CCXI-20220668D-01
Tianma Microelectronics Co.Ltd(000050) 2022 project leader of credit rating report on public issuance of corporate bonds (phase II) to professional investors: Wang yingying [email protected]. Project team member: Jia Xiaoqi [email protected].
Wang Xiaoxuan [email protected].
Rating director: Tel: (010) 66428877 Fax: (010) 66426100
March 7, 2022
Statement
\uf06e this rating is entrusted by the issuer. Except for the entrustment relationship between China Chengxin international and the issuer due to this rating, China Chengxin international and the issuer do not have any other independent, objective and fair relationship affecting this rating; 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 issuer. \uf06e this rating is based on the information provided by the issuer or officially announced to the public, and the issuer is responsible for the legitimacy, authenticity, integrity and accuracy of the relevant information. 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 issuer. \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 issuer 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 issuer using this report or providing this report to a third party. \uf06e the credit rating results will take effect from the date of issuance of the rating report, and the validity period is the duration of the rated bonds.
www.ccxi. com. cn. 2 Tianma Microelectronics Co.Ltd(000050) 2022 public issuance of corporate bonds to professional investors
[20220668D
Tianma Microelectronics Co.Ltd(000050) ：
Entrusted by your company, zhongchengxin international credit rating Co., Ltd. has made a comprehensive analysis on the credit status of your company's proposed " Tianma Microelectronics Co.Ltd(000050) 2022 public issuance of corporate bonds to professional investors (phase II)". Finally approved by the credit rating committee of China integrity international, the credit rating of the current corporate bond (variety 1) is AAA; The credit rating of current corporate bonds (Category II) is AAA.
It is hereby notified
Zhongchengxin international credit rating Co., Ltd. March 7, 2002
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
Distribution elements
Issuer's current scale, issuance period, repayment method and issuance purpose
Tianma Microelectronics Co.Ltd(000050) 1 no more than RMB 1.5 billion (inclusive) type I: 3-year annual interest payment, one-time repayment of principal and interest upon maturity, and repayment of interest bearing liabilities of the company
Variety 2: 5-year period
Rating view: the credit rating of " Tianma Microelectronics Co.Ltd(000050) 2022 public issuance of corporate bonds to professional investors (phase II) (variety I)" by China integrity international is AAA; The credit rating of " Tianma Microelectronics Co.Ltd(000050) 2022 public issuance of corporate bonds to professional investors (phase II) (variety II)" is AAA. 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 business cash ability and other advantages, 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 20202021.9
Total assets (100 million yuan) 600.37 654.51 735.58 780.89 \uf06e strong external support.
As an important subsidiary of AVIC International Holding Co., Ltd. with a total owner's equity of RMB 260.05 267.07 335.68 347.62 (hereinafter referred to as "AVIC international") in the field of flat panel display, the company has a total debt of RMB 340.32 387.44 399.89 433.27, which can be obtained from the controlling shareholders and actual controllers in terms of resources Strong support in business empowerment and other aspects, total debt (RMB 100 million) 229.11, 283.25, 291.90 and 324.18
Total operating income (100 million yuan) 28912302.8229233962. 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 technological innovation of small and medium-sized panel and the development of local industries, and can enjoy the national EBIT of RMB 1.655, 17.51, 24.17 and 19.40
EBITDA (100 million yuan) 49.12 51.66 61.33 - industrial related policies, and obtained financial support from local governments and industrial funds in terms of new technology production line layout and net cash flow from operating activities (100 million yuan) 35.65 47.61 66.77 40.76.
Operating gross profit margin (%) 15.19 16.85 19.43 17.92
Return on total assets (%) 2.88 2.79 3.48 3.41 \uf06e leading technical strength and obvious scale advantage. The company has formed a complete mainstream display asset liability ratio (%) 56.69, 59.20, 54.36, 55.48 technology layout. At present, it has independently mastered a variety of industry cutting-edge and mass production technologies, and continues to aggregate the capitalization ratio (%) 46.84, 51.47, 46.51, 48.26
Total debt / EBITDA (x) 4.66 5.48 4.76 - large R & D investment and continuous leading position in technical strength. At the same time, the company's LCD EBITDA interest multiple (x) is 5.91 5.27 5.37 - the production line has mature technology and high capacity utilization, which has the advantage of large-scale production.
Note: 1. The financial data and financial indicators listed and analyzed in this report are provided by China integrity international
\uf06e audited by Zhitong Certified Public Accountants (special general partnership) and issued standard unqualified opinions \uf06e has a prominent position in the field of small and medium-sized panels. The audit report of the company's LTPS smartphone panel from 2018 to 2020 and the unaudited financial report of the third quarter of 2021, the financial statements of each period are prepared in accordance with the new accounting standards, and the following financial analysis is based on the ending balance of the financial statements of each period; 2. Sinotrust's shipment volume has remained the first in the world for three consecutive years; In the field of professional display, in 2020, car international ranked first in the world in terms of TFT shipments carried by other current liabilities, long-term payables, interest bearing liabilities and lease liabilities in other non current liabilities; At the same time, it is included in the company's debt accounting in high-end medical treatment, navigation and VoIP; 3. Indicators with "" have been annualized; 4. The company did not provide the third quarter of 2021
Therefore, the relevant indicators cannot be calculated. The market share of each segment maintains a global leading position.
\uf06e good business cash ability. In recent years, the company has continued to expand high value-added products and strengthen its cost control ability. In addition, the panel price has rebounded since 2020, the company's main business has developed steadily, and the net cash flow from operating activities has continued to grow. Among them, In 2020, due to the large scale of tax returns received at the end of the year, the net cash inflow from operating activities increased significantly. 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 is in the climbing stage of flexible capacity 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; At the same time,
