18 1.02 1.51 1.87 2024 2009 1210 10 PB PB/ROE 26.2 17.7 14.3 Wind 1=+-2 2%3/1 2023 2 2023 3 2023 2024/ROE 4.8%/7.2%/8.9%2024 21 PB/ROE PB/PB 1.02/1.51/1.87 PB 1.27X 2023 ROE 5.6%PB/ROE=22.5 PB/ROE 6 PB/ROE 2425 Wind 2023ROE ROE 1 2/PB/ROE 17.7/14.3 PB/ROE 23 30.2%/60.9%24.825.533.924.823.319.024.421.80.05.010.015.020.025.030.035.040.02016 2017 2018 2019 2020 2021 2022 2023行业平均PB/ROE 2024 2009 1210 11 7 2024 ROE ROE 4.8%7.2%8.9%21 PB/ROE PB 1.02 1.51 1.87 1.27XPB PB/ROE 26.2 17.7 14.3 21 PB/ROE/-20.0%18.9%46.9%23 PB/ROE-12.3%30.2%60.9%Wind 1 PB 2016 PB/ROE 2122 1921 ROE 2015 PB 2024 PB 1921 PB/ROE 2 ROE ROE 1 ROE ROE ROE ROE PB 2 ROE 2021 ROE ROE ROE PB 3 PB/ROE 1 2018 ROE PB ROE PB/ROE 2 ROE PB ROE PB/ROE 4 ROE PB/ROE ROE ROE ROE ROE PB/ROE ROE ROE ROE 1 ROE ROE ROA ROA ROE ROE 2024 2009 1210 12 2023 ROE 2023 ROE 0.50pct 1 ROE 2023/12/13 30 ROE 1.77pct 21 ROE 0.22pct 2 ROE 30 16 ROE 53%21 9 ROE 43%8 ROE+0.5pct Wind 2023 ROE ROE ROE ROE 2023/12/13 ROE+ROE+8.4pct 37.2pct ROE ROE ROE+8.1pct 19.5pct PB 0.79X ROE+8.7pct 3.3pct 1XPB ROE ROE+4.4pct 3.2pct 2 ROE ROE/1-6.00%-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%10.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%太平洋华创云信方正证券中国银河哈投股份国盛金控华鑫股份首创证券东吴证券财通证券浙商证券国泰君安华泰证券东兴证券锦龙股份东北证券国元证券海通证券西南证券国海证券天风证券中泰证券国金证券西部证券国投资本华安证券第一创业中原证券长江证券华西证券行业越秀金控吉林敖东招商证券光大证券南京证券山西证券红塔证券兴业证券中信证券国联证券华林证券湘财股份中金公司中信建投国信证券长城证券财达证券中银证券东方证券广发证券东方财富/ROE 2024 2009 1210 13 20202023 2023 1 ROA ROE ROE 3.7pct 7.7%+2.8pct+2.6pct+2.4pct+2.3pct+2.2pct+2.1pct+2.0pct 2022 2023 ROE+7.1pct+6.6pct+4.3pct+4.2pct+4.1pct+3.8pct ROA 2 20202021 20202021 ROE+7.3pct+6.2pct+5.6pct+5.4pct+5.2pct ROE 9 2024 ROE ROA 2024 ROA 2024 ROE 2024 ROE 2.0%0.9%3.7%7.32%1.7%0.9%2.8%6.16%1.4%0.4%2.6%5.61%1.6%0.5%1.9%5.38%2.1%1.4%2.2%5.19%2.0%0.6%2.4%5.18%2.3%0.5%2.3%5.12%2.2%0.6%1.8%4.49%1.3%0.6%1.8%4.21%2.5%0.6%1.8%4.04%2.4%0.5%1.3%4.04%1.6%0.6%1.8%4.03%1.4%0.5%2.0%3.96%1.5%0.4%1.9%3.33%1.8%0.3%1.4%3.20%1.9%0.2%0.7%3.07%2.2%0.3%0.9%2.89%2.0%0.3%1.3%2.88%4.1%0.5%1.6%2.86%1.9%0.3%1.3%2.83%3.9%1.4%2.1%2.75%2024 2009 1210 14 1.6%0.1%0.5%2.70%1.9%0.3%1.4%2.70%1.1%0.4%1.3%2.52%1.5%0.2%0.8%2.17%Wind 1 2023 ROA ROA 2 ROA=20202023 ROA 2023 ROA ROA/3 ROE=ROA 4 2024 ROE=20202021 ROA 2023 ROA 2 ROE 1 ROA 2 10 ROE 2023 2023 2022 ROE ROE 1.61-0.26 1.93 2.26 4.85%9.02%2.27 0.21 1.74 1.60 4.19%4.22%2.65 0.05 1.20 1.22 2.99%4.22%2.63 0.23 1.40 1.24 2.52%3.04%3.26 0.01 0.55 0.61 2.47%2.73%2.23-0.12 1.45 1.64 2.20%2.86%3.02 0.20 0.97 0.85 1.99%2.28%2.91-0.16 0.73 0.96 1.92%1.59%3.04-0.16 0.60 0.83 1.84%2.39%3.19-0.29 0.32 0.68 1.73%1.69%3.17 0.12 0.75 0.70 1.73%2.25%2.91 0.02 0.91 0.96 1.71%1.92%3.14 0.29 0.95 0.73 1.60%2.23%2.96-0.23 0.61 0.91 1.53%2.53%2.97 0.26 1.09 0.90 1.44%2.11%3.25 0.49 1.04 0.62 1.25%1.46%3.02-0.02 0.77 0.85 1.23%1.77%3.22 0.14 0.72 0.65 1.20%1.32%2.79-0.38 0.63 1.08 1.05%1.33%3.12-0.22 0.46 0.75 1.01%1.58%2024 2009 1210 15 3.00 0.29 1.09 0.87 1.01%1.38%3.35 0.45 0.90 0.52 1.01%1.36%3.37 0.21 0.63 0.50 0.76%0.87%2.97 0.17 1.00 0.90 0.55%0.67%3.53 0.37 0.64 0.34 0.51%0.46%Wind 1 2 ROE ROA 3 ROE 20202021 ROA ROA ROE+7.1pct+4.3pct+4.3pct+4.1pct+3.8pct+3.6pct+3.5pct ROA 11 ROE Wind ROA 12 ROE Wind ROA-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%红塔证券国金证券华西证券东方财富中银证券兴业证券国信证券南京证券首创证券第一创业华安证券华创云信东兴证券财通证券海通证券东北证券广发证券东吴证券长城证券国元证券山西证券信达证券西南证券西部证券长江证券中信建投东方证券国海证券 ROA-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%红塔证券华西证券国金证券兴业证券首创证券国信证券第一创业东兴证券东北证券东方财富财通证券南京证券广发证券华创阳安长城证券华安证券海通证券中银证券西部证券中信建投湘财股份西南证券东吴证券山西证券浙商证券长江证券国元证券国海证券 ROA 2024 2009 1210 16 2023 ROE+45.7%+39.2%+21.4%ROE ROE 13 2020 Wind 14 Wind 0.91.11.31.51.71.92.12.32.52.72.9886054.WI 600109.SH 0.91.11.31.51.71.92.12.32.52.72020/1/12020/2/12020/3/12020/4/12020/5/12020/6/12020/7/12020/8/12020/9/12020/10/12020/11/12020/12/12021/1/12021/2/12021/3/12021/4/12021/5/12021/6/12021/7/12021/8/12021/9/12021/10/12021/11/12021/12/12022/1/12022/2/12022/3/12022/4/12022/5/12022/6/12022/7/12022/8/12022/9/12022/10/12022/11/12022/12/12023/1/12023/2/12023/3/12023/4/12023/5/12023/6/12023/7/12023/8/12023/9/12023/10/12023/11/12023/12/1886054.WI 600958.SH 000776.SZ 601377.SH 2024 2009 1210 17 15 2024 ROE 2022 2023Q3 2023E 2024E 7.67 7.27 11.6 9.05 13.4 19.05 ROE 4.6%4.1%6.6%3.7%7.2%7.7%21.48 19.36 27.0 23.16 33.5 43.90 ROE 5.0%4.3%5.8%3.8%6.9%7.1%26.37 15.81 37.8 23.54 43.6 53.65 ROE 5.0%3.0%6.8%3.3%7.2%7.3%75.98 46.08 84.0 53.23 102.0 142.82 ROE 7.7%4.5%7.9%3.8%9.8%10.0%110.53 95.86 122.5 116.19 141.5 241.26 ROE 6.7%5.6%7.4%5.0%8.0%10.1%213.17 164.14 240.5 199.91 272.2 390.20 ROE 8.4%6.3%8.9%5.6%8.8%10.7%80.72 64.02 86.3 77.34 90.6 167.57 ROE 7.0%5.4%7.0%4.8%6.9%10.1%30.11 28.57 53.3 33.87 61.6 59.43 ROE 3.9%3.6%6.9%3.2%7.5%5.4%79.29 58.10 101.3 74.90 116.3 129.50 ROE 6.6%4.3%7.9%4.1%8.6%6.9%Wind 2024 2009 1210 18 2016 2017 2019 2019 Wind 2020 8 2020 2021 2021 2022 2022 Choice 2022 2022 2018 2019 2020 2021 2022 2018-2021 2022 2022 2018 2023 2019 2019 2019 Wind 2020 8 2020 2021 2021 2022 Choice 2022 2022 2022 2023 2023 祎 2023 2024 2009 1210 19 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2024 2009 1210 20 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522