The performance decline is greater than the industry. CICC does not exceed 27 billion yuan in allocation plans to cause stock price to fall?

CICC recently announced that it does not exceed 27 billion yuan A+H shares, and the stock price has fallen sharply. In the first half of this year, the company's revenue and net profit returned to the mother decreased by 16.11%and 23.28%, respectively, which were greater than the industry.

"Investment Times" researcher Tian Wenhui

Capital supplement helps brokers to expand business and meet the requirements of regulatory relevant indicators. However, a large -scale financing plan is thrown in weak cities, and its lethality to the market is also greater.

Recently, China International Financial Co., Ltd. (hereinafter referred to as Zhongjin Company, 601995.SH, 03908.HK) announced the total fund -raising plan with a total funding of not more than 27 billion yuan, and the fundraising was planned to supplement capital to support the development of various businesses.

According to CICC's semi -annual report, at the end of the first half of this year, the company's parent company's net capital fell 1.34%compared with the end of the previous year.

The shareholding plan immediately triggered the company's stock price plunge. On the second day of the announcement, the A -share price of CICC's A -share plummeted 9.2%. Since then, the three trading days have continued to fall. As of the closing of September 19, the stock price fell 13.13%from the closing price before the announcement on September 13. Correspondingly, the A -share brokerage sector also fell four trading days.

Although the fall of the brokerage sector is related to many factors such as the news that encourages securities and other institutions such as policy encouragement, and the stock price of CICC has undoubtedly pushed the securities firm sector to fall.

According to CICC's semi -annual report, in the first half of this year, the company's operating income decreased by 16.11%year -on -year, and the net profit attributable to shareholders of the parent company decreased by 23.28%year -on -year, and the decline was greater than the industry.

The biggest impact on the company's performance growth is the benefits of fair value changes, a year -on -year decrease of 4.922 billion yuan and a year -on -year decrease of 44.25%. Investment income and fair value changes have decreased by 38.27%year -on -year. Among them, the impact of equity investment has the greatest impact, and the net profit of current equity investment decreased by 2.092 billion yuan year -on -year, a year -on -year decrease of 45.38%.

The "Investment Times" sent a communication letter to CICC on the issues such as financing, decline in net capital, and decline in performance. As of the press time, the press has not received a reply.

The proposed shares financing is not over 27 billion yuan

Affected by comprehensive factors such as the Federal Reserve's interest rate hike, the adjustment of overseas stock markets, and technological recent adjustment, A shares have recently been adjusted. At this time, CICC's release of fund -shares financing plans to a certain extent made the market worse.

On the evening of September 13, CICC announced the "Securities Plan for the Public Release of the 2022 Public Management". The "Plan" shows that the company's shares issued by the company are A shares and H shares, and the proportion of A -shares and H shares is the same. If the company's total shares as of June 30 this year are calculated, the number of shares for sale will not exceed 1.448 billion shares, of which the number of A shares shares will not exceed about 877 million shares. The number is not more than 571 million shares.

The total amount of fundraising funds raised by CICC is expected to not exceed 27 billion yuan (specifically depending on the market conditions at the time of distribution). And supplement other operating funds, the specific situation is: the demand for supporting business development capital is not more than 24 billion yuan; the supplementary other operating funds are not more than 3 billion yuan. Among them, the focus of funds that support the development of capital development of business development mainly include capital services and product business, investment banking business, wealth management business, private equity business, asset management business, etc.

Among these businesses, at least three business taxes in the first half of this year have declined. Among them, the pre-tax profit of the investment bank's business was -294 million yuan, and the same period of the previous year was 780 million yuan, from profit to losing money; the profit before the wealth management business was 1.396 billion yuan, a year-on-year decrease of 13.56%; 197 million yuan, a year -on -year decrease of 68.68%.

In the above -mentioned "Plan", CICC states that one of the necessity of this offering is to continue to meet the requirements of net capital supervision and improve risk resistance.

At the end of the first half of this year, the net capital of CICC's parent company was 47.582 billion yuan, a decrease of 1.34%from the end of the previous year.

CICC's capital leverage ratio has also continued to decline. At the end of the first half of this year, the company's capital leverage ratio was 11.73%, a decrease of 1.08 percentage points from the end of the previous year; at the end of 2021, the company's capital leverage ratio dropped by 1.55 percentage points year -on -year.

CICC's Dating financing plan directly triggered its own stock price. On September 14, CICC A shares closed 9.2%, and continued to fall on September 15, September 16, and September 19. On September 19, the company's stock price closed at 37.31 yuan, closed down 0.37%, and fell 13.13%from the closing price on September 13.

From September 14th to September 19th, the A -share brokerage sector also closed down for four consecutive days, with the declines of 1.45%, 0.25%, 5.63%, and 0.86%, respectively.

Net profit decline

CICC's performance in the first half of this year is faster than the same industry.

According to CICC's semi -annual report, in the first half of this year, the company's operating income was 12.132 billion yuan, a year -on -year decrease of 16.11%, which was greater than the current industry's 11.4%revenue decline; 23.28%, a decrease of net profit of 10.06%in the current industry. Among the operating income, the net revenue of handling fees and commissions was 7.098 billion yuan, a year -on -year decrease of 1.31%; net interest expenditure was 371 million yuan, and although a year -on -year reduction of 27.4%, it was still net expenditure; investment loss was 1.141 billion yuan, which was reduced by the year -on -year decrease. 60.99%, but still losing money; the change in fair value changes was 6.201 billion yuan, a year -on -year decrease of 4.922 billion yuan, and a decrease of 44.25%year -on -year, becoming the most important factor affecting the company's current performance growth.

In the net income of handling fees and commissions, the net income of the brokerage business handling fee was 2.582 billion yuan, a year -on -year decrease of 7.72%; the net income of the investment bank's business handling fee was 2.681 billion yuan, a year -on -year decrease of 0.48%.

The reasons for the continuous appearance of interest expenses are that interest income continues to be less than interest expenditure. Among them, the interest income of CICC was 3.92 billion yuan in the first half of this year, an increase of 14.22%year -on -year; interest expenditure was 4.292 billion yuan, an increase of 8.85%year -on -year. Among the interest expenses, the largest project was the interest expenditure of corporate bonds, which was 1.91 billion yuan, an increase of 18.19%year -on -year; followed by demolition of funds interest expenditure, which was 602 million yuan, an increase of 36.51%year -on -year.

According to the past annual report and prospectus of CICC, from 2017 to 2021, the company had a net interest expenditure for five consecutive years. The net interest expenditure was 288 million yuan, 284 million yuan, 1.095 billion yuan, 1.069 billion yuan, 990 million yuan Essence

In the investment loss of CICC in the first half of this year, the loss obtained by the disposal of financial instruments was 3.593 billion yuan, a year -on -year decrease of 31.44%. Among them, the loss of transactional financial instruments was 7.151 billion yuan. The same period last year was 8.658 billion yuan, which was profitable from profit; Transfer. The above data shows that the company's two investment business benefits fluctuate quite a lot.

In 2021, CICC's investment income also declined sharply. At that time, the company's investment income was 2.207 billion yuan, a year -on -year decrease of 88.41%.

In the fair value change income of CICC in the first half of this year, the fair value change of transaction financial assets was 4.281 billion yuan. The same period last year was 1.789 billion yuan, a year -on -year decrease of 6.07 billion yuan, which led to the company's current fair value change income of the income of changes in the current changes in the company The main factor of decline. At the same time, the company's transactional financial liabilities fair value change was 1.619 billion yuan, which also decreased by 58.07%year -on -year.

In the first half of this year, CICC's investment income and fair value changes in the total of gains and losses were 50.061 billion yuan, a year -on -year decrease of 38.27%. Among them, the net income of trading financial instruments and derivative financial instruments was 4.935 billion yuan, a year -on -year decrease of 39.33%. In this item, the net income of equity investment was 2.518 billion yuan, a year -on -year decrease of 2.092 billion yuan, a year -on -year decrease of 45.38%; the net income of debt investment was 1.531 billion yuan, a year -on -year decrease of 9%; the net income of other investment was 8.86 is 8.86. 100 million yuan, a year -on -year decrease of 51.9%.

The above data shows that equity investment has the greatest effect on the decline in the company's investment income and fair value changes.

Regarding the decline in the net income generated by the investment in equity, CICC said that it was mainly due to the increase in the global capital market in the first half of this year. The valuation of the private equity investment fund decreases with the changes in the market.

As for the net income generated by other investments, the company also said that CICC said that due to the downward affected by the market conditions, the company's net value of public fund assets held by the company decreased, resulting in a decrease in net income.

Some financial indicators of some financial indicators in the first half of this year

Data source: company financial report

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