Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399)
Credit rating report of corporate bonds issued to professional investors in 2022
Rating results: rating Perspective
Long term credit rating of the main body: AA + Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399) (hereinafter referred to as "the company") credit rating of the guarantor: AAA as the world's leading manufacturer of heparin sodium, it has strong competitive advantages in industrial chain integration, production technology, credit rating of this corporate bond: AAA Technology, customer resources, etc. In recent years, the company's business rating outlook: the income of the stable industry fluctuates, the income of the preparation business increases year by year, and the preparation products have a high market share in Europe. In 2020, the company completed the listing of H shares. The capital strength and debt profile: the ability to resist risks was enhanced, the debt burden was reduced, and the financing channels were further expanded. The scale of this corporate bond issuance was no more than 500 million wide, and the monetary capital was relatively abundant. At the same time, Lianhe credit rating Co., Ltd. yuan (including) (hereinafter referred to as "Lianhe credit") also pays attention to the large proportion of the company's overseas business income. The term of this corporate bond is 3 years, attached at the end of the second year
The issuer adjusts the coupon rate option, redeems the option and faces uncertainty risks in many aspects, the price fluctuation of raw materials brings pressure to the cost control of the company's production right and investors' resale option, and the company has a short-term repayment pressure guarantee mode of certain interest bearing debt: the guarantee force of liability guarantee, investment income and fair value profit and loss have a great impact on profits Repayment method of inventory and accounts receivable: annual interest payment, one-time repayment of principal at maturity, occupation of working capital and other factors that may affect the company's credit level. Purpose of non raised funds: used to repay "19 Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399) " interest.
The principal of this bond is guaranteed by Shenzhen hi tech investment and Financing Guarantee Co., Ltd. (hereinafter referred to as "hi tech investment and financing guarantee" on January 14, 2022). The guarantee of high-tech investment and financing guarantee can significantly improve the credit status of this bond.
The rating method and model used in this rating: as the company continues to increase the sales expansion in the European market and the continuous development of the American and Chinese market, the company's business situation is expected to grow further in the future. United credit rating Co., Ltd. General industry and Commerce v3 0201907 based on the comprehensive evaluation of the long-term credit status of the company's main body and the corporate credit rating method of the corporate bond letter of credit, the long-term credit rating of the company's main body is determined to be AA +, and the general industrial and commercial credit rating of the company is v3 zero point two zero one nine zero seven
Enterprise credit rating model (scoring table): the credit rating of this bond is AAA and the rating outlook is stable.
Note: the above rating methods and models have been publicly disclosed on the official website of united credit
advantage
1. The company has strong competitive advantages in heparin sodium industry. As the world's leading manufacturer of heparin sodium, the company has global procurement advantages, and its products cover heparin sodium API and downstream preparation products. The company has strong advantages in industrial chain integration, production technology and customer resources.
2. The company's operating income fluctuated and increased, the sales revenue of heparin sodium preparation increased year by year, and the market share increased. From 2018 to 2020, the company's operating revenue was 4.815 billion yuan, 4.625 billion yuan and 5.332 billion yuan respectively, of which the preparation revenue was 1.030 billion yuan, 1.231 billion yuan and 1.523 billion yuan respectively, increasing year by year, with an average annual compound growth of 21.60%; In 2020, the company's enoxaparin sodium preparation accounted for 19.7% of the European market share (in terms of sales volume), and the market share increased by 1.9 percentage points over the previous year, including 46.4% and 51.5% in the UK and Poland, and 46.3% in Italy and Austria
www.lhratings. com. one
Scoring table and results of this rating model: and 42.1%, in a leading position in the market.
Instruction rating AA + rating result AA + 3. After the company's H-share listing, its capital strength and anti risk ability have been enhanced, the evaluation contents, evaluation results, risk factors, evaluation elements, evaluation results, the debt burden has been reduced, the financing channels have been further expanded, and the monetary capital is more sufficient for the macro and zone 2
Risk margin in the business environment.
In July 2020, the company was listed on the stock exchange of Hong Kong. 2018 operating industry risk 3
Risk B basic quality 2 - by the end of 2020, the company's asset scale and owner's equity have increased year by year. Enterprise management 2
Competitiveness by the end of 2020, the owner's equity of the company was RMB 11.689 billion, compared with the business analysis at the end of last year
Asset quality 3 increased by 56.46%; Monetary capital was 2.712 billion yuan, an increase of cash flow and profitability of 112.28% over the end of last year; The asset liability ratio and total debt capitalization ratio are financial F1 and cash flow 2 respectively
The risk was 38.56% and 32.57%, down 12.42 and 13.19% compared with the end of 2019. 2
Solvency 1 point.
Adjustment factor and reason adjustment sub level
-- --
Note: operational risk is divided into 6 concerns 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; 1. The company's overseas business income accounts for a large proportion and faces uncertainties in many aspects. The risk is divided into seven grades f1-f7 from low to high, with factor evaluation at all levels
It is divided into seven grades, the first grade is the best and the seventh grade is the worst; The financial index is weighted insurance in recent three years. From 2018 to 2020, the company's main sales areas were abroad, accounting for an average; More than 90% of the indicated rating results are obtained through the matrix analysis model, and the sales areas include Europe, the United States and other Middle East countries. In recent years, international economic and trade relations tend to be complicated. The company's foreign business analyst: the uncertainty of puyaxiulin's policy, tax, exchange rate, market and covid-19 pneumonia epidemic has affected China Aijia. In 2020, affected by exchange rate fluctuations, the company's exchange loss was 249 million [email protected]. Yuan, which has a great impact on the company's profits.
Tel: 010856796962. The fluctuation of raw material price puts pressure on the company's cost control. In recent years, fax: 01085679228 due to the impact of African swine fever epidemic, the purchase price of pig small intestine and crude heparin has increased continuously. Address: No. 2 Jianguomenwai street, Chaoyang District, Beijing. From 2018 to 2020, the average purchase price of crude heparin of the company was about 50% higher than that of The People'S Insurance Company (Group) Of China Limited(601319) property insurance building on the 17th floor (100022), and the cost of the company increased accordingly, Although approved by the company and website: www.lhratings.com com. Adjust the pricing model for customers to transmit the pressure of rising costs, but the rising price of raw materials will still put pressure on the company's cost control. From January to September 2021, affected by the carry over cost of high priced raw materials, the company realized a total profit of 554 million yuan, a year-on-year decrease of 34.69% and a gross profit margin of 31.45%, a decrease of 7.71 percentage points compared with the previous year.
3. The company has certain pressure on centralized debt repayment. By the end of September 2021, the total debt of the company was 5.531 billion yuan; From the perspective of repayment period, if "19 Haipu Rui" and "20 Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399) " are all resold, 57.67% of the interest bearing debt due within one year and 29.71% of the debt due within one to two years, the company has a certain pressure of centralized repayment.
4. The company's inventory and accounts receivable occupy a certain amount of working capital, and the concentration of accounts receivable is high; The company's investment income and fair value profit and loss have a great impact on profits. From 2018 to the end of 2020, the company's inventory and accounts receivable continued to grow, with an average annual compound growth rate of 38.20% and 22.96% respectively, and the top five accounts receivable accounted for 48.08%. From 2018 to 2020, the company's investment income and profit and loss from changes in fair value accounted for
