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2023-6-28 S1190523030003 1 2006 7 20 2006 11 1 2021 12 16 2016 2 4.62/4.50/5.52 29.02%22.88%2022 14.65%2022 3 7%6%ROE 7.75%/10.53%/11.40%8.86%/11.44%/13.22%ROE PB PB ROE 4 1 2 3 4 XVCXxOqNpMrQqOtQtOpQoP8O8QaQtRnNnPtQeRoOsMlOpNzQ7NpPxPxNtOsPNZtPqM124322006 2008 2016 2020 20212006 7 20 34 2008 6 24 55 2016 6 16 125 2020 3 20 166 2021 12 26 100%40%8%20%100%100%40%8%20%100%8%100%100%100%8%100%100%=-/+=/+/2006 1 6 7 20 2006 11 1 2008/2016/2020 2016 6(2020 2021 12 16 2016 数据来源：证监会官网，太 平 洋 研 究 院 整 理 1 2000 5000 10000 20000 100%120%/100%8%9.6%/100%100%120%/30 100%100%120%/100%120%80%9.6%120%2 数据来源：证监会官网，太 平 洋 研 究 院 整 理 数据来源：证监会官网，太 平 洋 研 究 院 整 理 50%100%B 100%8%100%100%5%6%8%4%2022 128.4%196.0%B 154 266.08%22.88%351.77%165.56%10.74%12.30%15.17%6.87%3 2018 11 27/12434 2009 14.23 2021 3.05 ROE 20%2022 5.49%2011 2014/2015 10%26.14%36.36%14.35%18.99%13.81%8.23%5.47%6.92%11.50%17.71%8.00%6.98%4.09%6.56%7.74%9.07%5.49%0%10%20%30%40%50%60%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022ROE-ROE-数据来源：Wind，太 平 洋 研 究 院 整 理 1 ROE 2015 30%2019 22%2022 74.68%/77.73%/73.41%2014 2021 3.84/4.55/3.89 4.62/4.50/5.52 数据来源：Wind，太 平 洋 研 究 院 整 理 2 3 7.85%6.63%4.97%4.03%3.78%3.76%3.49%3.26%3.05%29.71%30.28%32.92%27.65%27.26%25.85%20.93%22.74%21.47%23.30%0%2%4%6%8%10%0%5%10%15%20%25%30%35%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022(%)-(%)-3.892.843.42 4.28 4.61 4.68 5.09 5.52 024681012142014 2015 2016 2017 2018 2019 2020 2021 数据来源：Wind，太 平 洋 研 究 院 整 理 4=-11.43*+5.97 2016 2022 29.02%22.88%2022 14.65%2021 20.90%6.25pct 24.93%10.89%2022 2017 10.40%5%29.02 27.08 24.97 23.34 24.74 23.34 22.88 20 22 24 26 28 30 100 150 200 250 300 350 400 450 5002016 2017 2018 2019 2020 2021 2022(%)(%)(%)(%)-10.89 11.24 12.42 13.04 13.39 14.10 14.91 17.62 17.79 21.12 0510152025 2022 2021 2022 13%13.04%9.6%130%120%50%数据来源：Wind，太 平 洋 研 究 院 整 理 4 2022%600030.SH 651.09 203.96 17.79 130.53 129.64 74.68601211.SH 354.71 186.44 17.62 277.32 130.09 67.99601881.SH 336.42 262.43 12.42 354.93 129.89 19.21601688.SH 320.32 240.12 14.10 166.57 129.33 51.21601066.SH 275.65 222.66 14.91 235.00 141.47 77.73601995.SH 260.87 182.42 11.24 239.71 154.27 73.41600837.SH 259.48 241.25 21.12 293.75 162.85 63.57000776.SZ 251.32 186.58 13.04 213.79 147.26 55.83000166.SZ 206.10 257.30 10.89 212.12 136.74 66.72600999.SH 192.19 264.95 13.39 210.95 151.73 42.23124314 7%ROE 0.86%/1.02%/3.33%ROE ROE 7.75%/10.53%/11.40%6%ROE 1.97%/1.93%/5.16%ROE ROE 8.86%/11.44%/13.22%ROE数据来源：Wind，太 平 洋 研 究 院 整 理 5 ROE%7.0%6.0%8.4%7.2%9.4%8.2%1,074.42 771.07 1,047.97 1,074.42 771.07 1,047.97 551.61 302.25 625.97 551.61 302.25 625.97 5,202.95 2,688.37 4,878.88 5,202.95 2,688.37 4,878.88 665.23 527.01 1,780.40 1,523.99 997.56 2,754.93%1.39%1.49%1.96%1.39%1.49%1.96%9.25 7.85 34.93 21.18 14.86 54.05 ROE%0.86%1.02%3.33%1.97%1.93%5.16%5 ROE%6.89%9.51%8.07%6.89%9.51%8.07%ROE%7.75%10.53%11.40%8.86%11.44%13.22%1.1%2.3.5 ROA 数据来源：Wind，太 平 洋 研 究 院 整 理 1.1%2.3.2022/4.7%ROE 4.03%/3.70%/8.58%ROE ROE 10.92%/13.21%/16.65%6%ROE 9.24%/7.04%/13.28%ROE ROE 16.13%/16.55%/21.35%6 ROE%7.0%6.0%8.4%7.2%9.4%8.2%1,074.42 771.07 1,047.97 1,074.42 771.07 1,047.97 551.61 302.25 625.97 551.61 302.25 625.97 5,202.95 2,688.37 4,878.88 5,202.95 2,688.37 4,878.88 665.23 527.01 1,780.40 1,523.99 997.56 2,754.93%7.66%6.48%6.16%7.66%6.48%6.16%15.00%16.50%18.00%15.00%16.00%18.00%6.51%5.41%5.05%6.51%5.44%5.05%43.32 28.51 89.96 99.24 54.28 139.20 ROE%4.03%3.70%8.58%9.24%7.04%13.28%5 ROE%6.89%9.51%8.07%6.89%9.51%8.07%ROE%10.92%13.21%16.65%16.13%16.55%21.35%数据来源：Wind，太 平 洋 研 究 院 整 理 1.1%2.3.4.5.%7.0%6.0%8.4%7.2%9.4%8.2%1,074.42 771.07 1,047.97 1,074.42 771.07 1,047.97 551.61 302.25 625.97 551.61 302.25 625.97 5,202.95 2,688.37 4,878.88 5,202.95 2,688.37 4,878.88 665.23 527.01 1,780.40 1,523.99 997.56 2,754.93 2022 0.03 0.04 0.04 0.03 0.04 0.04 19.96 21.08 71.22 45.72 39.90 110.20%55.10%58.69%52.49%55.10%58.69%52.49%15.00%16.50%18.00%15.00%16.00%18.00%46.84%49.01%43.04%46.84%49.30%43.04%9.35 10.33 30.65 21.41 19.67 47.43 ROE%0.87%1.34%2.92%1.99%2.55%4.53%5 ROE%6.89%9.51%8.07%6.89%9.51%8.07%ROE%7.76%10.85%10.99%8.88%12.06%12.59%7%ROE 0.87%/1.34%/2.92%ROE ROE 7.76%/10.85%/10.99%6%ROE 1.99%/2.55%/4.53%ROE ROE 8.88%/12.06%/12.59%7 ROE(NSFR)/1 NSFR ROE 数据来源：Wind，太 平 洋 研 究 院 整 理1,273.28 1,278.84 969.18 1,394.19 1,017.82 1,519.84 1,818.31 1,158.87 1,510.65 1,346.28 3.88 5.59-8.05-559.58 0.65-11.63-500.00 1,000.00 1,500.00 2,000.00 2,500.00 6 400 270/280 ROE 数据来源：Wind，太 平 洋 研 究 院 整 理()()601688.SH 2022-12-31 220,696.30 2,800,000.00-601995.SH 2022-10-25 87,706.27 2,700,000.00-601881.SH 2022-03-22-2021-11-04 2022-03-07 2022-03-17600030.SH 2022-02-10 159,726.72 2,800,000.00 2021-07-22 2021-11-15 2021-11-27601066.SH 2020-12-30 127,707.23 1,300,000.00-2020-01-20 2020-03-14600837.SH 2020-08-07 161,842.62 2,000,000.00-2019-12-07 2020-06-10600999.SH 2020-07-28 171,570.24 1,280,487.85 2019-08-31 2020-04-03 2020-05-12600030.SH 2020-03-13 80,986.76 1,346,000.00-2019-10-30 2019-12-27000776.SZ 2019-06-18 118,000.00 1,500,000.00-2018-11-12 2018-12-27601688.SH 2018-08-04 108,873.12 2,551,000.00-2017-12-09 2018-03-20000166.SZ 2018-01-29 250,000.00 1,200,000.00-2017-11-07 2017-12-30 8 ROE PB PB ROE 2021 0123456780%10%20%30%40%50%60%70%2006 2008 2010 2012 2014 2016 2018 2020 2022ROE-PB-数据来源：Wind，太 平 洋 研 究 院 整 理 7 ROE PB 8/99.1666.5659.0588.0240.4229.0145.9761.3552.6258.73139.7569.9862.4272.2262.3478.2953.0028.3380.89 65.92050100150200250300 124326 ROE/数据来源：Wind，太 平 洋 研 究 院 整 理 1 ROE 2 ROE 3 4 9/(%)(%):601995.SH 11.24 154.27 270 290,121 12 782,884 3000776.SZ 13.04 147.26 613,467 4 283,325 11000166.SZ 10.89 136.74 526,224 7 808,889 2600030.SH 17.79 129.64 991,632 1 1,397,503 1601211.SH 17.62 130.09 665,555 3 699,847 6601688.SH 14.10 129.33 280 880,212 2 722,242 5数据来源：Wind，太 平 洋 研 究 院 整 理 2022A 2023E 2024E 2025E()26,087.37 30,698.15 35,892.81 41,075.71+/-%-13.42%17.67%16.92%14.44%(7,597.50 9,728.00 12,059.00 14,225.34+/-%-29.51%28.04%23.96%17.96%()1.46 2.02 2.50 2.95(PE)26.12 18.31 14.77 12.52 2022A 2023E 2024E 2025E()65,108.51 76,148.57 85,886.00 95,616.42+/-%-14.92%16.96%12.79%11.33%(21,317.42 27,041.46 31,560.74 35,701.23+/-%-7.72%26.85%16.71%13.12%()1.42 1.82 2.13 2.41(PE)14.02 10.88 9.32 8.24 2022A 2023E 2024E 2025E()32,031.56 37,843.44 43,510.80 49,149.71+/-%-15.50%18.14%14.98%12.96%(11,052.70 13,650.80 16,311.64 18,680.60+/-%-17.18%23.51%19.49%14.52%()1.18 1.50 1.80 2.06(PE)10.80 9.15 7.66 6.69 10 11 12 2022A 2023E 2024E 2025E()25,132.01 32,553.94 36,863.67 41,427.89+/-%-26.62%29.53%13.24%12.38%(7,929.28 11,092.80 13,357.89 15,294.41+/-%-26.95%39.90%20.42%14.50%()1.02 1.46 1.75 2.01(PE)15.19 10.11 8.39 7.33 1330请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 22 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 23 13910596682 18519233712 13269957563 13522888135 18811735399 13564966111 17305260759 17267491601 18846036786 18616165006 13122990430 021-58502206 13524364874 18565481133 13554982912 13527560506 13728975701 30请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 6 300 5%6 300 5%5%6 300 5%6 300 15%6 300 5%15%6 300-5%5%6 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