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Table_MainInfo/2023 03 15 Table_InvestInfo Table_QuoteInfo 2243.082524.772806.453088.143369.823651.512022/3 2022/6 2022/9 2022/12 Table_ReportInfo 2 2023.03.13 MBS 2023.03.12 2 2023.03.12 Table_AuthorInfo:Tel:(021)23219747 Email:S0850510120001:Tel:(010)50949926 Email:S0850515040002:Tel:(021)23154395 Email:S0850518120003:Tel:(021)23219436 Email:S0850511010019 3 Table_Summary VS ROE 1 A 2 2020 A 3 ROE 4 2014 ROE/ROE ROE 1 2 3 2 1.5 2.8 2.1 A.8 2.2.8 2.3.11 2.4.12 2.4.1.12 2.4.2.13 3.14 3.1.14 3.2.16 3.2.1 P/E P/B.16 3.2.2.17 3.3.17 4.18 4.1.18 4.2.20 4.3.21 5.23 ZXDWvMqNpMmNqOmPmRqPmNaQaO6MtRrRoMsRfQmMoNfQnMmR9PmNtNwMnRpPNZqNnM 3 1 2021.5 2 2021.6 3 ROE%.6 4%.7 5 PB.8 6 A PEV.9 7 2022 PEV.9 8 2009-2021.10 9 H PEV.10 10 PB.11 11 2021-2022%.13 12 2022.13 13 40.14 14.14 15 2013-2021 ROE.15 16 2013-2017 FINRA ROE.15 17/2014-2021 ROE.16 18.16 19.17 20.19 21.20 22.21 23“”.22 24.23 4 1 2013-2021%.7 2 A.8 3.11 4 ROE.12 5 PB.12 6.15 7/.15 8.20 9-.22 5 1.VS 2022 12 6 925000 43%2020-2022 2021 0.1%1.15%5 0.7%10.06%26%1 2021 Wind 6 2 2021 Wind ROE ROE ROE“”ROE ROA/ROE 2018 4Q17 2500 ROE ROE 3 ROE%Wind 7 1 2013-2021%2021 11.61 10.27 11.7 12.28 65.92 166.15 98.71 538.08 78.71 2020 1.62 1.18 1.8 2.92-20.04-29.18-43.06-83.26-34.76 2019 4.74 4.89 4.59 4.06 12.19-46.22 7.51-12.7-2.55 2018 5.11 4.06 5.09 4.45 32.87 27.13 365.45 0.95 54.38 2017 4.67 2.8 4.9 4.76-1.18 335.58-145.59 1.12 2.3 2016 1.45 0.4 1.86-3.67 1.19-81.67-13.51-4.18 12.55 2015 0.14 0.48 0.62 0.74 12.4-1.21 135.87-0.71 187.83 2014 6.14 5.01 7.9 8.08 21.67-15.53-46.46 5.39-57.72 2013 11.12 10.11 14.63 12.36-15.79 15.52 81.32 15.78 172.95 WIND 2017 32.2%57.42%4%304050607080902000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Wind 2023 0.5 pb 1.5 pb 1 pb pb 0.8 pb 0.5 pb ROE 8 5 PB Wind ROE 2.2.1 A A 1 A 2 2023 3 8 65%2 A 2007/01/09 9811 2007/03/01 8409 2007/12/25 2510 2011/12/16 931 2018/11/16 2282 Wind 2023/3/8 2.2 2007 2020 1 2020 2“”+NBV 9 2019 6 A PEV 0.01.02.03.04.05.06.07.08.09.02007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 PEV Wind 2022 1 2 2018 2019 NBV 7 2022 PEV 0.20.30.40.50.60.70.80.91.01.11.22021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-02 Wind 10 8 2009-2021-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Wind 2018 A H 9 H PEV 0.00.51.01.52.02.53.03.54.04.55.02008/01 2009/01 2010/01 2011/01 2012/01 2013/01 2014/01 2015/01 2016/01 2017/01 2018/01 2019/01 2020/01 2021/01 2022/01 H H H H H H Wind PB 1 2007 6.6x 2010-2011 2 0.7x PB 0.5x PB 11 10 PB 01234567 H H H Wind 2.3 PEV PB PE PEV PB PE 1 GAAP PB PE 2 IFRS MCEV PEV PB 3 PE PB GAAP PEV IFRS PB ROE ROE 10 ROE 2019 ROE PB 2020 ROE 1 2 3 2021 ROE 12 4 ROE wind 5 PB wind 2.4 2.4.1 11+2.9%2016 13 11 2021-2022%2.58 2.93 2.52.62.72.82.93.03.13.23.33.42020-122021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-01 Wind 2022 Q2 1 2-19.5%Q1-Q4-43.9%-9.7%+48.2%+35.3%Q4 2021 3-10.4%Q1-Q4-15.7%-3.2%-10.2%-5.2%Q4 Q3 5pct 12 2022 9151147228 1841679141000171157 164-0.2%-12.9%-24.9%-14.7%-1.6%-30.0%-25.0%-20.0%-15.0%-10.0%-5.0%0.0%0200400600800100012001400 2021Q1-3 2022Q1-3%2021 2022 2.4.2“”2022Q3“”13 88.0%7.5 1 14“+”2 2022 11 2022 1954 142 3 2 6 7 12 20+1 2 ESG“”3 ESG 3.3.1 40 33 7 4 2023 3 6 1396 13 40 Wind 2023 3 6 14 Wind 2023 3 6 7 1.06x 2023E PB 33 0.79x 2023E PB 1.7x 2023E PB PE PE 国企,10596 民企,2836 央企,9772,26,7,7 15 6 2022E PE 2023E PE 2022E PB 2023E PB 国企券商 30.42 18.62 0.82 0.79 民企券商 22.95 28.96 1.74 1.70 央企券商 17.33 14.05 1.14 1.06 互联网金 融 52.96 31.75 4.32 5.99 平均 30.91 23.35 2.00 2.38 Wind 2023 3 6 7/国家/地区 公司类型 市值合计(US$mn)P/E(x)P/B(x)FY21 Y22 FY23E FY24E FY21 FY22 FY23E FY24E 美国 投资银行 平均 1180228 8.1 11.3 7.3 10.5 1.7 1 6 1.3 1.2 资产管理 公司平 均 366073 9.7 6.7 14.2 12.1 3.4 14.8 2.8 2.4 互联网金 融平均 204710 89.7 10.6 18.3 14.7 1.8 3.1 2.0 1.7 日本 银行/券商 232508 11.8 10.6 10.0 5.8 0.9 0.9 0.8 0.8 欧洲 银行/投行 188040 5.4 6.7 3.9 7.8 0.6 0.6 0.5 0.5 平均 25.0 9.2 10.7 7.1 1.7 4.2 1.5 1.3 Wind BBG 1/ROE ROE ROE ROE 2014-2021 ROE 8.3%2013-2017 FINRA ROE 9%2014-2021 ROE6.95%ROE ROE 17%2015 ROE 6%ROE 2014-2021 ROE 10%ROE 16%ROE 12%ROE 10%ROE 10%ROE 6%ROE 8%ROE 15 2013-2021 ROE 6%10%17%8%6%4%6%7%9%0%2%4%6%8%10%12%14%16%18%-0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 2013 2014 2015 2016 2017 2018 2019 2020 2021 ROE 16 2013-2017 FINRA ROE 8%8%7%8%11%6%7%8%9%10%11%12%-5.00 10.00 15.00 20.00 25.00 2013 2014 2015 2016 2017 ROE(SIFMA SIFMA pretax-ROE 25%ROE 16 17/2014-2021 ROE-10%-5%0%5%10%15%20%25%30%35%40%中信证券 中信建投 中金公司 国泰君安 广发证券 摩根士丹 利 高盛集团 野村证券 大和证券2014 2015 2016 2017 2018 2019 2020 2021 Wind 2 3.2 3.2.1 P/E P/B 30 P/E P/B 1987 2012 P/E P/B 1 2012 P/E 2012 2008-2011 62%ROE 2006 2007 ROE 20%2008-2010 ROE 10%ROE ROA P/E 18 0%10%20%30%40%50%60%70%80%0.000%0.020%0.040%0.060%0.080%0.100%0.120%0.140%Wind 2 2012 P/B 17 2013 3 2012 2012 P/E P/B 3.2.2 2020 28%63.38%58.84%2021 30%2021 10%19 3.3 18 2019 2020 2021 2023 IPO 2019 5000 0.9 1.59 2018-2021 23%49%4.4.1 19 NAV NAV 1 2 NAV NAV 20 1 2 3 1 P/E P/B EV/EBIT EV/EBITDA 2 1 WACC 2 1 2 20 21 4.2 2015 2021 6 18“”8 2015 2016 2017 2019 2021 6 18 10 1 5%1.5%4%2023 2023 2 24 21 22 4.3“”2013 10 29“”“”“”“”“”3 5 30 20 5 Cover Bond REITs 22 23“”“”1“”2“”“+”9-2012.11.8 2017.10.18 2022.10.16 23 24+X 5.24 Table_Analysts Table_Reports A,A,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%25 Table_PeopleInfo(021)23219403(021)23219404(021)23219658(021)23219747(0755)82780398(021)23219820(021)23219394(021)23154149(021)23219674(021)23154658(021)23219732(021)23219395(021)23219984(021)23219883(021)23212230(021)23154387(021)23212231(021)23154170 021-23219745(021)23219419(021)23185680(021)23219326(021)23219686(021)23219370(021)23219445(021)23185675(021)23219433(021)23154168(021)23219068(021)23219645(021)23219819(021)23219773 珮(021)23154121 喆(021)23154142(021)23154116 021-23219635(021)23212041(021)23154124 021-23154484(021)23219658(021)23154132(021)23219733 021-23154147(021)23185661(021)23219400(021)23219812(021)23214131(021)23219420(021)23154122 02123154123(021)23219434(021)23219387(021)23219946(021)23219953 02163411361(021)23219404(021)23154143(021)23154505(021)23219635(0755)82780398(021)23219808(010)68067998(021)23154120(010)56760096 86 10 56760096(021)23219671(010)68067998(021)23219164(021)23154017 021-23219807 021-23185705(021)23154145(021)23154398(021)23154113(021)23154141(021)23154125(021)23219415(021)23219399 021-23154126(010)58067907(021)23219104(021)23154120(021)23212208(021)23219774(021)23154392(021)23154394 02123219406(021)23219383(021)23219747(021)23219436(021)23154399(021)23154652 翀(021)23154139 02123219748(021)23154401(021)23219963(010)58067998(021)23219760(021)23212208(021)23219692(021)23219171(021)23154113(021)23154184(021)23219389 26(0755)82764281(021)23214397(021)23219431(021)23219392(021)23219392(021)23154174(021)23154174(021)23154137(0755)23617756(010)50949926 010-56760095(021)23154128(021)23219634(010)50949926 010-56760090(010)56760090(021)23154171(021)23219382(021)23219442(010)56760091(021)23219407(021)23154510(021)23219405(021)23212081(021)23154122(021)23154114 玥(021)23219814(021)23154119(021)23154659(021)23219391 劼 18515295560 18901961523 13718567611(010)58067998(021)23219402(021)23154172(021)23154171(021)23154019 晅 021-2321-4129(021)23154483(021)23154395(021)23219356(021)23154134(021)23219399(755)82900465(021)23219583 祎(021)23219768(021)23219244(021)23154382(021)23214390(021)23154146(0755)23607963(0755)82775962(0755)83253022(0755)83255933(0755)82775282(0755)23617160 0755-25597716(021)23219385(021)23219397(021)23219384(021)23219410(021)23154192 23214650 祎(021)23212268(021)23219373 祎(021)23219281(010)58067988 010-5806 7936(010)58067977(010)58067931 垚(010)58067851 27 689 9 021 23219000 021 23219392 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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