Author | Wei Xinquan
This issue of the Anti-Short Research Center has compiled a total of 20 company rating reports, of which 19 companies have a stable rating outlook. Guizhou Liupanshui Development Investment Co., Ltd. has a credit rating on the watch list due to great debt repayment pressure. The enterprises and industries compiled in this issue cover a wide range of areas, distributed in automobile companies, chemicals, steel and other fields.
From the perspective of debt, the total debt of the 19 companies was 1988.581 billion yuan, and the short-term debt was 840.236 billion yuan, accounting for about 42.25% of the total debt. There are seven companies with a total debt of over 100 billion yuan, of which the total debt and short-term debt of China Construction are the highest among 19 companies, with a total debt of 663.128 billion yuan and 187.797 billion yuan respectively. Among the 19 companies, the short-term debt ratio of electrical wind power is the highest, at 90.72%, and the short-term debt ratio of ZhongCircuit Bridge is the lowest, at about 12.71%. In terms of credit balance , except for Honghui Fruit and Vegetable that does not have a clear credit limit, the total credit balance of 18 companies is 2730.821 billion yuan, of which the credit balance of China Construction is as high as 1500 billion yuan, and the investment channels are smooth.
From the perspective of project investment, 14 companies have investment projects. It is worth noting that China Resources Land only indicates the total investment amount in the future, and other investment data are not clear. The total investment of projects under construction by the other 13 companies is 553.185 billion yuan, with 278.2069 billion yuan invested, and 274.9781 billion yuan is required in the future. In addition, three companies have identified the investment amount of the proposed project, with a total amount of 5.354 billion yuan. The 14 companies will need to invest 458.2341 billion yuan in the future.
Institution name explanation:
Zhongchengxin: Zhongchengxin International Credit Rating Co., Ltd.
Joint Credit: United Credit Evaluation Co., Ltd.
Dagong International: Dagong International Credit Evaluation Co., Ltd.
1 Dagong International: Dagong International Credit Evaluation Co., Ltd.
0 Oriental Jincheng: Oriental Jincheng International Credit Evaluation Co., Ltd.
CSI Pengyuan: China Securities Pengyuan Credit Evaluation Co., Ltd.
Company abbreviation:
CSI Circuit Bridge: Zhongdian Jian Road and Bridge Group Co., Ltd.
1 Sinochem International : Sinochem International (Holding) Co., Ltd.
Sinochem Holdings : Sinochem Holdings
Shandong Steel : Shandong Steel Group Co., Ltd.
Chinese Construction: China Construction Co., Ltd.
Hang Steel Group : Hesteel Group Co., Ltd.
Liupanshui Investment: Liupanshui Development Investment Co., Ltd.
New Fengming : New Fengming Group Co., Ltd.
Tongcheng New Materials : Tongcheng New Materials Group Co., Ltd.
Northern Rare Earth : China Northern Rare Earth (Group) High-tech Co., Ltd.
Zhongtai Chemical : Xinjiang Zhongtai Chemical Co., Ltd.
Red Star Macalline: Red Star Macalline Home Furnishing Group Co., Ltd.
China Resources Land: China Resources Land Holdings Co., Ltd.
Honghui Fruit and Vegetables: Honghui Fruit and Vegetables Co., Ltd.
Honghui Fruit and Vegetables Co., Ltd.
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AVIC International : China Aviation Technology International Holdings Co., Ltd.
BAIC Co., Ltd.
BAIC Co., Ltd.
Chinese saltGilantai: Chinese saltGilantai Salt Chemical Group Co., Ltd.
Electric Wind Power: Shanghai Electric Wind Power Group Co., Ltd.
Liupanshui Kaito Investment was included in the credit rating observation list
Zhongchengxin: There is a great debt repayment pressure,Liupanshui Kaito Investment was included in the credit rating observation name
htmlOn June 16, Zhongchengxin issued an announcement on the credit rating of Liupanshui Kaito Investment's main credit rating and related debt credit ratings are included in the credit rating observation list.
announcement shows that at the end of 2021, Liupanshuikai short-term loans and non-current liabilities that expire within one year were 3.728 billion yuan, and the cash available funds were approximately 171 million yuan. The company has great debt repayment pressure. In 2022, the company was included in the list of persons subject to execution by Shanghai Financial Court . In the same year, the company was included in the list of persons subject to execution by Hangzhou Intermediate People's Court . These will adversely affect the company's ability to repay debt. Affected by the above factors, the company's main credit rating and related debt credit rating are included in the credit rating observation list.
Zhongchengxin may face asset expenditure pressure
Zhongchengxin: Projects under construction still need to invest more than 100 billion yuan. Zhongchengxin will have a larger investment scale in the future
htmlOn June 13, Zhongchengxin issued a report rating the main credit rating of Zhongchengxin Bridge as AAA, and the bond credit rating of 10 bonds such as "21 Zhongchengxin Bridge GN001", "21DJLQ04", and "21DJLQ02", and the rating outlook is stable.
ZhongCircuit Bridge is a company mainly engaged in the development of highways, municipalities, railways, rail transit, bridges, tunnels, urban complexes, airports, ports, waterways, underground comprehensive pipeline corridors and water environment governance, sponge city construction, environmental protection and other projects, construction and operation. From 2020 to March 2022, the company's operating income was RMB 39.665 billion, RMB 43.915 billion, and RMB 10.853 billion, respectively, and its net profit was RMB 2.08 billion, RMB 1.143 billion and RMB 113 million, respectively. As of the end of March 2022, the company's remaining credit limit was 202.227 billion yuan, accounting for 60.10% of the total credit limit.
As of the end of March 2022, the company's total debt was 111.971 billion yuan, an increase of 12.98% from the beginning of the year, and its short-term debt was 14.227 billion yuan. The company's restricted assets are RMB 53.044 billion, accounting for 26.44% of the total assets. At the end of the same period, the company's total investment in BOT project under construction was 56.629 billion yuan, and has invested 29.54 billion yuan, and has to invest 26.089 billion yuan. The company's total investment in holding the PPP project in hand reached 164.399 billion yuan, of which 76.766 billion yuan has been invested, and 87.633 billion yuan has to be invested. The total investment of the company's area development and construction projects is 32.637 billion yuan, with an investment of 6.026 billion yuan and an investment of 26.611 billion yuan.
Dagong International: The asset impairment loss is large, and AVIC's profits have been eroded to a certain extent
htmlOn June 15, Dagong International issued a report rating AVIC's main credit ratings as AAA, and the debt credit ratings of "22 AVIC Y1" and "22 AVIC Y2" are rated as AAA, which is consistent with the rating results on April 15, 2022, and the rating outlook is stable.
AVIC International is a company mainly engaged in aviation business, advanced manufacturing , overseas public utilities, services and trade businesses. In 2020, the company's operating income was RMB 160.037 billion, RMB 182.434 billion, and RMB 41.685 billion, respectively, and its net profit was RMB 2.402 billion, RMB 3.363 billion, and RMB 788 million, respectively. As of March 2022, the company's remaining credit limit was 203.302 billion yuan, which is 65.93% of the total credit limit.
From 2020 to March 2022, the company's debt-to-asset ratio was 72.65%, 72.16% and 76.94% respectively. Overall, the company's debt-to-asset ratio is at a relatively high level. In 2021, the company's asset impairment loss was 1.145 billion yuan and the credit impairment loss was 3.34 billion yuan. As of the end of 2021, the company's total investment in major projects under construction was US$26.500 billion and US$516 million, and has invested 20.739 billion and US$362 million, and still needs to invest 5.761 billion and US$154 million. As of the end of March 2022, the company's external guarantee objects were affiliated parties, with the guarantee amount of 658 million yuan.
Zhongtai Chemical may have liabilities risks
Zhongchengxin: The debt scale has increased significantly, Sinochem International may face a heavier debt burden
htmlOn June 14, Zhongchengxin issued a report rating Sinochem International's main credit rating as AAA, and the debt credit ratings of "22 Sinochem G1", "Sinochem GY01", and "21 Sinochem G1" are rated as AAA, and the rating outlook is stable.
Sinochem International is a company that mainly engages in import and export, domestic sales and trade, warehousing and transportation, freight forwarding, etc. of chemical raw materials, fine chemicals, agricultural chemicals, plastics, rubber products, etc. From 2020 to March 2022, the company's operating income was RMB 54.162 billion, RMB 80.648 billion, and RMB 18.844 billion, respectively, and its net profit was RMB 1.741 billion, RMB 6.5 billion and RMB 645 million, respectively. As of the end of March 2022, the company's remaining credit limit was 53.019 billion yuan, accounting for about 74.70% of the total credit limit.
As of the end of March 2022, the company's total debt was 30.818 billion yuan, an increase of 23.57% from the beginning of the year, and short-term debt was 15.179 billion yuan, accounting for 49.25% of the total debt, and cash was 4.876 billion yuan. The company's goodwill is mainly composed of natural rubber asset groups and polymer additive asset groups. The natural rubber market has continued to be sluggish in recent years, and the company has the risk of goodwill impairment. In addition, the company's future strategy and operations will be affected by the joint restructuring of China Sinochem Group Co., Ltd. and China Chemical Group Co., Ltd. .
Joint Credit: The investment scale of projects under construction is large, and Wanhua Chemical may have capital expenditure pressure
html On June 13, United Credit issued a report rating Wanhua Chemical's main credit rating as AAA, which is consistent with the rating results on January 4, 2022, and the rating outlook is stable.
Wanhua Chemical is the world's largest MDI manufacturer and has strong comprehensive competitiveness. From 2020 to March 2022, the company's operating income was RMB 73.433 billion, RMB 145.538 billion, and RMB 41.784 billion, respectively, and the total profit was RMB 11.732 billion, RMB 29.151 billion, and RMB 6.445 billion, respectively. As of the end of 2021, the company's remaining credit line was 91.3 billion yuan, which is 49.35% of the total credit line.
As of the end of 2021, the company's total investment in projects under construction was 160.133 billion yuan, 65.297 billion yuan has been invested, and 94.836 billion yuan is still needed. At the end of the same period, the company's undistributed profit was 60.848 billion yuan, accounting for 84.87% of the owner's equity. As of the end of March 2022, the company's total debt was 105.99 billion yuan, an increase of 10.76% from the beginning of the year, short-term debt was 86.119 billion yuan, accounting for 81.25% of the total debt, and cash assets were 40.576 billion yuan. In addition, the company's operations are susceptible to external environment.
Joint Credit: The scale of external guarantees is large, and China-Thai Chemical may have debt risks
html On June 15, United Credit issued a report rating the main credit rating of China-Thai Chemical as AA+, which is consistent with the rating results on May 13, 2022, and the rating outlook is stable.
Zhongtai Chemical is a leading domestic chlor-alkali chemical enterprise, with strong comprehensive competitiveness. From 2020 to March 2022, the company's operating income was RMB 84.197 billion, RMB 62.463 billion, and RMB 15.05 billion, respectively, and the total profit was RMB 172 million, RMB 3.580 billion and RMB 582 million, respectively. As of the end of 2021, the company can also use a credit limit of 5.892 billion yuan.
As of the end of 2021, the company's total investment in projects under construction was 13.188 billion yuan, and an investment of 9.817 billion yuan has been completed, and an investment of 3.371 billion yuan is still required. The company's accounts receivable were 3.504 billion yuan, and the company's top five accounts receivable totaled 2.426 billion yuan, accounting for 63.86% of the accounts receivable. The company's advance payment was 2.724 billion yuan, and the company's accounts receivable and advance payment items accounted for 26.66% of the current assets. The company's restricted assets are 19.709 billion yuan, accounting for 26.97% of the total assets. In addition, the company's external guarantee amount was 4.387 billion yuan, and the guarantee ratio was 14.03%. As of the end of 2021, the company's total debt was 24.488 billion yuan, short-term debt was 14.219 billion yuan, and cash assets were 10.71 billion yuan.
Tagong International: Short-term debt accounts for 64.86%, and Zhongyan Jilantai has short-term repayment pressure
htmlOn June 16, Tagong International issued a report rating China Yan Jilantai's main credit rating as AA+, and the debt credit rating of "21 Jilantai 01" is rated as AAA, which is consistent with the rating results on June 11, 2021, and the rating outlook is stable.
Zhongyan Jilantai is a company mainly engaged in the production and sales of salt chemical products. From 2019 to 2020, the company's operating income was RMB 10.832 billion, RMB 9.849 billion and RMB 13.538 billion, and the net profit was RMB 977 million, RMB 441 million and RMB 1.647 billion, respectively. As of the end of 2021, the company received a credit limit of 5.553 billion yuan and a usable balance of 2.12 billion yuan.
As of the end of 2021, the company's total interest-bearing debt was 6.016 billion yuan, short-term interest-bearing debt was 3.902 billion yuan, accounting for 64.86% of the total interest-bearing debt, and cash was 926 million yuan. The company's minority shareholders' equity is 4.138 billion yuan, accounting for approximately 64.10% of the owner's equity. At the end of the same period, the company's total investment in major projects under construction was 1.74 billion yuan, with 384 million yuan invested, and 1.356 billion yuan needed. The total investment of the company's proposed projects is 82 million. In addition, the company has three cases involving a lawsuit amount of more than RMB 10 million, involving a total amount of RMB 67 million. The company has been facing great environmental pressure for a long time, because the soda ash , chlor-alkali and metal sodium industries belong to high energy-consuming industries. In addition, the company's chlor-alkali business is mainly downstream customers located in North China, East China and , and the company has certain freight pressure.
Zhongchengxin: The scale of accounts receivable reached 61.41%, Sinopharm Holdings' capital liquidity is poor
html On June 15, Zhongchengxin issued a report rating the main credit rating of Sinopharm Holdings as AAA, and the debt credit rating of "21 Sinopharm 03" was rated as AAA, which is consistent with the rating results on October 22, 2021. The bond credit rating of "17 Guokong 01", "19 Guokong 01", "20 Guokong 01", "21 Guokong 01", etc. is rated as AAA, which is consistent with the rating results on June 23, 2021, and the rating outlook is stable.
Sinopharm Holdings has now become a leading distributor and retailer of Chinese medicines, healthcare products, and medical devices, as well as a leading supply chain service provider. From 2020 to March 2022, the company's operating income was RMB 456.415 billion, RMB 521.051 billion, and RMB 127.598 billion, respectively, and its net profit was RMB 12.105 billion, RMB 13.056 billion and RMB 2.428 billion, respectively. As of the end of March 2022, the company's credit balance was 141.316 billion yuan, which is 55.71% of the total credit limit.
As of the end of 2021, the company's total investment in projects under construction was 691 million yuan, with 309 million yuan invested, and 382 million yuan needed. As of the end of March 2022, the company's total debt was 119.06 billion yuan, short-term debt was 107.194 billion yuan, accounting for 90.03% of the total debt, and cash was 35.913 billion yuan. At the end of the same period, the company's accounts receivable were RMB 193.223 billion, an increase of 21.72% from the beginning of the year, accounting for 61.41% of current assets. In addition, the company has integrated the acquisition projects and its affiliated companies and needs to pay attention to the actual subsequent business results.
Shandong Steel has certain uncertainties due to strategic restructuring
Zhongchengxin: Strategic restructuring work is underway, Shandong Steel has certain uncertainties
htmlOn June 16, Zhongchengxin issued a report rating the bond credit rating of 17 bonds including "21 Lu Steel MTN005", "21 Lu Steel MTN004", and "21 Lu Steel MTN003", and the rating outlook is stable.
Shandong Iron and Steel is a company that operates in the production and sales of ferrous metal smelting, calendering, and processing; pig iron, steel ingots, , steel billets, steel and pellets. From 2020 to March 2022, the company's operating income was RMB 220.733 billion, RMB 266.519 billion and RMB 45.424 billion, respectively, and its net profit was RMB 5.639 billion, RMB 10.833 billion and RMB 473 million, respectively. As of the end of March 2022, the company received a total credit amount of 236.776 billion yuan, of which the unused amount was 111.506 billion yuan.
As of the end of March 2022, the company's total debt was 163.62 billion yuan, short-term debt was 122.862 billion yuan, accounting for 75.09% of the total debt, and cash was 20.606 billion yuan. At the end of the same period, the company's total investment in projects under construction was 11.156 billion yuan, with an investment of 8.392 billion yuan and an investment of 2.764 billion yuan was still needed. The company has transferred its Jiran Steel Group 100% equity to Jiran Municipal People's Government State-owned Assets Supervision and Administration Commission for free. In addition, China Baowu Iron and Steel Group Co., Ltd. is planning a strategic restructuring of the company, and there is certain uncertainty.
Zhongchengxin: Minority shareholder equity accounts for more than 50%, and the equity stability of Hesteel Group needs to be enhanced
htmlOn June 16, Zhongchengxin issued a report rating Hesteel Group's main credit rating as AAA, the debt credit rating of 45 bonds such as "22 Hesteel MTN007", "22 Hesteel MTN006", and "22 Hesteel MTN005" are all rated as AAA, and the debt credit rating of "22 Hesteel CP001" is rated as A-1, and the rating outlook is stable.
Hesteel Group is a super-large steel production enterprise with strong comprehensive competitiveness. From 2020 to March 2022, the company's operating income was RMB 364.05 billion, RMB 426.687 billion, and RMB 83.173 billion, respectively, and its net profit was RMB 2.698 billion, RMB 6.507 billion and RMB 498 million, respectively. As of the end of 2021, the company received a credit limit of 341.531 billion yuan, of which the credit balance was 90.175 billion yuan.
As of the end of 2021, the company's total investment in projects under construction was 66.262 billion yuan, 48.416 billion yuan has been invested, and 17.846 billion yuan is still needed. As of the end of March 2022, the company's total debt was 308.117 billion yuan, short-term debt was 113.687 billion yuan, accounting for about 36.90% of the total debt, and cash was 37.07 billion yuan. At the end of the same period, the company's minority shareholders' equity was 66.824 billion yuan, accounting for approximately 50.58% of the owner's equity, and the stability of the equity structure needs to be strengthened. Since some of the production capacity is located in the Tangshan area, the company faces certain pressure on environmental protection production restrictions. In addition, in recent years, iron ore prices have increased, and the company has faced certain pressure on cost control.
Joint Credit: Inventory accounts for 38.62% of current assets, and the inventory of North rare earth has a risk of price decline
htmlOn June 14, United Credit issued a report rating the main credit rating of North Rare Earth as AAA, and the bond credit ratings of bonds such as "17 North 02", "20 North 01", "20 North Rare Earth MTN001" and "20 North Rare Earth MTN002" are all rated as AAA, which is consistent with the rating results on June 11, 2021, and the rating outlook is stable.
Northern Rare Earth is an enterprise mainly engaged in the production of rare earth products. From 2020 to March 2022, the company's operating income was RMB 21.246 billion, RMB 30.408 billion, and RMB 9.810 billion, respectively, and the total profit was RMB 1.108 billion, RMB 6.696 billion and RMB 2.211 billion, respectively. As of the end of 2021, the remaining credit limit of the company and its subsidiaries was 5.915 billion yuan.
In 2021, the company purchased goods and received labor from related parties a total of 3.264 billion yuan, accounting for 14.87% of the operating costs, and sold goods and provided labor to related parties a total of 3.063 billion yuan, accounting for 10.07% of the total operating income. The company has large-scale related transactions. At the end of the same period, the company's inventory was 10.325 billion yuan, an increase of 15.66% from the beginning of the year, accounting for 38.62% of current assets. In addition, the company's undistributed profits account for 49.97% of the owner's equity, and the proportion of minority shareholders' equity is 20.16%. The stability of the company's owner's equity structure needs to be improved. The total investment of the company's projects under construction is 662 million yuan, with 249 million yuan invested, and 413 million yuan is still needed. As of the end of March 2022, the company's total debt was 4.928 billion yuan and short-term debt was 4.656 billion yuan, accounting for 94.48% of the total debt.
2 real estate companies have smooth indirect financing channels
Zhongchengxin: The credit balance is as high as 1.5 trillion yuan, China Construction backup fund sufficient
html On June 16, Zhongchengxin issued a report rating the main credit rating of China Construction as AAA, and the credit ratings of five debts, including "18 China Construction MTN001" and "18 China Construction MTN002", are all rated as AAA, which is consistent with the rating results on June 21, 2021, and the rating outlook is stable.
China Construction is a company mainly engaged in housing construction engineering, real estate development and investment, infrastructure construction and investment, design and survey, etc. From 2020 to March 2022, the company's operating income was RMB 1615.023 billion, RMB 1891.339 billion, and RMB 485.439 billion, and net profit was RMB 70.95 billion, RMB 77.732 billion, and RMB 16.699 billion, respectively. As of the end of 2021, the company's remaining credit line was 1.500 billion yuan, accounting for 60% of the total credit line.
As of the end of 2021, the company had 404 PPP projects in hand. As the project progressed, the company had certain capital expenditure pressure. At the end of the same period, due to the impact of the epidemic, the company's new contracts for overseas construction business were 151.7 billion yuan, a year-on-year decrease of 16.60%. In addition, the company has pending lawsuits as the defendant, with a total amount of 5.372 billion yuan. As of the end of March 2022, the company's total debt was RMB 663.128 billion, an increase of 13.37% from the beginning of the year, short-term debt was RMB 187.797 billion, and cash/short-term debt was RMB 1.43.
United Credit: Minority shareholders' equity accounted for a high proportion, China Resources Land may need to pay attention to the risks of cooperative development projects
htmlOn June 16, United Credit issued a report rating the main credit rating of China Resources Land as AAA, and the credit rating of five debts, including "21 China Resources Holdings MTN001A", "21 China Resources Holdings MTN001B" and "21 China Resources Holdings MTN001C", are rated as AAA, and the rating outlook is stable.
China Resources Land is a company mainly engaged in real estate development and sales, construction, investment and property leasing and other businesses. From 2020 to March 2022, the company's operating income was RMB 58.781 billion, RMB 104.17 billion and RMB 9.451 billion, respectively, and the total profit was RMB 6.931 billion, RMB 13.14 billion and RMB 1.279 billion, respectively. As of the end of March 2022, the company's remaining credit line was 51.6 billion yuan, accounting for 67.10% of the total credit line.
From 2020 to March 2022, the net cash flow of before the company's financing activities was -46.097 billion yuan, -29.262 billion yuan, and -19.379 billion yuan, respectively. The company has certain financing needs. As of the end of 2021, the company's minority shareholders' equity was 55.062 billion yuan, accounting for 56.37% of the owner's equity. The company's comprehensive gross profit margin fell by 12.28% compared with 2020. As of the end of March 2022, the company's total debt was 86.607 billion yuan, of which long-term debt accounted for 59.81%.At the end of the same period, the company's under construction and proposed projects still require an investment of 177.902 billion yuan.
Red Star Macalline Asset Liquidity is poor
United Credit: The debt scale continues to rise, Xinfengming may be under debt repayment pressure
htmlOn June 13, United Credit issued a report rating Xinfengming's main credit rating as AA, and the debt credit rating of "Feng21 convertible bond" is rated as AA, which is consistent with the rating results on June 17, 2021, and the rating outlook is stable.
Xinfengming is a company mainly engaged in the research, development, production and sales of civilian polyester filaments. From 2020 to March 2022, the company's operating income was RMB 36.984 billion, RMB 44.77 billion, and RMB 10.602 billion, respectively, and the total profit was RMB 642 million, RMB 2.673 billion and RMB 332 million, respectively. As of the end of 2021, the company has received a total of 33.914 billion yuan in credit lines from various banks, and an unused credit balance of 17.772 billion yuan.
As of the end of 2021, the company's total investment in major projects under construction was 7.474 billion yuan, with 3.7 billion yuan invested, and 3.774 billion yuan needed. In 2022, the company plans to build new polyester filament and staple fiber production capacity, and is expected to add about 1 million tons/year of polyester filament and 600,000 tons/year of staple fiber production capacity. The company's PTA production expansion project is also being carried out, and a 4 million tons of PTA production expansion project has been planned. As of the end of March 2022, the company's debt-to-asset ratio rose from 56.21% at the end of 2021 to 61.80%. The company's total debt was 23.157 billion yuan, short-term debt was 13.344 billion yuan, accounting for 57.62% of the total debt, and cash assets were 8.208 billion yuan.
Joint Credit: Upstream petrochemical products prices have risen, Tongcheng New Materials may face cost control risks
html On June 13, United Credit issued a report rating the main credit rating of Tongcheng New Materials as AA, and the debt credit rating of "Tongcheng Convertible Bond" is rated as AA, which is consistent with the rating results on June 9, 2021, and the rating outlook is stable.
Tongcheng New Materials is a company mainly engaged in the research, development, production, sales and related trading business of new materials. From 2020 to March 2022, the company's operating income was RMB 2.046 billion, RMB 2.308 billion and RMB 572 million, respectively, and the total profit was RMB 467 million, RMB 335 million and RMB 77 million, respectively. As of the end of March 2022, the company received a credit limit of 2.932 billion yuan, of which the usable limit was 1.307 billion yuan.
In order to expand the application fields of electronic chemicals and degraded plastics, the company acquired companies in related industries in 2021. The company poses certain risks in expanding new industries. In 2021, the company's period expense ratio was 19.55%, an increase of 1.93 percentage points from 2020, and the company's period expense control ability is weak. As of the end of March 2022, the company's debt-to-asset ratio was 53.70%, an increase of 1.23% from the beginning of the year, with total debt of 2.438 billion yuan and short-term debt of 1.404 billion yuan, accounting for about 57.59% of the total debt, and cash assets of 1.113 billion yuan. At the end of the same period, the company's planned total investment in construction projects was 1.659 billion yuan, and it has invested 1.138 billion yuan, and it still needs to invest 521 million yuan.
Joint Credit: Restricted assets account for 65.5%, Red Star Macalline Assets are poorly liquid
html On June 16, United Credit issued a report rating the main credit rating of Mekalon Home Furnishings as AAA, and the debt credit rating of "20 Mekalon MTN001" is rated as AAA, which is consistent with the rating results on June 25, 2021, and the rating outlook is stable.
Michaelon Home Furnishing is a large domestic home building materials distribution company with strong comprehensive competitiveness. The company's business scope mainly includes providing management services, enterprise management consulting, and product information consulting for the invested enterprises; providing design planning and management services for operating home furnishing stores; wholesale of furniture, building materials (except steel), and decorative materials, and providing related supporting services; exhibition and display services. From 2020 to March 2022, the company's operating income was RMB 14.236 billion, RMB 15.513 billion and RMB 3.375 billion, respectively, and the total profit was RMB 2.814 billion, RMB 2.802 billion and RMB 882 million, respectively. As of the end of 2021, the company's unused credit limit was 3.822 billion yuan.
As of the end of 2021, the company's total investment in projects under construction was 5.878 billion yuan, 3.905 billion yuan has been invested, and 1.973 billion yuan has been invested; the company's total investment in projects proposed is 4.822 billion yuan, and 530 million yuan has been invested.At the end of the same period, the company's restricted assets were 88.547 billion yuan, accounting for 65.50% of the total assets, of which investment real estate was 85.316 billion yuan, accounting for 89.27% of the total restricted assets. In addition, the company's credit impairment loss was 482 million yuan and the asset impairment loss was 271 million yuan. As of the end of March 2022, the company's total debt was 38.013 billion yuan, short-term debt was 12.14 billion yuan, accounting for 31.94% of the total debt, and cash assets were 8.22 billion yuan. In addition, the company's performance has been affected to a certain extent due to the downward trend in the real estate industry.
Oriental Jincheng: Short-term debt accounts for as high as 90.72%, and electrical wind power may need to optimize the debt structure
htmlOn June 14, Oriental Jincheng issued a report rating the main credit rating of electrical wind power as AAA, and the debt credit rating of "22 Shanghai Wind Power MTN001 (Green)" is rated as AAA, which is consistent with the rating results on January 28, 2022, and the rating outlook is stable.
Electric Wind Power is a company mainly engaged in the design, research and development, manufacturing and sales of wind power equipment and the aftermarket supporting services. In 2021, the company added 3010.9MW new orders. From 2020 to March 2022, the company's operating income was RMB 20.685 billion, RMB 23.972 billion and RMB 4.538 billion, respectively, and the total profit was RMB 461 million, RMB 528 million and RMB 146 million, respectively. As of the end of March 2022, the company's credit balance was 26.84 billion yuan.
2021, copper, carbon steel , and silicon steel have increased significantly, and the company may have certain cost pressure. As of March 2022, the company's total debt was 7.727 billion yuan, short-term debt was 7.01 billion yuan, accounting for 90.72% of the total debt, and cash was 3.518 billion yuan. At the end of the same period, the company's total investment in projects under construction was 1.141 billion yuan, with investment of 485 million yuan and an investment of 656 million yuan. In addition, the peak of installation may overdraft some market demand in 2022, and the fan price has fallen, so the company's profits have fluctuated to a certain extent.
Honghui Fruit and Vegetables have overseas operating risks
Dagong International: Overseas sales account for about 16%, Honghui Fruit and Vegetables have certain overseas operating risks
htmlOn June 14, Dagong International issued a report rating the main credit rating of Honghui Fruit and Vegetables as AA-, and the credit rating of "Honghui Convertible Bonds" is rated as AA-, which is consistent with the rating results on May 21, 2021, and the rating outlook is stable.
Honghui Fruit and Vegetables is an agricultural product service provider. From 2020 to March 2022, the company's operating income was RMB 964 million, RMB 974 million and RMB 246 million, respectively, and its net profit was RMB 73 million, RMB 47 million and RMB 14 million, respectively.
As of 2021, the company's total investment in major projects under construction was approximately RMB 716 million, with 267.9 million yuan invested and 448.1 million yuan needed. In 2021, the company's overseas sales accounted for 16.04% of its total operating income. In addition, the company's foreign exchange loss was 3.9805 million yuan. The total investment of the company's proposed projects is 450 million yuan. As of the end of March 2022, the company's total debt was 425 million yuan, and the proportion of short-term debt was 52%, which was 221 million yuan. The company's cash and cash are 32 million yuan. At the end of the same period, the company's accounts receivable were RMB 385 million and inventory was RMB 395 million, accounting for 84.97% of current assets. The company has expanded its new business and entered the fields of grain, oil and frozen food business, and there are many uncertainties.
Beijing Mercedes-Benz sales decline, BAIC Group may face certain risks
Dagong International: The industry's foreign investment restrictions will disappear, BAIC Group may face fierce competition
htmlOn June 14, Dagong International issued a report rating BAIC Group's main credit rating as AAA, and the bond credit rating of 10 bonds such as "16 Jingqi Ji
MTN001B", "16 Jingqi Ji MTN002A", and "16 Jingqi Ji MTN002B" is rated as AAA, which is consistent with the rating results on June 30, 2021, and the rating outlook is stable.
BAIC Group is an automobile company mainly engaged in the production and sales of automobile complete vehicles and parts. From 2020 to March 2022, the company's operating income was RMB 289.2 billion, RMB 288.9 billion and RMB 68.2 billion, respectively, and its net profit was RMB 9.3 billion, RMB 9.3 billion and RMB 4.1 billion, respectively. As of the end of 2021, the company's remaining credit line was 176.909 billion yuan, accounting for 69.23% of the total credit line.
Beijing Benz sales revenue is an important source of the company's operating income. In 2021, Beijing Mercedes-Benz passenger car sales were 561,000 units, a decrease of 49,800 units from 2020, and the company's operating income decreased.The company's independent brands are mainly Beijing brands, and the gross profit of Beijing brands has dropped from -3.666 billion yuan in 2020 to -4.513 billion yuan in 2021. In the same year, the company's asset impairment loss was 7.792 billion yuan and the credit impairment loss was 5.345 billion yuan. The company's headquarters' operating income in 2021 was 1.013 billion yuan, the period expenses were 3.398 billion yuan, and the debt-to-asset ratio was 74.20%. In addition, the restrictions on foreign investment in the automotive industry will be cancelled in 2022, and the company will face more fierce competition from its peers.
Dagong International: Beijing Mercedes-Benz sales fell, BAIC may face certain risks
html On June 16, Dagong International issued a report rating BAIC's main credit rating as AAA, and the debt credit rating of "17 Beijing Auto Green Bond/G17 Beijing Auto 1" is rated as AAA, which is consistent with the rating results on June 24, 2021, and the rating outlook is stable.
BAIC Co., Ltd. is a company mainly engaged in the manufacturing and sales of passenger cars. In 2021, the company received a government subsidy of 1.933 billion yuan. From 2020 to March 2022, the company's operating income was RMB 184.5 billion, RMB 175.9 billion and RMB 45.7 billion, respectively. As of the end of March 2022, the company received a total credit amount of 57.415 billion yuan and the remaining amount was 45.799 billion yuan.
In 2021, the company's long-term equity investment decreased by 12.36% year-on-year, of which the net profit and loss adjusted for the joint venture Beijing Hyundai according to the equity method was -2.558 billion yuan. If Beijing Hyundai continues to lose money, the company's long-term equity investment will have certain impairment risks. In the same year, Beijing Mercedes-Benz sales fell, which led to a decline in the company's operating income. As of the end of March 2022, the company's total interest-bearing debt was 23.4 billion yuan, short-term interest-bearing debt was 15.905 billion yuan, accounting for 67.97% of the total debt, and cash was 40.267 billion yuan. The company's inventory was 19.017 billion yuan and accounts receivable were 14.112 billion yuan, accounting for 41.43% of current assets. In addition, the cancellation of restrictions on foreign investment in the automotive industry will currently suffer a certain impact on the auto companies.
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