Union [2022] No. 884
United credit rating Co., Ltd
On Tianjin Motor Dies Co.Ltd(002510) 2021 annual performance loss forecast
Notice of concern
Tianjin Motor Dies Co.Ltd(002510) (hereinafter referred to as “the company”) issued convertible corporate bonds “auto model to 2” on December 27, 2019, with an issuance scale of 471 million yuan (as of January 20, 2022, the bond balance was 310 million yuan). United credit rating Co., Ltd. (hereinafter referred to as “united credit”) is the entrusted rating agency of the above bonds. According to the rating report issued by united credit on June 25, 2021, the long-term credit rating of the company’s main body is AA -, the credit rating of “auto model to 2” is AA -, and the rating outlook is negative.
According to the annual performance forecast of Tianjin Motor Dies Co.Ltd(002510) 2021 disclosed by the company, the company expects to realize the net profit attributable to the shareholders of the listed company in 2021 from -299 million yuan to -195 million yuan (from -825 million yuan in the previous year), which continues to be in a state of loss. According to the company’s announcement, the reasons for the company’s pre loss of performance in 2021 mainly include: (1) the mold business is still greatly affected by the epidemic, especially some overseas mold projects fail to be delivered as planned, the realization of sales revenue lags significantly, and the mold business has not been significantly improved in 2021. (2) The provision for bad debts of accounts receivable and provision for inventory falling price are planned to be withdrawn, totaling about 195 million yuan. Affected by the epidemic situation and the intensified competition in the automobile industry, some downstream customers of the mold business are poorly managed or even bankrupt and liquidated. The company plans to withdraw the bad debt reserves of accounts receivable separately. Individual mold projects in China have been suspended or terminated due to the adjustment of customer plans and the impact of the epidemic; Affected by the epidemic, the delivery cycle of overseas mold projects has become longer and the shipping price has soared. The cost of some mold projects is higher than the net realizable value. The company plans to withdraw the provision for inventory falling price. (3) It is proposed to recognize the impairment loss of long-term equity investment of 162 million yuan. In 2021, the operating condition of Zhejiang spacetime Energy Technology Co., Ltd. (hereinafter referred to as “spacetime energy”) in which the company shares continues to deteriorate, and the controlling shareholder of spacetime energy has no intention to continue capital investment. Combined with the operating condition and asset condition of spacetime energy and its controlling shareholder, based on the principle of prudence, the company plans to confirm the impairment loss of long-term equity investment of spacetime energy of 162 million yuan. In addition, according to the announcement of the company, the stamping business of the company achieved good growth in 2021; There is a strong demand for mold business. Up to now, the company’s mold orders in hand are 2.562 billion yuan.
In view of the above matters, Lianhe credit has contacted the company and will further maintain communication with the company, so as to comprehensively analyze and timely reflect the possible impact of the above matters on the company’s main body and the credit level of the above bonds.
It is hereby announced
United credit rating Co., Ltd. February 7, 2022
