Union [2022] No. 651
By comprehensively analyzing and evaluating the credit status of Guosen Securities Co.Ltd(002736) and its corporate bonds to be publicly issued to professional investors in 2022 (phase II), Lianhe credit evaluation Co., Ltd. determines that the long-term credit rating of Guosen Securities Co.Ltd(002736) subject is AAA, and the credit rating of Guosen Securities Co.Ltd(002736) corporate bonds to be publicly issued to professional investors in 2022 (phase II) is AAA, The rating outlook is stable.
It is hereby announced
Director of joint credit rating Co., Ltd.:
January 24, 2002
Guosen Securities Co.Ltd(002736) 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”) credit rating of the current bond: AAA Guosen Securities Co.Ltd(002736) (hereinafter referred to as “company” or ” Guosen Securities Co.Ltd(002736) “) Rating outlook: the stable rating reflects that the company, as one of the large-scale comprehensive A-share listed securities companies with a long history of operation in China, has a strong shareholder background, strong capital strength, and its business scale is in the forefront of the debt profile: it has good business competitiveness Innovation ability and market competition: the issuance scale of current bonds shall not exceed 2.6 billion yuan; In recent years, the company’s various businesses have developed well, a number of businesses have maintained a strong competitive advantage in the industry (including the industry), the operating performance has been continuously improved, and the overall operating strength is very strong. The term of the bonds issued by the CSRC: 3 years, and the classification evaluation results maintain the level of class A; The asset quality and liquidity of the company are good, and the principal and interest repayment method: simple interest is paid annually, and the interest is paid once due
The capital for this repayment is sufficient.
Purpose of raised funds: it is intended to supplement the company’s working capital. The joint credit also pays attention to the fact that factors such as fluctuations in the securities market, changes in regulatory policies, repayment of the company’s interbank offered funds have a great impact on the company, and the rise of market credit risk may have an adverse impact on the company’s operation. Time of rating: from January 24, 2022.
Compared with the current debt scale, the issuance scale of this bond is relatively small. The main financial rating methods and models used in this rating: the coverage of indicators on all debts before and after issuance has not changed much, which is still good. In the future, with the continuous development of the capital market and the steady progress of the company’s strategy, the industry credit rating method of securities companies v3 1.202011 the company’s overall competitive strength will be further enhanced.
Main credit rating model of securities companies v3 1.202011 based on the long-term credit status of the company’s main body and the credit status of current bonds (scoring table)
Note: the above rating methods and models have been publicly evaluated on the official website of united credit. United credit has determined that the long-term credit rating of the company’s main body is AAA
The credit rating of the bonds is AAA and the rating outlook is stable.
Scoring table and results of this rating model:
Indicates AAA rating result AAA advantage
The evaluation contents, evaluation results, risk evaluation elements and evaluation results have strong comprehensive strength. As one of the large-scale comprehensive listed securities companies in China, the company has 1
Operating macro-economy 2 strong shareholder background, strong capital strength, main business indicators in the pre industry environment, industry risk 3
Operating corporate governance, with strong brand influence and market competitive advantage as a whole.
Risk a self risk management 1 2 Business performance improvement. Since 2018, all businesses of the company have developed well, the performance of the first battalion of competitive business has been continuously improved, and the overall profitability is at the upstream level of the industry.
analysis
Future development 2.3 Good financial performance. The company has good asset liquidity, smooth financing channels and profitability
Financial solvency is strong and capital adequacy is good.
Risk F1 capability
Leverage Level 2 focus
Liquidity factor 2
Adjustment factors and reasons adjustment sub level 1 Business operation is vulnerable to changes in the business environment. The company’s main business is highly related to the securities market, the changes of economic cycle and the continuous fluctuation of China’s securities market. Note: the operating risk is divided into 6 categories from low to high: A, B, C, D, e and F
Grade, factor evaluation at all levels is divided into 6 grades, with 1 grade being the best and 6 grades being the worst; Financial related regulatory policy changes and other factors may have an adverse impact on the company’s operation. The business risk is divided into seven grades f1-f7 from low to high, and the factors at all levels are evaluated
It is divided into seven grades, the first grade is the best and the seventh grade is the worst; The financial indicators are weighted for the past three years.
Average value; The indicated rating results are obtained through the matrix analysis model
www.lhratings. com. one
Analyst: Zhang Fan, Chen Ning 2 Increased risk exposure caused by the rise of market credit risk. Market credit mailbox in recent years: [email protected]. Risk events occur frequently. The company holds large-scale fixed income securities and assets Tel: 010-8567 9696. There may be a certain risk of impairment of related assets. Fax: 010-8567 9228 3 Compliance and management pressure caused by stricter supervision. The trend of maintaining strict supervision in the industry: trend 2, Jianguomenwai street, Chaoyang District, Beijing, the company’s internal control and compliance management still need to be strengthened.
17 / F The People’S Insurance Company (Group) Of China Limited(601319) Property Insurance Building
(100022) main financial data:
Website: www.lhratings.com com. Combined caliber
The self owned assets of the project from 2018 to 2019 to 2020 to September 2021 (RMB 100 million) 1738.80 1727.91 2404.31 / self owned liabilities (RMB 100 million) 1213.53 1165.36 159.507/owner’s equity (RMB 100 million) 525.27 562.55 809.24 945.73 high quality liquid assets / total assets (%) 13.47 11.49 18.24 / self owned assets liability ratio (%) 69.79 67.44 66.34 / operating revenue (100 million yuan) 100.31 140.93 187.84 169.96 total profit (RMB 100 million) 43.08 62.32 83.44 98.80 operating profit margin (%) 41.94 45.87 45.96 58.13 return on net assets (%) 6.56 9.03 9.65 889 net capital (RMB 100 million) 397.33 400.55 629.23 / risk coverage ratio (%) 220.78 250.20 303.50 / capital leverage ratio (%) 20.21 21.18 22.79/short-term debt (RMB 100 million) 69538 657.30 1048.57 1235.17 total debt (RMB 100 million) 1106.04 1032.79 1402.03 1729.33 note: 1. There is a slight difference in the mantissa between the sum of partial totals and each addition 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; 3．202
