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图7.仅2007年实现当年PB、ROE双升
图7.仅2007年实现当年PB、ROE双升
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所属报告:
万华化学-600309-A股公司研究报告:万华化学系列深度(一):聚氨酯龙头竞争力再增强-260430(45页).pdf
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相关数据
测算浮盈及超额拨备回拨后ROE情况(2025A)
| 银行     | AC+OCI   | 5%AC+OCI | 5%AC+OCI（考虑利息收入下降） | 超额拨备1   | 超额拨备2    | (5%AC+OCI浮盈+超额拨备1)/归母净利润 | 提升空间 | 2025-12 | 回拨后   |
|----------|----------|----------|----------------------------|------------|-------------|----------------------------------|----------|---------|----------|
| 国有行1   | 179.25%  | 29.49%   | 23.28%                     | 180.77%    | 111.13%     | 59.43%                           | 3.5PCT   | 10.38%  | 13.91%   |
| 国有行2   | 73.12%   | 22.52%   | 12.34%                     | 59.90%     | -15.53%     | 24.32%                           | 1.8PCT   | 8.77%   | 10.55%   |
| 国有行6   | 128.31%  | 11.55%   | 4.27%                      | 91.17%     | 34.95%      | 22.50%                           | 1.5PCT   | 9.50%   | 10.98%   |
| 国有行4   | 116.13%  | 14.91%   | 5.35%                      | 58.43%     | -63.61%     | 17.04%                           | 1.1PCT   | 8.15%   | 9.26%    |
| 国有行5   | 108.90%  | 9.27%    | 4.32%                      | 55.13%     | -8.68%      | 15.35%                           | 1.0PCT   | 9.45%   | 10.44%   |
| 国有行3   | 135.41%  | 12.00%   | 7.77%                      | 34.09%     | -11.46%     | 14.59%                           | 0.8PCT   | 8.45%   | 9.22%    |
| 招商银行  | 71.35%   | 16.96%   | 12.00%                     | 100.98%    | 72.47%      | 32.19%                           | 2.5PCT   | 13.16%  | 15.69%   |
| 股份行7   | 54.42%   | 6.44%    | 0.34%                      | 27.75%     | -45.74%     | 5.89%                            | 0.6PCT   | 9.40%   | 9.98%    |
| 股份行5   | 67.65%   | 3.63%    | 1.44%                      | 20.35%     | -122.69%    | 5.51%                            | 0.4PCT   | 9.43%   | 9.82%    |
| 股份行8   | 14.83%   | 4.14%    | 0.17%                      | -1.05%     | -81.74%     | -0.04%                           | 0.2PCT   | 9.58%   | 9.79%    |
| 股份行6   | 59.34%   | 13.72%   | 1.11%                      | -43.27%    | -159.74%    | -7.55%                           | 0.2PCT   | 6.48%   | 6.65%    |
| 股份行3   | 82.06%   | 13.63%   | 4.87%                      | -96.79%    | -188.93%    | -14.49%                          | -0.2PCT  | 7.99%   | 7.81%    |
| 股份行9   | 50.43%   | 0.60%    | -7.02%                     | -47.62%    | -110.44%    | -16.54%                          | -0.5PCT  | 8.45%   | 7.94%    |
| 股份行2   | 123.91%  | 21.64%   | 10.67%                     | -213.30%   | -356.66%    | -31.99%                          | -0.6PCT  | 5.30%   | 4.66%    |
| 股份行4   | 47.31%   | 17.84%   | 2.90%                      | -243.28%   | -244.95%    | -45.75%                          | -1.3PCT  | 7.75%   | 6.50%    |
| 杭州银行  | 151.86%  | 20.74%   | 7.44%                      | 242.34%    | 223.28%     | 55.91%                           | 5.2PCT   | 13.77%  | 18.93%   |
| 青岛银行  | 158.10%  | 37.24%   | 27.99%                     | 117.12%    | 111.64%     | 51.41%                           | 4.6PCT   | 11.57%  | 16.12%   |
| 齐鲁银行  | 106.45%  | 35.58%   | 27.84%                     | 198.41%    | 182.73%     | 67.52%                           | 4.4PCT   | 10.89%  | 15.27%   |
| 宁波银行  | 67.39%   | 31.06%   | 20.26%                     | 99.70%     | 69.89%      | 40.20%                           | 3.8PCT   | 12.42%  | 16.17%   |
| 江苏银行  | 79.52%   | 16.36%   | 6.00%                      | 75.49%     | 65.04%      | 21.10%                           | 2.2PCT   | 12.94%  | 15.18%   |
| 苏州银行  | 15.84%   | 6.66%    | 0.29%                      | 175.88%    | 122.47%     | 35.46%                           | 2.2PCT   | 10.49%  | 12.71%   |
| 成都银行  | 24.08%   | -0.38%   | -4.75%                     | 119.09%    | 98.39%      | 19.07%                           | 1.7PCT   | 14.47%  | 16.16%   |
| 城商行5   | 227.00%  | 22.33%   | 11.29%                     | 84.32%     | 2.16%       | 28.16%                           | 1.7PCT   | 9.27%   | 10.95%   |
| 城商行10  | 107.10%  | 9.92%    | 0.92%                      | 55.35%     | 3.05%       | 11.99%                           | 1.3PCT   | 11.61%  | 12.94%   |
| 城商行12  | 56.01%   | 9.97%    | -0.15%                     | 80.54%     | 5.80%       | 15.96%                           | 1.3PCT   | 9.37%   | 10.66%   |
| 城商行8   | 14.64%   | 12.38%   | 6.65%                      | 68.16%     | -127.79%    | 20.29%                           | 1.3PCT   | 9.64%   | 10.90%   |
| 城商行6   | 83.07%   | 16.13%   | 10.62%                     | 28.96%     | -2.90%      | 16.41%                           | 1.2PCT   | 9.62%   | 10.78%   |
| 城商行13  | 65.35%   | 3.45%    | -2.08%                     | 68.78%     | 0.27%       | 11.68%                           | 1.1PCT   | 11.11%  | 12.19%   |
| 城商行1   | 63.53%   | 63.53%   | 38.84%                     | -208.20%   | -309.10%    | -2.80%                           | 0.5PCT   | 6.20%   | 6.66%    |
| 城商行16  | 185.96%  | 1.73%    | -10.20%                    | 46.53%     | -333.14%    | -0.89%                           | 0.4PCT   | 7.42%   | 7.83%    |
| 城商行17  | 59.59%   | 2.16%    | -12.16%                    | 21.09%     | -121.99%    | -7.95%                           | 0.2PCT   | 7.87%   | 8.10%    |
| 城商行14  | 150.90%  | 11.86%   | -3.40%                     | -1127.72%  | -1127.72%   | -228.94%                         | -6.5PCT  | 4.14%   | -2.34%   |
| 沪农商行  | 66.80%   | 30.90%   | 20.78%                     | 89.40%     | -15.48%     | 38.66%                           | 2.5PCT   | 9.53%   | 12.04%   |
| 无锡银行  | 28.06%   | 6.56%    | 6.78%                      | 171.78%    | 130.90%     | 41.13%                           | 2.4PCT   | 10.02%  | 12.39%   |
| 苏农银行  | 33.84%   | 12.67%   | 9.70%                      | 111.13%    | 74.96%      | 31.93%                           | 2.3PCT   | 10.60%  | 12.94%   |
| 渝农商行  | 113.29%  | 14.33%   | 1.19%                      | 160.63%    | 116.39%     | 33.32%                           | 2.2PCT   | 8.84%   | 11.00%   |
| 常熟银行  | 37.59%   | 12.64%   | 7.68%                      | 55.75%     | 1.87%       | 18.83%                           | 2.1PCT   | 13.26%  | 15.34%   |
| 张家港行  | 51.79%   | 18.13%   | 24.11%                     | 37.83%     | 27.43%      | 31.67%                           | 1.6PCT   | 10.44%  | 12.05%   |
| 农商行10  | 36.71%   | -1.03%   | 0.88%                      | 63.10%     | 30.13%      | 13.50%                           | 0.7PCT   | 11.13%  | 11.84%   |
| 农商行8   | 41.50%   | 10.11%   | 2.78%                      | 9.86%      | -16.56%     | 4.76%                            | 0.7PCT   | 10.14%  | 10.82%   |
| 农商行3   | 114.83%  | 23.26%   | 12.94%                     | -42.55%    | -160.36%    | 4.43%                            | 0.6PCT   | 7.75%   | 8.38%    |
| 农商行4   | 47.01%   | 9.73%    | 12.06%                     | -37.75%    | -349.99%    | 4.51%                            | 0.1PCT   | 7.29%   | 7.36%    |
| 国有行    | 122.83%  | 16.78%   | 9.55%                      | 89.09%     | 21.15%      | 27.36%                           | 1.7PCT   | 9.34%   | 11.06%   |
| 股份行    | 61.21%   | 11.13%   | 4.46%                      | 1.63%      | -72.82%     | 4.78%                            | 0.6PCT   | 9.13%   | 9.74%    |
| 城商行    | 97.18%   | 17.23%   | 6.95%                      | 81.69%     | 35.55%      | 23.29%                           | 2.1PCT   | 10.94%  | 13.00%   |
| 农商行    | 72.19%   | 18.34%   | 14.54%                     | 90.40%     | 17.28%      | 32.62%                           | 2.1PCT   | 9.54%   | 11.59%   |
| 上市银行  | 104.92%  | 15.52%   | 9.42%                      | 68.23%     | 0.80%       | 23.07%                           | 1.6PCT   | 9.43%   | 10.98%   |

资料来源：Wind、公司财报、广发证券发展研究中心，注：考虑到若利率震荡上行，存量浮盈变薄，实际可兑现部分可能少于静态测算。
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行业数据
2026-07-10
原图定位
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宁波银行与可比同业累计ROE拆解(%,2026Q1)
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行业数据
2026-07-10
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2016-26Q1江苏银行及城商行ROE影响因素拆分
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行业数据
2026-07-10
原图定位
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2016-26Q1江苏银行及城商行ROE
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行业数据
2026-07-10
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2021-2024年,齐鲁银行ROE连续4年回升,现
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行业数据
2026-07-01
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2021年来,齐鲁银行ROE改善主因信用成本回落和扩表重新提速
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行业数据
2026-07-01
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2025年江苏银行ROE位于上市城商行前列
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行业数据
2026-07-01
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2025年ROE及同比
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行业数据
2026-06-23
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2026Q1ROE及同比
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行业数据
2026-06-23
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图表43中信股份近10年ROE在7.5%以上(%)
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行业数据
2026-06-12
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上市银行P/B(LF)-ROE
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行业数据
2026-06-12
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中国财险新准则下ROE驱动分析(新准则年度,港股口径)
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行业数据
2026-06-11
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中国财险逐季ROE具备良好韧性
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行业数据
2026-06-11
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CF综合毛利率、净利率和ROE等指标(2005-2025)
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行业数据
2026-06-09
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图表22013-2020年万科、保利、霍顿ROE接近
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行业数据
2026-06-09
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周期上行叠加成长重估,业绩估值有望实现双升。化工行业属于典型的周期性板块,通常采用 PB-ROE 体系进行估值分析。据 2025 年年度报告,公司 PB 为 2.22x、ROE 为 12.3%,对应历史 PB-ROE 散点图左下角低位区,显示市场对公司净资产价值与依托净资产实现盈利的效率均持谨慎预期。复盘历史,公司股价与 ROE 走势接近,2007、2017、2021 年三轮股价上行均伴随 ROE 升至历史高位;但仅 2007 年实现 ROE 与 PB 同步抬升,后两轮景气上行期 PB 修复偏弱,主因周期顶部预期压制估值弹性。从历史规律看,周期底部 ROE 回升通常带动 PB 同步修复,当前化工行业处于周期底部阶段,ROE 与 PB 共振修复概率提升。2026 年以来股价阶段性回暖,截至 4 月 24 日,公司 PB 回升至 2.52x,但历史分位仍仅 5.8%,估值修复空间充足。后续随着聚氨酯等核心产品价格回升、行业扩产节奏放缓,公司 ROE 有望率先修复,驱动估值持续抬升。
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