中泰证券60亿元定增计划遭问询：负债率高企，存在资本缺口

Core Viewpoint - Zhongtai Securities has responded to the Shanghai Stock Exchange's inquiry regarding its application for a targeted stock issuance, updating its fundraising prospectus and outlining the necessity and rationale for the financing plan [2][5][12]. Fundraising Plan - The company plans to raise no more than 6 billion yuan, allocated across six key areas: information technology and compliance risk control (up to 1.5 billion yuan), alternative investments (up to 1 billion yuan), market-making business (up to 1 billion yuan), purchasing government and corporate bonds (up to 500 million yuan), wealth management (up to 500 million yuan), and debt repayment and operational capital (up to 1.5 billion yuan) [5][6][11]. - The targeted investors include up to 35 specific investors, with the controlling shareholder, Zao Mining Group, subscribing to 36.09% of the total issuance, amounting to no more than 2.166 billion yuan, with a lock-up period of 60 months [5][6]. Financing Necessity - Zhongtai Securities asserts that the fundraising is necessary to optimize its capital structure and align with its development needs, as the total amount represents 13.99% of the company's net assets, which is below the industry average [7][11]. - The company has not conducted equity refinancing since its listing, relying on non-equity financing, leading to a higher debt scale and a capital shortfall [11]. Financial Performance - In 2024, Zhongtai Securities reported a 47.9% year-on-year decline in net profit to 940 million yuan, with revenue also decreasing by 14.66% to 10.891 billion yuan [12][15]. - The company's debt ratio reached approximately 70%, with over half of its liabilities being short-term, indicating potential repayment risks [8][10]. Industry Context - The average financing scale for listed securities firms since 2022 has been 8.88 billion yuan, with Zhongtai's planned issuance being lower than this average [7]. - The brokerage industry is experiencing a decline in average commission rates, with Zhongtai's net commission rate ranging from 0.020% to 0.022%, aligning closely with the industry average [20][21].