China Greatwall Securities Co.Ltd(002939) for professional investors in 2022
Credit rating report of public issuance of corporate bonds (phase II)
Rating results: rating Perspective
Long term credit rating of the subject: AAA united credit rating Co., Ltd. (hereinafter referred to as “united credit”) rated the current bond as AAA China Greatwall Securities Co.Ltd(002939) (hereinafter referred to as “company” or ” China Greatwall Securities Co.Ltd(002939) “). The stable rating reflects that it is one of the national comprehensive securities companies, Strong shareholder background; The company’s business qualifications are complete, and its business outlets are all over the main debt areas in China. Its main businesses are at the middle and upper reaches of the industry; In recent years, the company’s profitability has increased, the issuance scale of current bonds is no more than 1 billion yuan, the asset quality is high, and the capital adequacy is good.
(including) at the same time, Lianhe credit also pays attention to the fluctuation of economic cycle and the fluctuation of China’s securities market. The term of current bonds: 5 years
Repayment of principal and interest: the interest is paid once a year. The last move and changes in relevant regulatory policies may have an adverse impact on the company’s operation. The interest will be paid together with the principal.
Purpose of raised funds: it is intended to supplement the company’s operation. Compared with the current debt scale of the company, the issuance scale of the bonds is small. The financial indicators of the main funds have little change in the coverage of all the company’s debts before and after the issuance, which is still general.
Rating time: February 9, 2022. In the future, with the continuous development of the capital market and the coordination of various businesses of the company, the rating method and model used in this rating will further enhance the overall competitive strength of the company.
The name version is based on the industry credit rating method V3 of securities companies on the long-term credit status of the company’s main body and the credit status of current bonds 1. Through comprehensive evaluation in 202011, the long-term credit rating of the company’s main body is determined to be AAA by the joint credit rating. The credit rating of the bonds in the main credit rating model of the securities company is AAA, and the rating outlook is stable.
(scoring table) v3 one point two zero two zero one one
Note: the above rating methods and models have been published on the official website of united credit
1. Shareholders have strong background and can form strong support for the company. The scoring table and results of the company as a national rating model: it is a comprehensive listed securities company with strong shareholder background. As one of the core financial subsidiaries under Huaneng Group with AA + rating AAA, the company can obtain strong support from shareholders in terms of capital supplement and business association rating results.
Evaluation results risk evaluation elements evaluation results
Content factor 2. The business qualification of the company is relatively complete, and the main businesses are in the middle and upper reaches of the industry. The business environment is macroeconomic 2
Industry risk 3 level. The business qualification of the company is relatively complete, with various securities business qualifications such as securities, futures, direct investment and operation of corporate governance 1 capital and funds; The company has strong comprehensive strength and various risks B. risk management 2
Its main business is at the middle and upper reaches of the industry.
Competitiveness analysis 1
Future development 2 3. Strong profitability and high asset quality. In recent years, the company’s total operating revenue, profitability 1 and net profit have continued to grow, with strong profitability. At present, the company’s asset quality, financial solvency and sufficient capital 2
F1 has high liquidity and good capital adequacy.
Risk leverage level 1
Liquidity factor 1 concerns
Adjustment factor and reason adjustment sub level
Strong shareholder background, able to form a strong support for the company + 1 Business is vulnerable to macroeconomic, policy changes and market fluctuations. Held by the company
Note: the operating risk is divided into six parts from low to high: A, B, C, D, e and F. the securities industry is vulnerable to Chinese market fluctuations, policies and other factors. The company grade and factor evaluation at all levels are divided into six grades, with grade 1 being the best and grade 6 being the worst; There is some uncertainty about the future income of the company.
The business risk is divided into seven grades f1-f7 from low to high. The factor evaluation at all levels is divided into seven grades, one is the best and seven is the worst; The financial index is the weighted average value in recent three years; The indicated rating results are obtained through the matrix analysis model
www.lhratings. com. one
Analyst: Chen Ning, Zhang Fan 2 The company’s debt structure is short-term, so we need to pay attention to its liquidity management.
In recent years, although: [email protected]. The proportion of the company’s short-term debt fluctuates and decreases as a whole, but the proportion is still high. Tel.: 010-85679696. There is a certain degree of centralized repayment pressure in the future, so we need to pay attention to its liquidity management. Fax: 010-85679228
Address: No. 2 Jianguomenwai street, Chaoyang District, Beijing main financial data:
The People’S Insurance Company (Group) Of China Limited(601319) 17 / F (100022) project of property insurance building 2018 2019 2020 January September 2021 website: www.lhratings.com com. Own assets (RMB 100 million) 38366 444.36 534.42 661.05 own liabilities (RMB 100 million) 216.83 270.84 349.16 464.47 owner’s equity (RMB 100 million) 166.83 173.52 185.27 196.58 high quality liquid assets / total assets (%) 28.51 20.74 15.26 / self owned assets liability ratio (%) 56.52 60.95 65.33 70.26 total operating revenue (RMB 100 million) 27.53 38.99 68.69 58.82 total profit (RMB 100 million) 6.82 12.02 18.27 16.59 operating profit margin (%) 24.81 30.81 26.67 28.65 return on net assets (%) 3.78 5.96 853 732 net capital (RMB 100 million) 127.54 127.78 159.34 / risk coverage (%) 215.52 185.63 195.17 / capital leverage ratio (%) 32.80 28.63 24.79 / short-term debt (RMB 100 million) 130.97 141.60 157.98 190.14 total debt (RMB 100 million) 200.92 252.76 327.67 438.25 note: 1. There is a slight difference in the mantissa between the sum of some totals and the sum of all addenda in this report, which is caused by rounding; Unless otherwise specified, all refer to RMB. Unless otherwise specified, all financial data are consolidated; 2. The risk control indicators such as net capital involved in this report are based on the parent company; 3. The financial data of the third quarterly report of 2021 has not been audited and the relevant indicators have not been annualized
Source: financial statements of the company, joint credit arrangement
Entity rating history:
Credit rating time project team rating method / model rating report rating outlook
Industry credit rating method of securities companies v3 one point two zero two zero one one
