2023年年报点评：公募化转型稳步推进，综合实力有望进一步提升.pdf

2www.avicsec.com010-59219558010-595626371◆◆◆◆-30%-20%-10%0%10%20%30%23-0323-0623-0823-1124-0124-03300◆◆2022A2023A2024E2025E2026E26.2329.5532.3437.1743.16%-11.5912.689.4314.9316.127.676.717.278.319.74%-13.66-12.518.3214.2417.260.270.240.260.290.34PB1.861.761.701.651.59ROE%4.623.893.954.374.95WIND12WINDWIND34WINDWIND0.66%6.64%6.41%7.27%4.62%3.89%0%2%4%6%8%201820192020202120222023212.84284.19462.20659.39743.82871.2902004006008001,000201820192020202120222023-21.61%63.62%15.87%58.11%-11.59%12.68%-40%-20%0%20%40%60%80%05101520253035201820192020202120222023()-40.75%-86.46%930.57%12.76%52.36%-13.66%-12.51%-200%0%200%400%600%800%1000%0.02.04.06.08.010.02017201820192020202120222023利润表（亿元）2021A2022A2023A2024E2025E2026E营业收入29.6726.2329.5532.3437.1743.16手续费及佣金净收入13.4612.9815.5416.8818.0219.76其中：证券经纪业务净收入6.095.505.155.355.605.85投资银行业务净收入5.094.774.894.945.175.72资产管理业务净收入1.411.944.434.915.526.38利息净收入2.161.210.810.841.272.17投资收益（含公允价值变动损益）13.9611.5312.2214.5217.7921.13其中：对联营企业和合营企业的投资收益0.02-0.06-0.210.040.05-0.05营业支出17.8716.6021.4423.2426.8031.00管理费用17.3716.4121.5222.9526.6730.63减值损失0.300.03-0.290.07-0.110.09利润总额11.739.658.259.1410.4412.24净利润8.897.676.757.318.359.79归属于母公司所有者的净利润8.897.676.717.278.319.74资产负债表（亿元）资产：货币资金105.74100.3398.16102.15108.47116.79融出资金107.9188.16101.27116.46133.93153.34交易性金融资产277.10324.36390.27477.65543.76596.34衍生金融资产4.859.8017.4719.1123.9327.83买入返售金融资产29.5832.6453.0763.6970.4979.51可供出售金融资产0.000.000.000.000.000.00债权投资0.000.000.000.000.000.00其他债权投资62.4083.6370.8395.53105.13111.32其他权益工具投资25.7929.2636.0044.5852.2059.63长期股权投资1.030.970.760.861.011.14资产总计659.39743.82871.291,002.991,103.861,237.63负债：应付短期融资款21.257.052.563.184.035.11交易性金融负债14.3015.7911.6315.4716.1117.04卖出回购金融资产款127.96149.93144.22219.44275.96315.94代理买卖证券款111.83107.9790.4693.1796.90101.75应付债券161.07194.89250.62279.51313.73355.81负债合计495.58576.21690.05816.24910.791,037.22所有者权益：股本28.3228.3228.3228.3228.3228.32资本公积81.7481.7481.7481.7481.7481.74盈余公积6.777.638.229.6311.2414.11未分配利润28.0231.0635.4436.3037.2835.50归属于母公司所有者权益163.81167.61177.69183.22189.53196.94所有者权益合计163.81167.61181.24186.76193.06200.41负债及股东权益合计659.39743.82871.291,002.991,103.861,237.63基本每股收益0.360.270.240.260.290.34每股净资产5.785.926.276.476.696.95加权净资产收益率7.274.623.893.954.374.95