In the second quarter, the performance was still difficult to turn the tide. Can Southwest Securities highlight the siege in the second half of the year?

In the first half of 2022, the operating income of Southwest Securities was 883 million yuan, a year -on -year decrease of 54.91%; net profit of home mother was 195 million yuan, a year -on -year decrease of 71.61%

"Investment Times" researcher Zhang Fan

In the first half of 2022, due to multiple factors, the A -share market showed a trend of shock adjustment. Southwest Securities Co., Ltd. (hereinafter referred to as Southwest Securities, 600369.SH) performance is inevitable.

Southwest Securities' half-annual report in 2022 shows that the company's net profit attributable to shareholders of the parent company was 195 million yuan. Although it improved significantly from -128 million yuan in the first quarter, it still decreased by 71.61%year-on-year.

Among them, in the first half of 2022, the company's self-operated business revenue was -40.91 million yuan, a year-on-year decrease of 100.53%, and operating profit was -067 million yuan, becoming one of the reasons for the dual downtime of the net profit of Southwest Securities.

In addition, on June 25, Southwest Securities issued an announcement that the company's publicly issued face value to professional investors not exceeding 6 billion yuan of corporate bonds has been approved by the Securities Regulatory Commission.

Can a new round of financing help the company to get out of the predicament? The researcher of the "Investment Times" sent a communication letter to Southwest Securities on the decline in net profit in revenue and bond issuance.

Both revenue nets and both have fallen sharply

In the first half of 2022, what kind of performance answers did Southwest Securities hand over? According to the semi -annual report, the operating income of the Southwest Securities in the first half of this year was 883 million yuan, a year -on -year decrease of 54.91%; the net profit of the mother was 195 million yuan, a year -on -year decrease of 71.61%; %.

Southwest Securities mentioned in the semi -annual report that the company's operating income decreased by 1.075 billion yuan year -on -year, mainly due to investment income and fair value changes decreased year -on -year. In the first half of 2022, the investment income of Southwest Securities was 268 million yuan, a year-on-year decrease of 73.58%, and the fair value change income was -87.523 million yuan, a year-on-year decrease of 141.86%.

The significant decline in performance in the first half of the year should be blamed for the sluggish performance in the first quarter. In the first quarter of this year, the operating income of Southwest Securities was 38.9124 million yuan, a year-on-year decrease of 94.81%. The net profit attributable to shareholders of listed companies was -128 million yuan, a year-on-year decrease of 152.12%.

Among them, the investment income in the first quarter was 54.1325 million yuan, a year-on-year decrease of 91.10%, mainly due to the decrease in the income of financial instrument investment; the fair value change income was -353 million yuan, mainly due to the increase in transactional financial assets and assets assets. Essence

In terms of specific businesses, in the first half of 2022, the revenue of the four major business sectors of Southwest Securities brokerage business, self -employed business, investment banking, and asset management business all declined to varying degrees. Among them, the self-operated business income was -409,100 yuan, a year-on-year decrease of 100.53%; the business revenue of investment banks was 84.1995 million yuan, a year-on-year decrease of 41.13%; the income of asset management business was 10.3447 million yuan, a decrease of 26.28%; the brokerage business revenue was 8.85%of 8.855555.85 is 8.85.855555.85 is 8.85.855555555.85 is 8.85. 100 million yuan, a year -on -year decrease of 1.42%.

Researcher "Investment Times" found that in the past two years, the self -operated business income of Southwest Securities has continued to decline. In 2021, it was 493 million yuan, a year -on -year decrease of 41.95%, and 850 million yuan in 2020, a year -on -year decrease of 45.73%.

In addition, the large proportion of Southwest Securities' revenue comes from the Southwest. The annual report shows that in 2021, the company's operating income in the Southwest region was 2.627 billion yuan, accounting for 84.84%of the total operating income; the operating income of the Southwest region in 2020 was 2.599 billion yuan, accounting for 81.99%of the total operating income.

In the first half of 2022

Data source: calculate according to the company's financial report

Seeking further development

While the performance is under pressure, Southwest Securities is also seeking further development.

On May 26, Southwest Securities issued the "Announcement on Co -Investment with the Party". The announcement shows that Southwest Securities intends to hold 34%of the Chongqing Stock Transfer Center with the company's controlling shareholder Yufu Capital and Shenzhen Securities Information Co., Ltd. to jointly set up Chongqing Equity Service Group. Zi subsidiaries.

Southwest Securities mentioned in the announcement that the company's participation in the reform of the Chongqing Stock Transfer Center Group is conducive to the company's participation in the construction of the regional equity market, make full use of its own advantages, undertake and reserve more regional multi -level capital market projects, and explore " Specialized new "advantageous enterprises; conducive to consolidating and improving the company's regional competitiveness, and helping the company's service to serve the construction of Chengyu Shuangcheng Economic Circle and Western Financial Center and inland international financial centers.

The approval of Southwest Securities' public offering of corporate bonds seems to confirm this. On June 25, Southwest Securities issued an announcement saying that the company had approved by the CSRC and agreed that the company's publicly issued the total amount of face value to professional investors not exceeding 6 billion yuan of corporate bonds.

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