图表目录

图 1：累计营收、PPOP、归母净利润同比增速..........................4

图 2：累计同比业绩拆分（2024Q1~3）................................4

图 3：累计同比业绩拆分（2024H1）...................................5

图 4：单季度营收、PPOP、归母净利润同比增速........................5

图 5：单季度业绩拆分（2024Q3）.....................................6

图 6：净息差和净利差................................................8

图 7：资本充足率情况...............................................13

图 8：年化 ROE、风险加权资产增速和ROE(年化)*(1-分红率)......................13

图 9：股东数和户均持股数量（万户，万股）...........................14

表 1：关键财务指标概览（单位：百万元）..............................3

表 2：累计业绩同比增速..............................................6

表 3：单季度业绩同比增速............................................6

表 4：累计 ROE 拆分.................................................7

表 5：单季度ROE 拆分................................................7

表 6：净息差、净利差、生息资产收益率、计息负债成本率................8

表 7：生息资产情况（单位：百万元）..................................9

表 8：计息负债情况（单位：百万元）..................................9

表 9：非息收入、其他综合收益.......................................10

表 10：资产质量（百万元）..........................................10

表 11：贷款情况....................................................11

表 12：存款情况....................................................11

表 13：信用减值损失和拨备余额（百万元）............................12

表 14：手续费结构..................................................12

附：财务预测表（单位：百万元）.....................................15

表 1：关键财务指标概览（单位：百万元）

资料来源： ，

注：不良净生成率 1=(不良贷款增量+本期核销及转出（披露值）)/期初贷款余额；不良净生成率 2=(不良贷款增量+本期核销测算值)/期

初贷款余额；不良核销转出率 1=本期核销及转出（披露值）/期初不良贷款余额；不良核销转出率 2=本期核销测算值/期初不良贷款余额

关键财务指标

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

营业收入同比增速

3.01%3.65%2.77%0.89%1.28%5.02%6.53%3.82%

拨备前利润同比增速

-0.07%2.07%2.38%-3.74%-0.64%4.29%7.48%7.11%

归母净利润同比增速

26.65%23.18%20.68%16.14%9.96%9.41%8.25%5.37%

净息差（披露值）

1.81%1.66%1.64%1.51%

净利差（披露值）

1.56%1.41%1.39%1.26%

生息资产收益率（披露值）

3.91%3.83%3.73%3.51%

计息负债成本率（披露值）2.35%2.42%2.34%2.25%

净息差（测算值）1.86%1.69%1.73%1.71%1.69%1.53%1.52%1.53%

净利差（测算值）

1.87%1.68%1.73%1.69%1.67%1.50%1.50%1.50%

生息资产收益率（测算值）

4.22%4.03%4.09%4.04%4.02%3.76%3.71%3.67%

计息负债成本率（测算值）2.35%2.34%2.36%2.35%2.35%2.27%2.21%2.16%

单季度净息差（测算值）1.83%1.69%1.71%1.66%1.61%1.53%1.48%1.53%

单季度净利差（测算值）

1.83%1.68%1.71%1.65%1.59%1.50%1.46%1.51%

ROA（年化）

0.97%1.01%1.13%1.01%0.99%1.00%1.10%0.97%

ROE（年化）

13.01%12.40%13.38%12.14%11.48%12.27%13.12%11.58%

杠杆率7.79%7.60%8.01%7.69%7.79%7.73%7.85%7.62%

总资产增速

4.87%8.86%9.06%11.01%11.04%8.28%10.06%8.45%

风险加权资产增速

4.04%3.28%3.47%6.98%6.75%10.73%11.69%6.65%

ROE(年化)*(1-分红率)

10.46%9.97%10.76%9.76%9.14%9.77%10.44%9.22%

ROE(年化)*(1-分红率)-风险加权资产增速6.42%6.69%7.29%2.78%2.39%-0.96%-1.25%2.57%

成本收入比

30.98%25.47%25.07%29.42%32.19%26.14%24.36%27.25%

存贷比

74.48%73.02%73.50%73.48%73.68%73.22%72.68%72.21%

贷款同比增速

9.17%9.73%10.44%11.10%11.22%11.80%10.82%9.26%

存款同比增速

9.47%10.29%12.36%14.27%12.82%11.51%11.87%10.89%

贷款/生息资产

63.94%62.24%63.82%63.47%63.65%63.81%63.98%63.75%

存款/计息负债

92.55%91.28%93.34%93.03%93.76%94.13%94.77%95.23%

贷款较年初增量10,7995,5939,12812,48314,4286,9959,61011,115

存款较年初增量15,32810,67914,79719,93822,7039,59814,87218,697

不良贷款率

0.81%0.78%0.77%0.78%0.79%0.79%0.79%0.78%

拨备覆盖率

552.74%554.62%553.72%547.39%522.57%515.35%502.36%499.28%

关注贷款率0.31%0.31%0.31%0.43%0.42%0.51%0.50%0.59%

关注率+不良率1.12%1.09%1.08%1.21%1.21%1.30%1.29%1.37%

逾期贷款率

0.76%0.68%0.66%0.78%

逾期 90 天以上/不良

68.21%55.83%55.82%63.73%

逾期 1 年以上/损失

319.40%317.64%99.55%97.68%

逾期/不良93.78%87.29%84.24%99.13%

重组贷款率

0.23%0.24%0.21%0.18%

逾期率+重组率

0.99%0.91%0.87%0.96%

（重组+逾期）/不良

122.36%118.09%111.21%121.69%

不良净新生成率 1（测算值）0.33%0.24%0.32%0.55%

不良净新生成率 2（测算值）

0.59%0.93%0.62%0.59%0.52%0.98%0.73%0.64%

不良核销转出率 1（测算值）

43.91%25.92%35.44%59.63%

不良核销转出率 2（测算值）

74.48%115.19%77.31%72.44%62.74%110.06%83.59%78.84%

核心一级资本充足率

10.97%11.09%11.56%11.03%11.27%11.15%11.51%11.39%

一级资本充足率

12.30%12.40%12.86%12.28%12.52%12.33%12.67%12.56%

资本充足率

14.75%14.25%14.71%14.17%14.41%13.83%14.17%13.59%

股东数（户）

49,23647,22246,10543,49645,56843,63241,45139,038

图 1：累计营收、PPOP、归母净利润同比增速

累计营收、PPOP、归母净利润同比增速

营业收入同比增速拨备前利润同比增速归母净利润同比增速

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

5.37%

7.11%

3.82%

-5.00%

-10.00%

资料来源： ，

图 2：累计同比业绩拆分（2024Q1~3）

无锡银行2024Q1~3累计业绩驱动拆分

12%

10%

8%

6%

4%

2%

0%

-2%

生

息

资

产

规

模

净净其税成拨有净少归

息手他金本备效利数母

差续收

费支

收

入利

及收计税润股净

附入提率东利

加比

净润

润

资料来源： ，

10.6%

5.2%

5.4%

图 3：累计同比业绩拆分（2024H1）

无锡银行2024H1累计业绩驱动拆分

14%

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

生

息

资

产

规收

模利

净净其

息手他

差续收及收计税润股净

费支

入

税成拨有净少归

金本备效利数母

附入提率东利

加比

净润

润

资料来源： ，

图 4：单季度营收、PPOP、归母净利润同比增速

单季度营收、PPOP、归母净利润同比增速

营业收入同比增速拨备前利润同比增速归母净利润同比增速

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

-10.00%

-20.00%

-30.00%

11.6%

7.9%

8.2%

拨备前利润同比增速-0.07%2.07%2.38%-3.74%-0.64%4.29%7.48%7.11%

归母净利润同比增速26.65%23.18%20.68%16.14%9.96%9.41%8.25%5.37%

图 5：单季度业绩拆分（2024Q3）

无锡银行2024Q3单季度业绩驱动拆分

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

资料来源： ，

表 2：累计业绩同比增速

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

营业收入同比增速3.01%3.65%2.77%0.89%1.28%5.02%6.53%3.82%

净利息收入同比增速-0.46%-4.92%-1.53%-0.67%-0.78%0.23%-2.19%-0.91%

非息收入同比增速17.41%28.24%15.77%5.70%8.52%15.23%28.92%17.52%

净手续费收入同比增速23.97%-21.99%-23.80%-39.94%-41.82%15.60%-6.96%-3.49%

其他非息收入同比增速15.59%43.06%30.03%20.77%23.44%15.17%36.50%20.97%

营业支出同比增速-12.87%-11.80%-17.26%-13.90%-4.15%4.73%8.61%3.88%

利润总额同比增速26.27%26.11%24.95%18.38%6.57%5.59%4.81%3.82%

净利润同比增速24.36%23.26%20.81%15.89%9.73%9.10%7.94%5.17%

资料来源： ，

表 3：单季度业绩同比增速

10.6%

(2.5%)

(2.6%)

生净净其税成拨有净少归

息息手他金本备效利数母

资差续收及收计税润股净

产费支附入提率东利

规收加比净润

模入利

润

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

营业收入同比增速-7.61%

3.65%1.86%-3.03%2.60%5.02%8.14%-2.13%

净利息收入同比增速-4.43%

-4.92%1.95%1.07%-1.11%0.23%-4.51%1.64%

非息收入同比增速-23.16%

28.24%1.57%-16.18%25.18%15.23%48.62%-16.70%

净手续费收入同比增速-1752.40%-21.99%-25.33%-83.70%-66.21%15.60%-26.87%40.44%

其他非息收入同比增速-32.18%43.06%13.49%2.01%36.79%15.17%70.63%-19.16%

营业支出同比增速

-48.73%-11.80%-24.74%-7.57%47.31%4.73%14.85%-4.12%

拨备前利润同比增速

-19.95%2.07%2.72%-17.14%14.19%4.29%10.86%6.13%

利润总额同比增速

63.25%26.11%24.05%3.04%-21.59%5.59%4.19%1.00%

净利润同比增速44.52%23.26%18.91%4.14%-6.24%9.10%7.01%-2.52%

归母净利润同比增速

45.04%23.18%18.74%5.19%-6.00%9.41%7.31%-2.56%

表 4：累计 ROE 拆分

资料来源： ，

表 5：单季度 ROE 拆分

资料来源： ，

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

营业收入

2.17%2.27%2.19%2.09%2.03%2.17%2.11%1.98%

净利息收入

1.69%1.54%1.57%1.56%1.55%1.41%1.39%1.40%

净手续费收入

0.11%0.10%0.11%0.08%0.06%0.11%0.09%0.07%

其他非息收入

0.37%0.62%0.51%0.46%0.42%0.66%0.63%0.51%

营业支出

1.08%1.15%0.93%0.97%0.96%1.10%0.91%0.92%

税金及附加

0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%

业务及管理费

0.67%0.58%0.55%0.62%0.65%0.57%0.51%0.54%

减值损失0.40%0.55%0.36%0.34%0.29%0.51%0.38%0.37%

营业利润

1.08%1.12%1.26%1.12%1.07%1.08%1.20%1.06%

营业外净收入0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

利润总额1.08%1.12%1.26%1.12%1.07%1.08%1.19%1.06%

所得税

0.11%0.11%0.13%0.11%0.08%0.08%0.09%0.09%

年化 ROA

0.97%1.01%1.13%1.01%0.99%1.00%1.10%0.97%

杠杆率13.3712.3311.8712.0411.6112.2611.9211.98

年化 ROE

13.01%12.40%13.38%12.14%11.48%12.27%13.12%11.58%

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

营业收入

1.97%2.27%2.11%1.96%1.87%2.17%2.07%1.75%

净利息收入

1.69%1.54%1.61%1.56%1.55%1.41%1.39%1.44%

净手续费收入

0.03%0.10%0.11%0.02%0.01%0.11%0.08%0.02%

其他非息收入

0.25%0.62%0.39%0.39%0.31%0.66%0.60%0.28%

营业支出

0.69%1.15%0.71%1.08%0.94%1.10%0.74%0.95%

税金及附加

0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.01%

业务及管理费

0.93%0.58%0.52%0.76%0.78%0.57%0.47%0.60%

减值损失

-0.26%0.55%0.17%0.30%0.15%0.51%0.26%0.34%

营业利润

1.28%1.12%1.40%0.88%0.93%1.08%1.33%0.80%

营业外净收入

0.00%0.00%0.00%0.00%0.00%0.00%-0.01%0.01%

利润总额

1.28%1.12%1.40%0.88%0.93%1.08%1.32%0.81%

所得税

0.20%0.11%0.15%0.08%-0.01%0.08%0.11%0.10%

年化 ROA

1.08%1.01%1.25%0.80%0.94%1.00%1.21%0.71%

杠杆率

13.3712.3311.8712.0411.6112.2611.9211.98

年化 ROE

14.49%12.40%14.84%9.65%10.92%12.27%14.43%8.53%

图 6：净息差和净利差

净息差（披露值）净利差（披露值）

2.40%

2.20%

2.00%

1.80%

1.60%

1.40%

1.20%

1.00%

资料来源： ，

表 6：净息差、净利差、生息资产收益率、计息负债成本率

累计（披露值）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

净息差

1.81%1.66%1.64%1.51%

净利差

1.56%1.41%1.39%1.26%

生息资产收益率

3.91%3.83%3.73%3.51%

计息负债成本率

2.35%2.42%2.34%2.25%

单季度（测算值）

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

净息差

1.83%1.69%1.71%1.66%1.61%1.53%1.48%1.53%

净利差

1.83%1.68%1.71%1.65%1.59%1.50%1.46%1.51%

生息资产收益率

4.10%4.03%4.00%3.96%3.87%3.76%3.59%3.55%

计息负债成本率

2.26%2.34%2.30%2.31%2.27%2.27%2.13%2.04%

生息资产平均收益率

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

发放贷款

4.63%4.53%4.42%4.15%

投资类资产

3.18%3.14%2.98%2.78%

存放央行

1.59%1.58%1.58%1.59%

同业资产

1.50%1.82%1.79%1.82%

计息负债平均付息率

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

存款

2.30%2.33%2.29%2.20%

同业负债

2.55%2.22%2.24%2.53%

发行债券

4.66%4.77%4.86%4.73%

资料来源： ，

表 7：生息资产情况（单位：百万元）

余额结构（分母为总资产）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

贷款

60.78%59.25%60.60%60.46%60.88%61.17%61.03%60.91%

投资类资产

31.11%31.44%31.85%31.08%31.30%30.10%28.91%29.31%

FVTPL4.11%4.05%4.29%4.03%3.60%3.65%4.12%3.93%

AC20.33%18.98%19.66%18.79%19.25%17.25%15.64%14.67%

FVOCI6.67%8.41%7.90%8.27%8.45%9.20%9.15%10.71%

存放央行

5.51%4.85%4.83%4.75%4.94%4.32%4.42%4.46%

同业资产

3.00%4.85%3.12%4.10%3.19%4.73%5.95%5.58%

同比增速

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

总生息资产

5.30%9.50%9.10%11.32%11.72%9.04%10.55%8.77%

贷款

9.17%9.73%10.44%11.10%11.22%11.80%10.82%9.26%

投资类资产

-2.66%5.89%13.75%17.32%11.72%3.66%-0.08%2.26%

FVTPL-1.11%-1.79%10.28%5.09%-2.81%-2.50%5.71%5.76%

AC17.01%8.49%10.81%16.91%5.15%-1.61%-12.43%-15.33%

FVOCI-36.03%4.19%24.06%25.44%40.68%18.53%27.49%40.52%

存放央行

-2.25%-7.53%-0.45%-0.57%-0.48%-3.58%0.75%1.83%

同业资产

25.61%47.96%-28.32%-14.88%17.87%5.64%109.97%47.45%

单季增量

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

总生息资产

1,46614,4672106,4702,42810,3853,4873,199

贷款

1,6115,5933,5353,3551,9456,9952,6141,506

投资类资产

4,0035,3851,1611611,010276-1,5081,857

FVTPL-241475572-351-9404891,357-365

AC5,503-101,671-8211,377-2,917-3,190-1,991

FVOCI-1,2594,920-1,0821,3335742,7043254,213

存放央行

504-678-10121511-1,015465242

同业资产

-4,8944,642-3,9052,483-2,0854,1273,272-771

资料来源： ，

备注：FVTPL 为以公允价值计量且其变动计入当期损益的金融资产；AC 为以摊余成本计量的金融资产或者债权投资；FVOCI 为以公允

价值计量且其变动计入其他综合收益的金融资产或者（其他债权投资+其他权益工具投资）。

表 8：计息负债情况（单位：百万元）

余额结构2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

存款83.71%82.92%84.45%84.45%85.05%85.39%85.84%86.35%

向央行借款

3.06%3.00%2.76%2.26%2.88%2.80%2.75%2.79%

同业负债1.82%3.18%1.42%2.27%0.62%1.25%0.86%1.34%

发行债券

1.86%1.74%1.84%1.80%2.15%1.27%1.13%0.20%

同比增速

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

总计息负债

3.33%7.67%7.71%9.96%11.36%8.13%10.18%8.32%

存款9.47%10.29%12.36%14.27%12.82%11.51%11.87%10.89%

向央行借款-32.64%-31.48%-22.40%-25.45%4.60%1.04%9.42%33.93%

同业负债

-23.70%99.24%-46.73%-25.95%-61.98%-57.31%-32.95%-36.15%

发行债券

-55.12%-45.79%-29.51%-29.75%28.56%-20.91%-32.62%-88.01%

单季增量

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

总计息负债

-1,27414,376-1446,2231,2889,3714,0592,917

存款

4,67810,6794,1185,1412,7659,5985,2743,825

向央行借款

-595327-521-1,0091,5011000186

同业负债

-3,3133,363-3,9872,081-3,8381,615-9191,226

发行债券

-2,045824611860-1,942-297-2,320

资料来源：Wind，招商证券

表 9：非息收入、其他综合收益

累计占比（/营收）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

净手续费及佣金收入

5.06%4.43%4.89%3.62%2.91%4.87%4.27%3.37%

投资收益

14.12%14.59%14.15%14.91%15.54%23.40%25.38%22.56%

公允价值变动损益

-0.13%1.48%1.55%0.64%-0.07%3.04%1.76%1.17%

汇兑净损益

0.19%-0.02%0.19%0.13%0.09%0.04%0.06%0.03%

其他业务收入

2.91%11.47%7.25%6.39%5.26%3.70%2.44%1.94%

其他综合收益

1.67%5.88%7.04%4.02%4.05%16.48%11.83%6.55%

单季度占比（/营收）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

净手续费及佣金收入

0.36%4.43%2.59%0.26%0.12%4.87%1.78%0.36%

投资收益

3.76%14.59%6.60%5.18%4.07%23.40%13.45%4.66%

公允价值变动损益

-1.49%1.48%0.78%-0.43%-0.56%3.04%0.21%-0.08%

汇兑净损益

-0.08%-0.02%0.20%0.00%-0.01%0.04%0.04%-0.01%

其他业务收入

0.66%11.47%1.31%1.41%0.34%3.70%0.56%0.22%

其他综合收益

0.61%5.88%3.99%-0.81%0.96%16.48%3.42%-1.79%

资料来源：Wind，招商证券

表 10：资产质量（百万元）

拨贷比

4.46%4.34%4.29%4.25%4.11%4.06%3.98%3.89%

不良贷款余额

1,0371,0511,0671,0961,1241,1821,2081,202

关注类贷款余额

404414427608604762769903

逾期贷款余额

9739319471,198

逾期 90 天以上贷款余额

708596627770

重组贷款余额

296329303273

关注贷款率

0.31%0.31%0.31%0.43%0.42%0.51%0.50%0.59%

关注率+不良率

1.12%1.09%1.08%1.21%1.21%1.30%1.29%1.37%

逾期贷款率

0.76%0.68%0.66%0.78%

逾期 90 天以上/不良

68.21%55.83%55.82%63.73%

逾期 1 年以上/损失

319.40%317.64%99.55%97.68%

逾期/不良

93.78%87.29%84.24%99.13%

重组贷款率

0.23%0.24%0.21%0.18%

（重组+逾期）/贷款

0.99%0.91%0.87%0.96%

（重组+逾期）/不良

122.36%118.09%111.21%121.69%

不良净新生成率 1（测算值）

0.33%0.24%0.32%0.55%

不良净新生成率 2（测算值）

0.59%0.93%0.62%0.59%0.52%0.98%0.73%0.64%

不良核销转出率 1（测算值）

43.91%25.92%35.44%59.63%

不良核销转出率 2（测算值）74.48%115.19%77.31%72.44%62.74%110.06%83.59%78.84%

资料来源：Wind，招商证券

资产质量2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

不良贷款率

拨备覆盖率

0.81%0.78%0.77%0.78%0.79%0.79%0.79%0.78%

552.74%554.62%553.72%547.39%522.57%515.35%502.36%499.28%

表 11：贷款情况

住房按揭贷款

11.39%14.33%14.85%14.05%12.54%10.42%9.26%8.10%

消费贷款

4.20%2.08%2.89%2.90%3.70%4.13%4.27%3.92%

经营性贷款

1.75%2.37%3.23%4.08%4.20%4.55%4.51%4.19%

信用卡贷款0.24%0.30%0.35%0.37%0.37%0.33%0.30%0.33%

票据贴现

11.87%10.50%10.96%10.81%12.56%12.54%13.30%15.01%

公司贷款

70.55%70.42%67.72%67.79%66.62%68.03%68.36%68.46%

制造业

18.78%18.44%17.99%19.04%19.02%20.09%19.97%19.44%

批发和零售业

13.69%13.35%12.85%12.78%12.03%11.55%11.77%11.42%

传统基建

6.02%6.26%5.90%5.95%6.09%6.40%6.38%6.28%

房地产业1.05%0.82%0.70%0.65%0.55%0.62%0.88%0.96%

租赁和商务服务业21.04%22.25%21.18%20.46%19.78%19.43%19.30%19.45%

建筑业

2.95%2.70%2.65%2.69%3.20%3.53%4.00%4.63%

余额增速

2020A2021H12021A2022H12022A2023H12023A2024H1

个人贷款

24.96%42.52%43.32%23.54%6.55%0.24%-2.01%-5.67%

住房按揭贷款

24.04%58.16%54.06%8.03%-7.78%-18.09%-17.90%-13.88%

消费贷款26.47%-28.21%-18.56%53.73%39.46%57.14%28.60%5.20%

经营性贷款46.08%82.85%117.98%89.64%42.01%22.93%19.26%2.06%

信用卡贷款-34.51%120.58%71.01%32.09%15.41%-0.25%-10.79%10.86%

票据贴现

18.38%8.13%9.07%13.43%25.19%28.13%17.74%32.60%

公司贷款

15.47%17.13%13.44%6.05%7.40%10.84%14.12%11.52%

制造业

5.61%11.60%13.19%13.78%15.45%16.48%16.76%7.23%

批发和零售业30.89%22.14%10.92%5.51%2.19%-0.18%8.83%9.52%

传统基建23.96%28.22%15.82%4.68%12.64%18.81%16.56%8.69%

房地产业-8.23%-18.78%-21.64%-12.22%-14.09%4.74%78.56%71.54%

租赁和商务服务业

17.79%21.13%18.93%1.30%1.98%4.84%8.49%10.94%

建筑业

3.63%6.11%5.91%9.99%32.00%44.90%38.86%45.40%

资料来源：Wind，招商证券

表 12：存款情况

公司存款

余额结构

2020A2021H12021A2022H12022A2023H12023A2024H1

51.88%51.67%49.98%44.67%42.38%38.27%36.73%31.33%

公司定期

30.33%30.13%29.06%26.40%25.28%22.80%20.50%13.70%

公司活期

21.56%21.54%20.92%18.26%17.10%15.47%16.23%17.63%

个人存款

42.65%72.80%46.06%50.42%53.50%57.43%57.37%60.85%

个人定期

33.96%36.40%37.41%41.55%42.95%48.54%48.05%52.24%

个人活期

8.69%8.28%8.65%8.87%10.55%8.89%9.31%8.61%

余额增速

2020A2021H12021A2022H12022A2023H12023A2024H1

公司存款8.39%9.11%6.87%-7.52%-6.61%-3.86%-2.56%-8.24%

公司定期

9.25%10.24%6.31%-6.25%-4.19%-3.12%-8.83%-32.66%

公司活期

7.21%7.57%7.64%-9.30%-9.96%-4.92%6.70%27.72%

个人存款

16.35%97.38%19.80%-25.91%27.93%27.82%20.54%18.75%

个人定期

16.66%22.41%22.21%22.12%26.45%31.10%25.78%20.62%

个人活期

15.17%15.82%10.42%14.65%34.34%12.42%-0.82%8.57%

资料来源： ，

余额结构

2020A2021H12021A2022H12022A2023H12023A2024H1

个人贷款

17.58%19.08%21.32%21.40%20.81%19.43%18.34%16.53%

表 13：信用减值损失和拨备余额（百万元）

信用减值损失

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

1,3117581,285632817398651465

贷款

1,2686521,347645878233418471

金融投资

103101-48-12-94174228-5

其他

-605-14033-94-1

信用减值损失/资产期初余额

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

0.81%0.42%0.71%0.31%0.41%0.19%0.31%0.20%

贷款

1.49%0.65%1.35%0.55%0.74%0.18%0.32%0.33%

金融投资

0.17%0.16%-0.08%-0.02%-0.14%0.26%0.35%-0.01%

其他

-0.35%0.03%-0.08%0.00%0.20%-0.05%0.03%-0.01%

拨备余额

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

4,7165,5115,9946,4876,4156,7626,7986,988

贷款

3,9094,5995,2515,7585,7345,9065,8746,070

金融投资

735837687675594779833828

其他

7175565488779189

拨备余额/资产余额

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

2.62%2.79%2.97%3.11%3.03%2.98%2.89%2.79%

贷款

3.92%4.06%4.46%4.62%4.46%4.29%4.11%3.98%

金融投资

1.16%1.24%1.02%1.06%0.90%1.08%1.13%1.15%

其他

0.42%0.45%0.34%0.27%0.51%0.45%0.49%0.36%

资料来源：Wind，招商证券

表 14：手续费结构

代理业务

70.48%98.08%11.02%-13.37%19.38%-28.70%-41.79%-9.13%

支付结算业务

-2.99%36.32%40.07%10.67%17.44%39.93%68.41%28.99%

咨询顾问业务

-2.89%18.99%-8.24%

银行卡业务

-44.34%-13.40%-92.30%-62.85%721.19%44.54%27.35%-6.85%

其他

16.83%127.94%1.83%39.99%4.89%-6.28%-20.40%-16.20%

手续费支出

11.12%10.01%3.27%30.07%15.15%17.38%33.86%3.99%

资料来源：Wind，招商证券

手续费收入增速2020A2021H12021A2022H12022A2023H12023A2024H1

手续费收入

63.89%78.50%3.78%-10.14%21.97%-17.32%-25.62%-4.51%

图 7：资本充足率情况

核心一级资本充足率一级资本充足率资本充足率

18.00%

16.00%

14.00%

12.00%

10.00%

13.59%

12.56%

11.39%

8.00%

6.00%

4.00%

2.00%

0.00%

资料来源： ，

图 8：年化 ROE、风险加权资产增速和 ROE(年化)*(1-分红率)

ROE（年化）风险加权资产增速ROE(年化)*(1-分红率)

20.00%

18.00%

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

11.58%

9.22%

6.65%

资料来源： ，

图 9：股东数和户均持股数量（万户，万股）

股东数（万户）户均持股数量（流通股，万股，右轴）

7.016.00

6.01

5.00

5.01

4.01

3.01

2.01

1.01

4.00

3.00

2.00

1.00

0.01-

资料来源： ，

附：财务预测表（单位：百万元）

2022A2023A2024E2025E2026E2022A2023A2024E2025E2026E

价值评估（倍） 利润表

P/E5.76.05.65.35.13,4883,4613,4633,6313,798

净利息收入

P/B0.650.680.610.560.527,9088,2188,3418,6158,942

利息收入

P/PPOP4.114.143.783.593.434,4214,7584,8784,9855,145

利息支出

每股指标

净手续费收入

227132121130140

EPS0.931.021.051.101.157659451,0871,1521,209

净其他非息收

BVPS7.808.639.5110.4011.334,4804,5384,6714,9125,147

营业收入

PPOPPS1.421.411.551.621.702,2412,1482,2082,3382,461

营业支出

DPS0.200.200.210.210.223637373941

税金及附加

股息支付率业务及管理费

21.50%19.55%19.55%19.55%19.55%1,3881,4601,3081,3751,441

股息收益率3.42%3.42%3.51%3.67%3.83%营业利润

2,2392,3892,4632,5742,686

驱动性因素

营业外净收入

1

-2-2-2-2

贷款增速拨备前利润

9.17%11.22%8.00%6.00%6.00%3,0583,0383,3243,4953,663

存款增速资产减值损失

9.47%12.82%10.00%8.00%7.00%817651863923978

生息资产增速利润总额

4.95%10.93%6.18%5.66%5.84%2,2402,3872,4612,5722,684

计息负债增速所得税

3.33%11.36%7.64%7.70%6.76%228179197206215

平均贷款收益率净利润

4.63%4.42%4.10%4.00%3.90%2,0122,2082,2642,3672,470

平均生息资产收益归母净利润2,0012,2002,2582,3602,463

3.81%3.67%3.43%3.35%3.29%

平均存款付息率资产负债表

2.30%2.29%2.17%2.08%2.00%

平均计息负债付息贷款总额

2.35%2.35%2.20%2.09%2.01%128,609143,038154,481163,749173,574

净息差(NIM)-测算贷款减值准备

1.68%1.54%1.43%1.41%1.40%5,7345,8746,0586,2386,409

净利差(NIS)-测算贷款净额

1.47%1.32%1.23%1.26%1.27%123,068137,356148,422157,511167,165

净手续费收入增速投资类资产

23.97% -41.82%-8.00%7.00%8.00%65,83073,54774,28277,25381,116

净非息收入/营收存放央行

22.15%23.73%25.86%26.09%26.22%11,65611,59910,99111,87112,702

成本收入比同业资产

30.98%32.19%28.00%28.00%28.00%6,3527,48710,48211,53012,453

税金及附加/税基其他资产

0.80%0.81%0.80%0.80%0.80%15,99315,91123,05824,85026,560

实际所得税率10.19%7.52%8.00%8.00%8.00%生息资产

212,447235,671250,236264,404279,845

业绩年增速率

资产合计

211,603234,956259,084279,211298,427

净利息收入存款

-0.5%-0.8%0.1%4.8%4.6%177,139199,842219,826237,412254,031

净手续费收入向央行借款

24.0%-41.8%-8.0%7.0%8.0%6,4706,7687,0547,0547,054

净其他非息增速同业负债

15.6%23.4%15.0%6.0%5.0%3,8431,4611,0231,0641,106

营业收入发行债券

3.0%1.3%2.9%5.2%4.8%3,9385,0631,5191,5491,580

营业支出计息负债

-12.9%-4.2%2.8%5.9%5.3%191,391213,134229,422247,079263,772

拨备前利润负债合计

-0.1%-0.6%9.4%5.2%4.8%192,083213,757236,517254,721271,930

利润总额26.3%6.6%3.1%4.5%4.4%股东权益合计19,52021,20022,56624,49026,497

净利润24.4%9.7%2.5%4.5%4.4%加权风险资产

150,359160,511171,747183,769196,633

归母净利润26.7%10.0%2.6%4.5%4.4%资产质量

盈利能力信用成本率

0.66%0.48%0.58%0.58%0.58%

ROAA0.97%0.99%0.92%0.88%0.86%0.81%0.79%0.80%0.82%0.83%

不良贷款率

ROAE13.01% 11.48% 11.57% 11.02% 10.54%0.33%0.32%0.55%0.55%0.55%

不良净生成率

RORWA1.36%1.42%1.36%1.33%1.30%553%523%489%464%446%

拨备覆盖率

资本状况拨贷比

4.46%4.11%3.92%3.81%3.69%

资本充足率流动性

14.75%14.41%13.61%12.85%12.15%

一级资本充足率

12.30%12.52%12.75%12.97%13.14%72.60%71.58%70.27%68.97%68.33%

存贷比

核心一级资本充足贷款/总资产

10.97%11.27%11.58%11.87%12.12%60.78%60.88%59.63%58.65%58.16%

风险加权系数71.06%68.32%66.29%65.82%65.89%投资类资产/总31.11%31.30%28.67%27.67%27.18%

杠杆率10.8411.0811.4811.4011.26同业资产/总资3.00%3.19%4.05%4.13%4.17%

数据来源： ，