Author | Wei Xinquan
In this issue, the Anti-Short Selling Research Center observed that 6 major domestic rating companies released credit rating reports for 19 companies. Among these reports, Except for Dongxu Optoelectronics, which was downgraded, the ratings of other companies remained the same as the previous rating. However, judging from the risk warnings given by the rating companies, the risk warnings for listed companies last week were shocking. Some companies with business income overseas, or companies with raw materials sourced from overseas, such as Fuyao Glass, Ordnance Industry Group, Liuzhou Iron and Steel Group, etc., have been specially warned of risks.
Judging from these rating reports, due to the impact of the epidemic, operating income and operating profits of companies whose business is mainly domestic are declining, but accounts receivable, inventory, and debt are rising, giving people a sense of A relatively strong sense of crisis. However, there are also some companies that are seeing increases in revenue and profits, which is undoubtedly a good sign.
CCXI: There are uncertainties in Fuyao Glass’s expansion of overseas business
On July 27, China Chengxin International Credit Rating Co., Ltd. (hereinafter referred to as “CCXI”) issued its Rating report of Fuyao Glass Industry Group Co., Ltd. ("Fuyao Glass"). The main credit rating this time is AAA, and the debt credit rating of "20 Fuyao Glass MTN002" is also AAA, both consistent with the last rating (April 17, 2020), and the rating outlook is stable. The debt credit rating of "20 Fuyao (Epidemic Prevention and Control Bond) MTN001" is AAA, which is consistent with the last rating (July 1, 2019).
Fuyao Glass is a listed company engaged in glass production and sales. As my country's largest automotive glass supplier, it has a significant industry position. Data show that Fuyao Glass's operating revenue in 2019 was 21.104 billion yuan, an increase of 879 million yuan year-on-year in 2018; its overseas business revenue in 2019 was 10.188 billion yuan, an increase of 22.57% year-on-year. In terms of market net profit, it was 28.98 yuan in 2019, 1.209 billion yuan less than in 2018. In terms of market share, the company's domestic automotive glass market share exceeded 65% in 2019, and the global market share was approximately 23%. In terms of debt, as of the end of March 2020, its asset-liability ratio was 47.61, the total bank credit was 39.673 billion yuan, and the unused credit balance was 26.901 billion yuan.
China Chengxin pointed out that there is uncertainty in the expansion of Fuyao Glass’s overseas business. The reason is that in 2019, global trade protectionism has intensified, the RMB exchange rate has continued to fluctuate, and the Sino-US trade conflict has intensified, resulting in a deterioration of the overseas investment environment. . In China, automobile sales have been declining since 2019, resulting in a decline in demand for automobile glass. All aspects of the automobile industry have been greatly affected by the epidemic this year, which has exacerbated the difficulty of selling automobile glass and also affected operating income. Its market net profit has yet to be promote.
China Chengxin: Zhenshi Group’s asset liquidity is tight and it faces repayment pressure and overseas operating risks
On July 27, China Chengxin announced its response to Zhenshi Group Co., Ltd. (referred to as "Zhenshi Group") rating report. The main credit rating this time and the last rating (July 26, 2019) are both AA, and the rating outlook is stable.
Zhenshi Group is a listed company mainly engaged in the production and sales of stainless steel and has strong regional competitive advantages. Data show that Zhenshi Group's operating income in 2019 was 13.159 billion yuan, 1.381 billion yuan more than in 2018; its net profit was 1.018 billion yuan, 111 million yuan more than in 2018. The 310S and 309 heat-resistant steel produced by the company account for about 50% of the Wuxi hot rolling market, and 316L accounts for 20% of the Wuxi market.
Zhenshi Group is the second largest shareholder of China Jushi Co., Ltd. (referred to as "China Jushi"), and China Jushi is the world's leading manufacturer of fiberglass yarn, which is led by Zhenshi Group. to achieve greater investment returns.
In terms of debt, as of the end of March 2020, Zhenshi Group *** had obtained a bank credit line of 9.023 billion yuan, with an unused line of 744 million yuan. But its total debt is 9.858 billion yuan, and short-term debt is 7.583 billion yuan. China Chengxin pointed out that Zhenshi Group will face certain repayment pressure and the debt structure needs to be optimized.
In terms of liquidity, due to the increasing scale of receivables, as of the end of March 2020, Zhenshi Group’s restricted assets totaled 6.944 billion yuan, accounting for 28.95% of total assets. China Chengxin pointed out that Zhenshi Group’s receivables mainly come from the current accounts of related parties, which will occupy a certain amount of funds.
In terms of overseas projects, as of the end of March 2020, its main overseas projects under construction include the Yashi Indonesian ferronickel production project and the Weda Bay Industrial Park project. Its overseas projects will be subject to risks related to overseas politics, law, exchange fluctuations and the overseas spread of the COVID-19 epidemic.
China Chengxin: If the operating performance of overseas mergers and acquisitions does not meet the standards, China Mengniu will have the risk of goodwill impairment
On July 28, China Chengxin announced its decision on China Mengniu Dairy Co., Ltd. ( (referred to as "China Mengniu") rating report. China Mengniu's main credit rating is AAA, and the debt credit rating of "19 Mengniu MTN001" is AAA, which are consistent with the results of the last rating (November 4, 2019), and the rating outlook is stable.
Data show that in 2019, the annual production capacity of China Mengniu dairy products reached 9.5 million tons/year, ranking among the top ten in the world for three consecutive years; operating income was 79.030 billion yuan, an increase of 14.57% year-on-year in 2018; annual profit was 4.296 billion yuan, an increase of 31.90% year-on-year in 2018; in terms of product share, the domestic market shares of its normal temperature and low temperature categories of liquid milk products were 27.2 and 23.5 respectively.
In terms of obtaining funds, China Mengniu, as a listed company, has relatively smooth financing channels. The total amount of credit it received in 2019 was 50.448 billion yuan, and its unused credit line was 34.787 billion yuan. CCX believes that China Mengniu’s debt in foreign currencies such as US dollars and Hong Kong dollars has a large scale and may face certain risks of exchange rate fluctuations.
China Chengxin pointed out that at the end of 2019, China Mengniu completed the acquisition of all shares of Australian dairy company Bellamy's Australia Limited ("Bellamy's") and planned to acquire Lion-Dairy & Drinks Pty Ltd ("Bellamy's"). LDD Company") 100 equity. Due to the large scale of its acquisitions, if its operating performance fails to meet expectations, it will face goodwill impairment.
China Chengxin: Some products cannot be sold due to the policy impact, and China National Heavy Duty Truck Group has too many short-term debts that need to be optimized
On July 28, China Chengxin announced its response to China National Heavy Duty Truck Group Co., Ltd. (referred to as "China National Heavy Duty Truck") rating report. This time, the main credit rating was rated AAA, and the debt credit rating of "19 Heavy Duty Truck CP001" was A-1, both consistent with the last rating (March 9, 2020), and the rating outlook is stable.
China National Heavy Duty Truck is one of my country's leading heavy-duty truck manufacturers with a significant industry position. In 2019, it accounted for 16.26% of the market share of heavy trucks above 14 tons, ranking third in the industry. Its business also involves real estate development and financial sectors, diversifying business areas and enhancing its overall risk resistance. In terms of financing, its ability to obtain cash is strong. The net cash flow from operating activities in 2019 was 10.244 billion yuan, an increase of 37.82% from 2018. In terms of bank credit, as of the end of March 2020, the total amount of credit granted was 70.626 billion yuan, which was unused. The quota is 53.899 billion yuan.
In terms of debt, as of the end of March 2020, its short-term debt was 20.188 billion yuan, accounting for 84.30% of the total debt. It has great debt repayment pressure and its debt structure also needs to be optimized.
Affected by the national regulation of "large tonnage and small standard", some of its light truck models have stopped production and sales, which has led to a decline in light truck sales and also affected its operating income.
China Chengxin: The increase in expenses during the period erodes profits, and the increase in new categories means that the good days of Tsingtao Brewery Group are about to end
On July 28, China Chengxin issued a report on Tsingtao Beer Group Co., Ltd. (hereinafter referred to as Tsingtao Beer Group). "Tsingtao Brewery Group") rating report. This time, Tsingtao Brewery Group's main credit rating is AAA, which is consistent with the last rating result, and the rating outlook is stable.
Tsingtao Brewery Group has a market share of more than 50% in Shandong, Shanxi and other provinces. As of the end of 2019, it has 15,850 dealers across the country; operating income was 28.665 billion yuan, a year-on-year increase of 4.85% in 2018; net The profit was 1.994 billion yuan, an increase of 28.63% year-on-year in 2018; the net cash flow from operating activities was 5.102 billion yuan
from 4.672 billion yuan in 2018. As of the end of March 2020, the total amount of credit it had received was 22.450 billion yuan, of which the unused quota was 21.419 billion yuan. Since its holding subsidiary Tsingtao Beer Co., Ltd. ("Tsingtao Beer") is an A- and H-share listed company, it can raise funds through its subsidiaries.
Data show that Tsingtao Brewery Group’s period expenses in 2019 were 6.633 billion yuan; in the first quarter of 2020, both revenue and profits were in a decline stage. China Chengxin pointed out that Tsingtao Brewery Group’s expenses were relatively high during the period, which eroded profits to a certain extent. With the entry of new categories of beer such as imported and craft beer into the market, competition in the beer industry has further intensified.
China Chengxin: Performance will be affected by the speed increase and fee reduction policy, and 5G will increase the pressure on China Unicom’s expenditure
On July 29, China Chengxin announced its response to China United Network Communications Co., Ltd. ( (referred to as "China Unicom") rating report. This time, China Unicom's main credit rating is AAA, and the credit rating of "19 Unicom MTN001" is also AAA, which is consistent with the result of the last rating (November 7, 2019), and the rating outlook is stable.
In 2019, China Unicom's net profit was 10.26 billion yuan, an increase of 21.22% compared with 2018; net cash flow from operating activities was 95.112 billion yuan, an increase of 390 million yuan compared with 2018. Since 2019, the state and relevant ministries and commissions have repeatedly proposed to accelerate the construction of new infrastructure such as 5G networks and data centers, which has provided a better external environment for the development of China Unicom operating companies.
China Chengxin pointed out that the scope of competition among the three major domestic full-service operators has expanded, intensifying the level of competition in the industry. China Unicom's performance will be affected by relevant policies in the communications industry and policies such as speed increases and fee reductions. As investment in basic network construction and 5G business layout increases, China Unicom will face certain capital expenditure pressure.
China Chengxin: The shares held by the controlling shareholder were frozen by the judiciary, and Dongxu Optoelectronics’ credit rating was downgraded
On July 30, China Chengxin announced its response to Dongxu Optoelectronics Technology Co., Ltd. ( (referred to as "Dongxu Optoelectronics") rating report. This time, Dongxu Optoelectronics' main credit rating is c, and the debt credit ratings of "16 Dongxu Optoelectronics MTN001A" and "16 Dongxu Optoelectronics MTN002" are also consistent with the results of the last rating (December 3, 2019) , but the debt credit rating of "16 Dongxu Optoelectronics MTN001B" was lowered to cc from the last rating of BB, and was included in the watch list for possible downgrade, with a stable rating outlook.
As of the end of 2019, the book value of Tunghsu Optoelectronics’ restricted assets was 24.115 billion yuan, and its controlling shareholder Tunghsu Group had pledged 799.6 million shares of the company, accounting for 87.39% of its shareholding ratio, and has pledged Frozen by the judiciary; since November 2019, Dongxu Optoelectronics has defaulted on multiple bonds. The current bond defaults, funding litigation, etc. total a total of 5.151 billion yuan.
In terms of operating income, Dongxu Optoelectronics’ total operating income in 2019 was 17.529 billion yuan, a decrease of 10.683 billion yuan compared with 2018. Net profit dropped to -1.558 billion yuan, a decrease of 3.827 billion yuan compared with 2018. Net cash flow from operating activities was -30.13, a decrease of 3.172 billion yuan compared with 2018.
China Chengxin pointed out that due to the tight liquidity of Dongxu Optoelectronics' assets and declining profitability, the internal fund management and control system was not effectively implemented and had major flaws, and the subsidiary's external guarantees were large in scale and not in accordance with the company's relevant regulations. It stipulates the implementation of decision-making procedures, so Zhongxing Cai Guanghua Accounting Firm (Special General Partnership) (referred to as "Zhongxing Cai") issued a negative opinion on its internal control in 2019. In addition, it received a regulatory letter from the exchange because it failed to accurately disclose important information and failed to respond to inquiries from the Shenzhen Stock Exchange within the prescribed period.
China Chengxin: The control of Kangmei Pharmaceutical may change, and there is a possibility that the money owed by related parties will not be recovered
On July 31, China Chengxin announced its response to Kangmei Pharmaceutical Co., Ltd. (referred to as "Kangmei Pharmaceutical") rating report. This time, Kangmei Pharmaceutical's main credit rating is C, "17 Kangmei MTN001", "17 Kangmei MTN002", "17 Kangmei MTN003", "18 Kangmei MTN001", "18 Kangmei MTN002", "18 Kangmei MTN003", " The debt credit ratings of "18 Kangmei MTN004" and "18 Kangmei MTN005" are also CC, which is consistent with the result of the last rating (February 3, 2020). China Chengxin said that the above-mentioned bonds of Kangmei Pharmaceutical were included in the watch list for possible downgrade.
Kangmei Pharmaceutical is a listed company engaged in the production and sales of traditional Chinese medicine. It has formed an integrated operation model and business system for the entire industrial chain of traditional Chinese medicine. The traditional Chinese medicine pieces it produces have high market recognition, and its traditional Chinese medicine piece business is in a leading position in the industry. It has 11 production bases in China and can produce more than 1,000 types of products with more than 20,000 specifications. At the end of 2019, it signed the "Existing Loan Syndicate Contract" with 13 banks, with a loan of 10.048 billion yuan, effectively alleviating short-term debt repayment pressure.
China Chengxin pointed out that due to the imperfect internal governance of Kangmei Pharmaceutical and the existence of major defects in internal control, in 2019, Lixin Accounting Firm (Special General Partnership) (referred to as "Lixin Firm") imposed internal controls on its financial reports. An audit report with a negative opinion was issued. In addition, its related parties have a large amount of funds. In 2019, related parties occupied a total of 9.481 billion yuan in funds, and there is a risk that they cannot be recovered in time.
Lianhe Credit Rating: Undistributed profits are high, and Lingyun shares are under increasing operating pressure
On July 27, Lianhe Credit Rating Co., Ltd. (hereinafter referred to as "Lianhe Credit Rating") announced its investment in Lingyun Industrial Co., Ltd. (referred to as "Lingyun Shares") rating report. This time, the main credit rating of Lingyun Shares is AA, and the debt credit rating of "18 Ling Industrial MTN001" is also AA, which is consistent with the result of the last rating (July 18, 2019), and the rating outlook is stable.
Lingyun Co., Ltd. is a listed company engaged in the production and sales of automobile parts and plastic pipe systems. China Ordnance Industry Group Co., Ltd. is its actual controller. In terms of credit, as of the end of March 2020, it had obtained a credit line of 6.494 billion yuan, of which 4.118 billion yuan had not yet been used; in 2019, its total debt was 4.344 billion yuan, of which short-term debt accounted for 71.38%.
Lianhe Credit pointed out that due to the decline in domestic automobile sales and the decline in demand for automobile parts, Lingyun shares will face certain operating pressure and will also face heavier repayment pressure, and its debt structure needs to be optimized.
Lianhe Credit: Accounts receivable and inventories occupy a lot of funds, and Weigao Group has a heavy debt burden
On July 30, Lianhe Credit announced its response to Weigao Group Co., Ltd. ( (referred to as "Weigao Group") rating report. This time, the main credit rating of Weigao Group is AA, and the debt credit rating of "20 Weigao (Epidemic Prevention and Control Bond) MTN001" is AA, which is consistent with the result of the last rating (April 2, 2020); "19 The debt credit rating of "Weigao MTN001" is AA, which is consistent with the result of the last rating (June 2, 2019), and the rating outlook is stable.
Weigao Group is a company mainly engaged in the production and sales of disposable medical devices and drugs. Its business involves health care and real estate. It is the largest manufacturer of injectors and syringes in my country. It produces irradiation Syringe products have a market share of 100% in the domestic market; TPE infusion set products have a share of 85% in the high-end infusion set market. The company's operating income in 2019 was 20.041 billion yuan, a year-on-year increase of 1.103%; net profit was 2.472 billion yuan, a year-on-year decrease of 148 million yuan; operating cash flow was 4.653 billion yuan, a year-on-year increase of 145.41%.
In 2019, Weigao Group’s accounts receivable and inventories totaled 15.34 billion yuan, which occupied a certain amount of its funds; period expenses were 8.063 billion yuan, a year-on-year increase of 23.70; all its debts It was 24.127 billion yuan, a year-on-year increase of 9.31. As of the end of March 2020, its interest-bearing debt was 25.429 billion yuan, an increase of 5.40 from the end of 2019; in addition, its external guarantees involved an amount of 436 million yuan, and most of the guarantee objects were private enterprises in Shandong.
Lianhe Credit pointed out that Weigao Group’s accounts receivable and inventory are relatively large, its debt scale continues to increase, and its debt burden is heavy. Due to external guarantee issues, there are contingent liability risks.
Lianhe Credit: Political turmoil in overseas strategic areas, Ordnance Industry Group has overseas business risks
On July 31, Lianhe Credit released its report on China Ordnance Industry Group Co., Ltd. (referred to as "Ordnance Industry Group") Industrial Group") rating report. This time, the main credit rating of Ordnance Industry Group is AAA, and the debt credit rating of "16 Weapon MTN001" and "15 Weapon MTN001" is AAA, which is consistent with the result of the last rating (July 19, 2019), and the rating outlook is Stablize.
Ordnance Industry Group’s operating income in 2019 was 474.71 billion yuan, a year-on-year increase of 4.34%; total profit was 17.810 billion yuan, an increase of 7.03% from 2018; operating net cash flow was 28.669 billion yuan, an increase from 2018 53.74. However, Lianhe Credit Information pointed out that Ordnance Industry Group will face certain overseas operating risks.
It is reported that Ordnance Industry Group’s overseas strategic resources business revenue in 2019 was 200.557 billion yuan, accounting for 42.25% of the operating revenue in the same year. Its overseas strategic resources business focuses on the Middle East, Africa and other regions, which are politically and economically stable. The performance is poor, so its related businesses have certain operating risks. In addition, its subordinate civilian product companies cover many fields, and the adjustment of the company's product structure will cause related businesses to face more intense market competition.
United Credit: Xinxing Jihua Group’s operating cash flow is good, but there are operating pressures
On July 28, United Credit Ratings Co., Ltd. (“United Credit”) announced its Rating report of Xinxing Jihua Group Co., Ltd. (referred to as "Xinxing Jihua Group").
This time, the main credit rating of Xinxing Jihua Group is AAA, and the debt credit rating of "20 Xinji Y2" is also AAA, which is consistent with the result of the last rating (March 10, 2020); "20 Xinji Y1" The debt credit ratings are consistent with the last rating (February 25, 2020), which are all AAA; "18 Xinji Y5", "18 Xinji Y3", "18 Xinji Y3", "18 Xinji Y2" ", "18 Xinji Y1", "17 Xinji Y2" and "17 Xinji Y1" have the same debt credit rating as the last rating (20 Xinxing Jihua Group on June 19, 2019), all of which are AAA , the rating outlook is stable.
Xinxing Jihua Group’s main businesses include metallurgy and casting, light industrial textiles, equipment manufacturing and trade logistics. As of the end of 2019, the company's total consolidated assets were RMB 130.934 billion, total liabilities were RMB 76.965 billion, and owners' equity (including minority shareholders' equity) was RMB 53.969 billion, of which RMB 33.440 billion was attributable to the parent company's owner's equity. In 2019, the company achieved operating income of 140.267 billion yuan and net profit (including gains and losses of minority shareholders) of 2.257 billion yuan, of which the net profit attributable to the owners of the parent company was 1.370 billion yuan; the net cash flow generated from operating activities was 8.077 billion yuan. Yuan, and the net increase in cash and cash equivalents was 4.383 billion Yuan.
United Credit pointed out that Xinxing Jihua Group's operating cash flow is in good condition, with unrestricted funds of 22.761 billion yuan at the end of 2019 and unused credit lines of 103.018 billion yuan. Its light industrial textile business is under certain operating pressure due to intensified market competition, and its metallurgical casting business will be affected by cyclical changes in the steel industry.
New Century: Overseas raw materials are risky, projects under construction are under construction, and Liuzhou Iron and Steel Group Co., Ltd. has great expenditure pressure
On July 29, New Century Credit Rating Investment Services Co., Ltd. ( (referred to as "New Century") announced its latest rating report on Guangxi Liuzhou Iron and Steel Group Co., Ltd. (referred to as "Liuzhou Iron and Steel Group"). The main credit rating of Liuzhou Iron and Steel Group and the debt credit rating of "20 Liuzhou Iron and Steel Group MTN001" are both AAA, which is consistent with the result of the last rating (November 15, 2019), and the rating outlook is stable.
In addition, the debt credit rating of "19 Liuzhou Iron and Steel Group MTN002" is AAA, which is consistent with the result of the last rating (August 21, 2019). The debt credit rating of "19 Liuzhou Iron and Steel Group MTN001" The rating is AAA, which is consistent with the last rating (July 29, 2019).
Liuzhou Iron and Steel Group is currently the only large-scale listed steel company in Guangxi. Its core business is steel, and it also develops businesses such as energy and chemical products, trading and real estate. In 2019, it received a capital increase of 1.4 billion yuan from shareholders. Its operating cash flow is good. From 2017 to 2019, its operating cash flow was 7.682 billion yuan, 7.894 billion yuan, and 7.522 billion yuan respectively. As of the end of March 2020, its bank credit line totaled 60.589 billion yuan, and the unused line was 28.303 billion yuan.
New Century pointed out that since the iron ore required by Liuzhou Iron and Steel Group relies on outsourcing and mainly comes from imports, it is susceptible to fluctuations in international iron ore prices. Since 2019, the price of imported iron ore has risen sharply. As a result, Liuzhou Iron and Steel Group's operating costs will increase, and it will also face the risk of raw material price fluctuations in the future; in terms of projects under construction, the newly merged Metallurgical 11 Company had an unfinished contract amount of 10.611 billion yuan in hand at the end of 2019. The company is engaged in construction business The model requires advance funds, which will occupy a certain amount of funds; as of the end of March 2020, a total of 13.642 billion yuan has been invested, and 33.065 billion yuan will be invested in the next two years, which will face greater pressure on capital expenditures.
In terms of litigation, as of the end of 2019, it had been involved in many lawsuits, involving a total of 22 million yuan.
New Century: Most of the credit line has been used up, and General Technology still needs a large amount of funds
On July 30, New Century Assessment announced its holding of China General Technology (Group) Co., Ltd. ("General Technology"). This time, the main credit rating of General Technology is AAA, and the debt credit rating of "16 General 01", "16 General 02", and "18 General 01" is AAA, which is consistent with the results of the last rating (June 27, 2019) Consistent, the rating outlook is stable.
General Technology’s business can be divided into three major sectors: advanced manufacturing and technical services, medicine and health, and trade and engineering contracting. It has a number of listed subsidiaries. Its operating income in 2019 was 183.276 billion yuan, an increase from 2018 The annual growth rate was 7.58%; net profit was 5.380 billion yuan, an increase of 9.39% over 2018; operating cash flow was -2.426 billion yuan, an increase of 267 million yuan over 2018. From 2017 to 2019, government subsidies received by general technology were 390 million yuan, 277 million yuan, and 354 million yuan respectively. As of the end of 2019, the company had received a credit line of 189.987 billion yuan and an unused credit line of 87.420 billion yuan.
New Century pointed out that general technology’s commodity trade and international project contracting business are easily affected by international political, economic and trade situations; because the construction business is affected by the slow process of project payment collection, it has occupied its funds. , weakening its financial liquidity. As the company's financial leasing business grows, it will have greater demand for funds in the future and will face certain financial pressure; the business collaboration between its segments is not high, and it will also face certain management pressure.
Dagong International: With debts of nearly 55 billion and bills of 67.6 billion remaining, Yitai Group is under great pressure to pay
On July 27, Dagong International Credit Rating Co., Ltd. (referred to as "Dagong International") ") released its latest rating report on Inner Mongolia Yitai Group Co., Ltd. ("Yitai Group"). The main credit rating of Yitai Group and the debt credit rating of "18 Yitai MTN001" are both AA, which is consistent with the result of the last rating (June 24, 2019), and the rating outlook is stable.
Yitai Group is the largest local coal company in Inner Mongolia. Because Yitai Chemical’s 1.2 million-ton fine chemical project has been fully put into operation, its coal chemical business revenue has increased significantly. The coal chemical business revenue in 2019 was higher than that in 2018. The annual increase was 98.69, but the company's other receivables were 11.030 billion yuan, owners' equity was 45.842 billion yuan, and minority shareholders' equity accounted for 57.60.
As of March 2020, the company’s interest-bearing debt was 54.753 billion yuan, accounting for 8.523% of all liabilities; important projects under construction planned to invest 83.342 billion yuan, with a cumulative investment of 15.648 billion yuan, and more investment is needed 67.694 billion yuan, of which 791 million yuan will be invested in 2020. The amount of external guarantee is 1.169 billion yuan. The guarantee objects are local enterprises. The guarantee areas are relatively concentrated and may face certain guarantee risks. Dagong International pointed out that Yitai Group has high debts and the amount of expenditures it needs to make in the future is still relatively large, so the company has certain expenditure risks.
Dagong International: Salt Lake Industry turned a profit, and its credit rating was included in the watch list
On July 28, Dagong International released an article about Qinghai Salt Lake Industry Co., Ltd. (referred to as "Salt Lake Industry" ") credit rating announcement. This time, the main credit rating of Salt Lake Industry and the debt credit ratings of "15 Salt Lake MTN001" and "16 Qinghai Salt Lake MTN001" are both BB, which is consistent with the result of the last rating (December 4, 2019), and both are included in the list. Credit Rating Watch List.
The announcement stated that on August 15, 2019, Golmud Taishan Industrial Co., Ltd. (referred to as "Taishan Industrial") applied to the Xining Intermediate Court for a lawsuit against Salt Lake Industry because Salt Lake Industry could not repay a debt of 4.39 million yuan when due. Shares are restructured.
Salt Lake Holdings strictly follows the "Reorganization Plan". In the first half of 2020, Salt Lake Industry's net profit attributable to listed shareholders turned a loss into a profit. Dagong International maintained the credit rating of Salt Lake Industry and continued to include it on the credit rating watch list.
Dagong International: The scale of shareholders’ capital occupation is large, and Jinshiyuan Group has a heavy debt burden
On July 30, Dagong International announced its response to Jinshiyuan Group Co., Ltd. (referred to as “Jinshiyuan Group”) ”) rating report. This time, the main credit rating of Jinshiyuan Group and the debt credit ratings of "16 Jinshiyuan MTN001", "17 Jinshiyuan MTN001" and "17 Jinshiyuan MTN002" are all AA, which is the same as the last rating (July 24, 2019) ) results are consistent, and the rating outlook is stable.
Jinshiyuan Group is a listed company engaged in the production and sales of liquor. In 2019, its operating income was 4.882 billion yuan, an increase of 3.022% over 2018; net profit was 1.376 billion yuan, an increase of 28.47% over 2018; operating cash flow was 1.317 billion yuan, an increase of 1.812% over 2018; the investment in research and development funds was 4.882 billion Yuan, accounting for 29% of operating income. As of March 2020, it has authorized 24 invention patents and 32 utility model patents.
Dagong International pointed out that Jinshiyuan’s liquor sales area is mainly in Jiangsu Province. Its debt scale is large and its debt burden is heavy. At the end of March 2020, its total debt was 4.809 billion yuan. The scale of other receivables is large, among which the receivables of shareholder Jiangsu Anton Holding Group Co., Ltd. are 2.183 billion yuan, accounting for 72.10% of other receivables. This has occupied funds to a certain extent and weakened the flow of funds. sex.
Oriental Jincheng: Facing the pressure of repayment and investment expenditure, Gujia Group also faces the risk of goodwill impairment
On July 27, Oriental Jincheng International Credit Rating Co., Ltd. (referred to as " Oriental Jincheng") released its rating report on Gujia Group Co., Ltd. ("Gujia Group"). This time, the main credit rating of Gujia Group and the debt credit rating of "19 Gujia MTN001" are both AA, which is consistent with the result of the last rating (July 29, 2019), and the rating outlook is stable.
In 2019, Gujia Group’s home product output was 2.8565 million standard sets, an increase of 62.93% over 2018; operating income was 15.995 billion yuan, an increase of 56.97% over 2018; total profit was 818 million yuan, an increase of 56.97% over 2018 A decrease of 108 million yuan; the company has more than 4,518 self-owned brand stores, an increase of 296 compared with 2018, covering more than 30 provinces, cities and regions across the country. The company also has 1,059 R&D personnel, accounting for 7.75% of its total headcount; it invested 198 million yuan in R&D, an increase of 44.61% from 2018.
Data show that at the end of 2019, Gujia Group’s other accounts receivable were 2.095 billion yuan, of which the funds involved by related parties among the top five other receivable objects were 1.042 billion yuan, and it will face certain problems. Recovery pressure; its total debt is 7.729 billion yuan, of which short-term interest-bearing debt is 4.163 billion yuan, and it will face certain repayment pressure; it has carried out a number of acquisitions since 2018. If the acquired company's operations fail to meet expectations, It will face the risk of goodwill impairment; its main projects under construction have a planned total investment of 4.535 billion yuan, a total of 1.214 billion yuan has been invested, and 3.321 billion yuan will be invested in the future, and there is investment expenditure pressure.
Oriental Jincheng: The proportion of receivables and prepayments is high at 50%, and Jizhong Energy Group’s funds are seriously occupied
On July 30, Oriental Jincheng announced its investment in Jizhong Energy Rating report of Jizhong Energy Group Co., Ltd. (referred to as "Jizhong Energy Group"). This time, Jizhong Energy Group's main credit rating is AAA, which is consistent with the results of the last rating (May and 8, 2020), and the rating outlook is stable.
In addition, many of the debt ratings of Central Energy Group are also consistent with the previous rating results. Among them, the debt credit rating of "20 Jizhong Energy CP005" is A-1, and the debt credit rating of "20 Jizhong Energy CP004" is A-1. "The debt credit rating of "20 Jizhong Energy MTN002" is AAA; the debt credit rating of "20 Jizhong Energy CP003" is A-1; "20 Jizhong Energy CP002" The debt credit rating of "20 Jizhong Energy MTN001" is AAA; the debt credit rating of "20 Jizhong Energy CP001" is A-1; the debt credit rating of "19 Jizhong Energy CP009" The credit rating of the item is A-1; the credit rating of the debt of “19 Jizhong Energy CP010” is A-1; the credit rating of the debt of “19 Jizhong Energy MTN004B” and “19 Jizhong Energy MTN004A” is AAA; The debt credit rating of "Jizhong Energy MTN003" is AAA; the debt credit rating of "19 Jizhong Energy MTN002" is AAA.
Jizhong Energy is a large-scale coal development group. Its business covers coal, logistics and trade, chemical industry, medicine and other fields. In 2019, the group's coal output in the mining areas in Hebei Province was 28.3708 million tons, accounting for 55.90% of the raw coal output in Hebei Province. As of the end of 2019, it had coal geological reserves of 11.197 billion tons (excluding local trusteeship coal mines) and recoverable reserves of 4.241 billion tons. . Its subsidiary Huabei Pharmaceutical is one of the largest antibiotic production bases in my country.
In 2019, its operating income was 211.855 billion yuan, a decrease of 1.035% from 2018; the total profit was 2.003 billion yuan, an increase of 26.05% from 2018, and operating net cash flow was 3.061 billion yuan, a decrease from 2018 An increase of 149.43. Among them, due to the increase in sales of coke and methanol, its chemical business revenue was 11.865 billion yuan, an increase of 9.90% from 2018; with the transformation and adjustment of the product structure to high-margin preparation drugs, the profitability of the pharmaceutical business increased rapidly, with pharmaceutical business revenue in 2019 being 134.65 billion, an increase of 49.18 compared with 2018.
Oriental Jincheng pointed out that at the end of 2019, Jizhong Energy’s receivables and prepayments accounted for more than 50% of the company’s current assets. The scale of receivables and prepayments was large, which occupied its funds; monetary funds were 233.89 billion, short-term interest-bearing debt is 104.384 billion yuan. Its monetary funds cannot fully cover short-term interest-bearing debt, and it will face certain concentrated debt repayment pressure. Affected by the epidemic, its overall profitability may decline in 2020.