CCXI-20212207M-01
2021 Tianma Microelectronics Co.Ltd(000050) credit rating report project leader: Wang yingying [email protected]. Project team member: Jia Xiaoqi [email protected]. Tel: (010) 66428877 Fax: (010) 66426100
August 11, 2021
China Chengxin International Credit Rating Co.,Ltd.
Statement
\uf06e this rating is entrusted by the rating object. Except for the entrustment relationship between zhongchengxin international and the rating object due to this rating, there is no other independent, objective and fair relationship between zhongchengxin international and the rating object; There is no other independent, objective and fair relationship between the members of the rating project team and the personnel of the credit review committee and the rating object. \uf06e the legality and completeness of the rating information provided by the rating object or the formal rating information provided by the rating object. China integrity international carefully analyzes the rating information in accordance with the principles of relevance, timeliness and reliability, but does not guarantee the legitimacy, authenticity, integrity and accuracy of the information provided by the rating object. \uf06e in this rating, China integrity international and its project personnel have fully fulfilled their obligations of diligence and integrity in accordance with relevant laws, regulations and relevant requirements of regulatory authorities, and in accordance with China integrity International's rating process and rating standards. There are sufficient reasons to ensure that this rating follows the principles of truth, objectivity and impartiality. \uf06e the rating conclusion of the rating report is the independent judgment made by China integrity international based on reasonable internal credit rating standards and methods and following the internal rating procedures, which is not interfered and influenced by the rating object and other third-party organizations or individuals. \uf06e any statement and judgment on the credit status of the rating object in this credit rating report is only used as a reference for relevant decision-making. It does not mean that China integrity international substantially recommends any user to take investment, lending and other transactions based on this report, nor can it be used as a basis for users to buy, sell or hold relevant financial products. • China integrity International shall not be liable for any loss caused by any investor (including institutional investors and individual investors) using the analysis results of China integrity international expressed in this report, nor shall it be liable for any consequence caused by the rating object using this report or providing this report to a third party. \uf06e the credit rating result is valid for one year from the date of issuance of this rating report. \uf06e without the prior written consent of China integrity international, this rating report and rating conclusions shall not be used for securities business activities such as the issuance of other bonds.
www.ccxi. com. cn. 2. 2021 Tianma Microelectronics Co.Ltd(000050) Credit Rating Report
China Chengxin International Credit Rating Co.,Ltd.
[2021] 2207M Tianma Microelectronics Co.Ltd(000050) ：
Entrusted by your company, zhongchengxin international credit rating Co., Ltd. has made a comprehensive analysis of your company's credit status. Finally approved by the credit rating committee of zhongchengxin international, the main credit rating of your company is AAA and the rating outlook is stable.
It is hereby notified
Zhongchengxin international credit rating Co., Ltd. August 11, 2021
Building 5, Galaxy SOHO, No. 2, nanzhugan Hutong, chaoyangmennei street, Dongcheng District, Beijing
Postal Code: 100010 Tel: (8610) 66428877 Fax: (8610) 66426100
Building 5, Galaxy SOHO, No.2 Nanzhuganhutong,ChaoyangmenneiAvenue,
Dongcheng District,Beijing, 100010
Rating view of China Chengxin international credit rating Co., Ltd.: the main credit rating of Tianma Microelectronics Co.Ltd(000050) (hereinafter referred to as "shentianma" or "the company") is AAA and the rating outlook is stable. Zhongchengxin international affirmed the company's strong external support, leading technical strength and obvious scale advantages, prominent position in the field of small and medium-sized panels, good profitability and business cash ability, and provided strong support for the company's overall credit strength. At the same time, China integrity international is concerned about the operation of AMOLED production line and the impact of factors such as large investment scale on its operation and credit status in the future.
Overview data positive
Shentianma (combined caliber) 20182019 20202021.3 \uf06e strong external support.
As an important subsidiary of China Aviation Technology International Holding Co., Ltd. with total assets (RMB 100 million) of 600.37 654.51 735.58 756.50 (hereinafter referred to as "AVIC international") in the field of flat panel display, the total owner's equity of the company is (RMB 100 million) 260.05 267.07 335.68 340.64
The total debt (100 million yuan) is 340.32 387.44 399.89 415.86, which can be supported by the controlling shareholders and actual controllers in terms of resources and business empowerment (22.911283.25 291.90 311.68 yuan). In addition, as a high-quality enterprise in the field of small and medium-sized panel display, the company has made great contributions to the technical innovation of small and medium-sized panel and the development of local industries with a total operating revenue of 28912302.82 292.33 82.72 billion yuan, and can enjoy a net profit of 984829.14.75 5.19 billion yuan
EBIT (100 million yuan) 16.55 17.51 24.17 7.11 is subject to relevant national industrial policies and has received financial support from local governments and industrial funds in new technology EBITDA (100 million yuan) 49.12 51.66 61.33 - production line layout.
Net cash flow from operating activities (RMB 100 million) 35.65 47.61 66.77 6.38 \uf06e leading technical strength and obvious scale advantage. The company has formed a complete mainstream operating gross profit margin (%) of 15.19, 16.85, 19.43 and 16.57
Return on total assets (%) 2.88 2.79 3.48 -- shows the technical layout. At present, it has independently mastered a variety of industry cutting-edge and mass production technologies, and the asset liability ratio (%) 56.69 59.20 54.36 54.97 has continuously increased R & D investment, and its technical strength continues to maintain a leading position. At the same time, the total capitalization ratio (%) of the company is 46.84 51.47 46.51 47.78. The LCD production line of the company has mature technology and high capacity utilization rate, with large-scale production and excellent total debt / EBITDA (x) 4.66 5.48 4.76--
EBITDA interest multiple (x) 5.91 5.27 5.37 - potential.
Note: according to the audit report from 2018 to 2020 and the unaudited report in the first quarter of 2021, China integrity international has a prominent position in the field of small and medium-sized panels. Sorting out the financial statements of the company's LTPS smartphone. The board shipment volume has remained the first in the world for three consecutive years; In the field of professional display, in 2020, the vehicle TFT shipment volume of the public rating model division jumped to the first in the world; At the same time, it maintains a global leading position in market share in high-end medical, navigation, VoIP and other segments.
• good profitability and cash earning ability. The company's main business has strong profitability. In recent years, it has continued to expand high value-added products and strengthen cost control. In addition, the panel price has rebounded since the second half of 2020, and the operating gross profit margin has continued to increase, The profit has maintained an overall growth trend and increased significantly in 2020. Benefiting from this, the company's net cash flow from operating activities also continued to rise.
Attention
• the operation of AMOLED production line needs attention. At the end of 2020, the second phase of Wuhan Tianma's 6th generation LTPS AMOLED production line began to be put into operation. At present, it has begun to release flexible production capacity on a large scale, and has realized mass delivery to key customers of mobile phone brands, However, the production line has been put into operation for a short time and has not yet reached the conditions for fixed assets conversion. China integrity international will pay attention to the capacity release, product yield and customer introduction of the new production line.
• large scale of investment in the future. As the company continues to expand the production line capacity of display screen and display module, the net cash flow from investment activities continues to flow out, and the total debt scale increases accordingly; with
