Investment defeat caused a net profit of 80 %, and Yuekai Securities decided to increase tens of billions of billions of water.

Southern Finance All Media Reporter Weng Rongtao Guangzhou reports

Because of the fluctuations in the capital market in the first half of the year, the profit and loss of investment business became the main factor affecting Yuekai Securities Co., Ltd. (hereinafter referred to as "Guangdong Kai Securities", 830899.NQ).

Recently, Yuekai Securities disclosed the semi -annual report of 2022, recording revenue of 411 million yuan, a year -on -year decrease of 19.61%; the net profit attributable to shareholders belonging to the listed company was 1.19 million yuan, a year -on -year decrease of 85.78%. Mainly due to the fell year -on -year decline in investment income of securities, operating income declined.

For many small and medium -sized securities firms, it is difficult to compete with head securities firms in investment banking and asset management business. To the extent, the price fluctuation risk of self -holding securities is concentrated.

While the performance declined sharply in the first half of the year, Yuekai Securities restarted the previously stopped fixed -increase plan, but the original plan of 15 billion yuan has shrunk to 5 billion yuan.

In recent years, the controlling shareholder has become a financial control company in Guangzhou Development Zone, preparing to log in to A shares, and plans to enter the "waist" for 3 years. Intersection

In the first half of the year, the net profit caused by the loss of investment decreased by 80 %

In the first half of the year, with the repeated domestic geopolitical conflict and the domestic epidemic, A shares have appeared on a stampered market. Since the Shanghai Index has approached the "market bottom" at the end of April at the end of April at the beginning of the year. According to pre -losses, net profit decreases from 60%to 80%year -on -year.

From the perspective of business data, Yuekai Securities reported in the 2022 half -annual report that 411 million yuan in revenue was mainly composed of net interest income, handling fees and commissions, and recorded 166 million yuan and 231 million yuan during the period.

From the perspective of business, net interest income is mainly interest income from credit trading business such as financing securities and bonding repurchase, and there are margin interest margins. Among them, interest income was 347 million yuan, a year -on -year increase of 21%, and interest expenditure was 181 million yuan, a year -on -year increase of 19.9%.

It can be seen that the credit trading business needs to focus on capital investment. In fact, it can only continue to do the scale of revenue, which has limited improvement in profitability.

In terms of fees and commission net income, the net income period of brokerage business, investment banking business, and asset management business recorded 169 million yuan, 49.05 million yuan, and 3.62 million yuan, respectively, respectively, respectively. %.

As the original two pillars of Yuekai Securities, the brokerage business and credit trading business still maintain a relatively stable growth rate. Although the investment bank business is relatively weak, it has also achieved good growth in the first half of the year. There are obvious declines.

In terms of self-operating business, Yuekai Securities recorded investment income of 66.95 million yuan in the first half of the year, a year-on-year decrease of 18.98%; however, the fair value change income at the same period was -69.75 million yuan, a year-on-year decrease of 206%. In other words, the overall investment income of Yuekai Securities in the first half of the year was -2.8 million yuan, and the overall income of self-operated business in the same period last year was 148 million yuan.

It can be seen that investment defeat has become the main reason why Yuekai Securities has declined in the first half of the year.

For small and medium -sized securities firms, because investment banks, asset management and other businesses need a large amount of manpower and financial resources to continue to invest, most of them are still in its infancy, and the revenue of traditional brokerage business usually does not change much, so its own business has become some small and medium -sized securities firms. The main factor of "face change".

Some people in the brokerage industry told Southern Finance and Economics reporters that "Compared with investment banks and asset management, high investment also depends on channel resources, and the self -operated business of securities firms only requires capital and an investment team. All of them are net profit, but when the market is not good, the cost of manpower does not decrease at all, so the fluctuations are greater. "

In addition, the factors that affect the large net profit of Yuekai Securities and the loss of credit impairment by 331.63%year -on -year to 61.88 million yuan, mainly due to the current fixed income business and credit business provided for credit impairment losses; The year -on -year decrease of 66 million yuan, mainly due to the expected losses due to civil lawsuits. The two increased one by one.

At the beginning of the year, the losses formed by civil lawsuits and labor arbitration were 194 million yuan, while as of the end of June, it decreased by 64.23 million yuan to 130 million yuan.

According to the relevant announcement of Guangdong Kaixi Securities, the civil lawsuit involved in the losses was mainly due to the cushion cases of Hangzhou Bank and the claim lawsuit caused by the "Shengtong Debt" incident.

Earlier, the Lianxun Securities Rongyuan 2 managed by Yuekai Securities was scheduled for the asset management plan. Partial repurchase business expired from August to September 2020, but the relevant accounts of the product were not enough for capital settlement. It constituted a breach of contract and failed to make up for it. Hangzhou Bank Hangzhou Bank paid a total of 173 million yuan for the above defaults.

The announcement in March 2022 showed that because the two parties reached a settlement, Hangzhou Bank withdrew the prosecution during the second instance stage.

Another lawsuit is that the private enterprise of Shandong Province Shengtong Group has five consecutive years of financial fraud, and Guangdong Kaikai Securities is the "17 Lusheng 01", "18 Lusheng 01" and "18 Lusheng 02" of Shengtong Group's bond project " The trustees managed in the process of trustees and cautious careers in the process of trustee, so they were prosecuted. The latest announcement shows that Logon International Investment Management (Beijing) Co., Ltd. claims that the "Locken International Antai Phase I Phase I Private Investment Fund" holds 17 Lusheng 01 bonds to expire and cannot pay it. The court sued the bond issuance intermediary agency and senior managers of the issuer, including Yuekai Securities, and assumed its liability for a total of 108 million yuan in losses.

Yuekai Securities was confiscated by the China Securities Regulatory Commission of 6.6 million yuan for the above reasons and fined 600,000 yuan. The company's fixed -increase plan launched by the company in April 2021 was terminated by the CSRC because of this investigation.

Earlier, the relevant person in charge of Yuekai Securities told reporters that the above -mentioned punishment matters did not have a significant adverse effect on the company's financial conditions. At present, the company's financial status is stable, and there is no risk of being terminated due to this penalty. In addition, capital increase is a major strategy of the company, and Yuekai Securities will choose to restart the capital increase plan.

The degree of fixed increase has shrunk by tens of billions of dollars still "blood nourishing"

Whether it is the development of investment banks, brokerage, asset management and other licenses, or investing in funding business such as self -employment and two financing. In terms of expanding business development, securities firms need to continue to expand capital under the increasingly fierce competition.

According to Yuekai Securities' issuance instructions issued by Yuekai Securities on July 29, the company plans to issue a number of shares of 3.03 billion shares, the proposed price range is 1.65 yuan to 1.93 yuan/share, and 5 billion yuan is planned to raise funds. Compared with the fixed -increase plan launched in April last year, this scale shrinks tens of billions of yuan.

Despite the sharp shrinkage, the fundraising still exceeded the total market value of Yuekai Securities. As of August 4, the closing price of Yuekai Securities was 1.42 yuan/share, with a total market value of 4.439 billion yuan.

Yuekai Securities has been implemented in April 2015. The issuance of RMB 1.912 billion in ordinary RMB shares, the issuance price of RMB 1.46 per share.

The price of this issue of the issuance of the shares is not less than the net assets per share of shareholders of the listed company as of December 31, 2021, and refer to the secondary market transactions of the second -level market trading of the last 20 trading days, 60 trading days and 90 trading days. Average price. According to the financial report of the 2022 semi -annual 2022, the company's net assets per share of the company's shareholders are 1.63 yuan, and the basic earnings per share are 0.01 yuan.

In this fixed increase, the actual controller Guangzhou Development Zone Holding Company plans to increase capital at the same proportion of the shareholding shares at 47.24%, that is, the planned subscription limit is 1.432 billion shares, that is, the total investment exceeds 2.363 billion yuan. This means that the Guangzhou Development Zone Holdings Company will recognize nearly 50 % of the fixed increase.

Regarding the specific use of fundraising, heavy capital business investment, strengthening financial technology investment, and repayment of debt have become keywords.

First of all, the maximum of 1.65 billion yuan in expansion of credit trading business is 1.65 billion yuan. Credit trading business is a typical capital consumption business. In the context of the general reduction of industry commission rates, it is one of the effective ways for small and medium -sized securities companies to overtake the corner of small and medium -sized securities firms.

Secondly, it is expected to invest 1.35 billion yuan to self -operated business, especially the key fixed income business. The small investment scale of self -operated business makes the diversified investment strategy restricted, and it will also make the proportion of high -quality flow assets in asset allocation. Yuekai Securities believes that by increasing investment, it is conducive to narrowing the gap with first -class securities investment capital and business scale.

In addition, Yuekai Securities plans to use 600 million yuan to increase capital to increase private equity subsidiaries Yuekai Capital, vigorously develop private equity investment fund business, and help the company's profitable growth; 450 million yuan in asset management business, strengthen the asset management business staff team Construction, asset management product research and development system construction, increase sales channel development efforts, and increase investment in asset management products; increase 200 million yuan to increase the construction of fintech platforms, and the remaining 750 million yuan is used to repay debts and supplementary operating funds.

Compared with the previous fixed increase plan of 15 billion yuan, the original plan to raise 4 billion yuan repayment of sub -level debt and other due debts, the amount of debt repayment of the new plan changed from 4 billion yuan to 400 million yuan today. However, the reporter found that as of the end of June of this year, the total amount of subordinate bonds that were actually repaid by Guangdong Kaikai Securities was still 3.3 billion yuan.

The previous plan pointed out that as of the end of April 2021, the principal principal of the secondary debt of Yuekai Securities was 3.5 billion, the comprehensive financing cost interest rate was 5.25%, the principal of the revenue voucher was 1 billion yuan, and the comprehensive financing cost interest rate was about 4.05%. The interest rate of interest debt financing is relatively high in the industry.

Among the original 4.1 billion yuan sub -debt and other expired debts, the amount of loan of the actual controller Guangzhou Development Zone Holdings Group reached 3.5 billion yuan.

As of the end of June 2022, the principal of the company's debt (excluding selling repurchase) was 4.672 billion yuan. Among them, the principal of the demolition funds was 250 million yuan, the principal of the revenue voucher was 1.122 billion yuan, and the principal of the secondary debt was 3.3 billion yuan.

In contrast, it can be found that the company's proposed plans to repay the debt of the Guangzhou Development Zone Holdings Group decreased from the original 3.5 billion yuan to the current 800 million yuan.

It can be seen from the Ding -increase plan that in terms of subscription amount, the Guangzhou Development Zone Holdings Group has given Guangdong Kai Securities a greater support.In addition, the fixed -increase plan has also greatly reduced the debt quota repaid for the Guangzhou Development Zone Holdings Group.Perhaps it is also because of the strong support of major shareholders. At the beginning of last year, the person in charge of Yuekai Securities dared to shout out to log in to A shares and plan to enter the "waist" for 3 years, and enter the industry's "quasi -head" goal for 5 years.However, from the performance of the first half of this year, Guangdong Kai Securities still has a lot of challenges to achieve the above goals.

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