东方财富估计两融市占率

图7：东方财富估计两融市占率图8：东方财富费用率

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%

1.08%

1.56%

1.82%

2.37%2.38%

2.58%

50%

46%

40%

38%

30%

29%

25%

20%

22%

20%

10%

8%9%

5%

0%

6%

0%

5%

1%

4%

-1% 2018

0% 20192020 2021 2022

23H1

4%

-1%

10%

资料来源：wind、招商证券资料来源：wind、招商证券

图9：东方财富历史PEBand图10：东方财富历史PBBand

(元)

30 25 20 15 10 5 0

5.1x

4.6x

4.1x

3.7x

3.2x

Aug/20Feb/21Aug/21Feb/22Aug/22Feb/23Aug/20Feb/21Aug/21Feb/22Aug/22Feb/23

资料来源：公司数据、招商证券资料来源：公司数据、招商证券

附：财务预测表