CCXI-20212850D-01
Jiangsu Yuxing Film Technology Co.Ltd(300305) gem issues credit rating report of convertible corporate bonds to unspecified objects Project Leader: Xu Xinqiang [email protected]. Project team member: Zhou Yige [email protected]. Rating director: Tel: (010) 66428877 Fax: (010) 66426100
September 15, 2021
Statement
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. This rating is based on the information provided by the issuer or officially announced to the public. 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. 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. 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, and is not interfered and influenced by the issuer and other third-party organizations or individuals. 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. 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. This rating report and rating conclusion shall not be used for securities business activities such as the issuance of other bonds.
www.ccxi. com. cn. 2 Jiangsu Yuxing Film Technology Co.Ltd(300305)
[20212850D
Jiangsu Yuxing Film Technology Co.Ltd(300305) ：
Entrusted by your company, zhongchengxin international credit rating Co., Ltd. has made a comprehensive analysis on the credit status of your company and your proposed ” Jiangsu Yuxing Film Technology Co.Ltd(300305) gem issuing convertible corporate bonds to unspecified objects”. Finally approved by the credit rating committee of China integrity international, the credit rating of your company is AA -, the rating outlook is stable, and the credit rating of convertible corporate bonds in this period is AA -.
It is hereby notified
Zhongchengxin international credit rating Co., Ltd. September 15, 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
Distribution elements
Issuer’s current scale issuance term repayment method issuance purpose
Jiangsu Yuxing film technology pays interest once a year, which is due to be used for the annual output of 500 million square meters of high-end functional polyester film production line Co., Ltd. with an annual output of no more than 600 million yuan (inclusive). It will repay the principal and pay the final construction project within 6 years from the date of issuance Construction project of one-year polyethylene ester film production line for special Cecep Solar Energy Co.Ltd(000591) backing material with an annual output of 28000 tons and supplementary working capital
Rating view: the main credit rating of Jiangsu Yuxing Film Technology Co.Ltd(300305) (hereinafter referred to as ” Jiangsu Yuxing Film Technology Co.Ltd(300305) ” or “the company”) is AA – and the rating outlook is stable; The debt credit rating of ” Jiangsu Yuxing Film Technology Co.Ltd(300305) gem issues convertible corporate bonds to unspecified objects” is AA -. China integrity international affirmed that the company’s advantages in product differentiation in subdivided fields, high market share, annual growth of total operating revenue and net profit, small debt scale and low level of financial leverage provide strong support for the company’s overall credit strength. At the same time, China integrity international is concerned about the impact of the company’s high concentration of upstream and downstream, certain capital occupation, large-scale investment of projects under construction and proposed to be built, and the stability of equity needs continuous attention on its operation and overall credit status.
Overview data: at the end of June, the asset liability ratio and total capitalization ratio were 12.16% and 6.55% respectively. The financial leverage of Jiangsu Yuxing Film Technology Co.Ltd(300305) (consolidated caliber) 20182019 20202021.6 is at a very low level.
Total assets (100 million yuan) 1.639 17.48 19.41 19.28 yuan
Total owner’s equity (RMB 100 million) 14.83 15.10 16.73 16.93
The total liabilities (100 million yuan) are 157238.268234. The concentration of upstream and downstream is high, and there is a certain amount of capital occupation. In 2020, the company’s top five total debts (100 million yuan) were 101.53.128.19, the total sales amount of customers accounted for 50.29%, the total purchase amount of top five suppliers (100 million yuan) was 738.75 10.00 6.46, accounting for 87.65%, and the concentration was high. The stable operation of the company depended on the net profit (100 million yuan) of 0.76, 0.94, 1.56 and 1.28
EBIT (100 million yuan) 0.88 1.11 1.84 – continuous cooperation with major suppliers and customers of tourism; In addition, there are certain funds in the upstream and downstream, accounting for 139 1.66 2.45% of EBITDA (100 million yuan). The price fluctuation of raw materials and the cyclical changes of downstream industries will have a certain impact on the enterprise’s profitability and net cash flow from operating activities (100 million yuan) -0.08 1.44 1.22 -0.21 cash acquisition ability.
Operating gross profit margin (%) 14.40 18.76 24.27 29.22
Rate of return on total assets (%) 5.45 6.56 9.98 — the projects under construction and proposed to be invested are large. 13.9% of the company’s capital expenditure under construction and 13.55% of the company’s capital expenditure under construction will face certain pressure in the future.
Total capitalization ratio (%) 6.40 9.19 7.12 6.55
Total debt / EBITDA (x) 0.73 0.92 0.52 – equity stability needs continuous attention. The interest multiple (x) of the actual controller of the company and its persons acting in concert on EBITDA (x) 69.60 42.04 65.69 – the total shareholding ratio of the company is not high, and the second shareholder and its persons acting in concert have increased their shares. Note: according to the audit report from 2018 to 2020 and the unaudited financial statements of the half year of 2021, China integrity international poses a threat to the controlling shares of the actual controller; At present, the two shareholders and their persons acting in concert have sorted out the statement of share reduction.
Positive shares of the company, but we still need to pay attention to the stability of the controlling shares of the actual controller.
There are obvious advantages in product differentiation in subdivided fields and high market share. Prospect of the company’s rating in Zhonghou
With rich technology and R & D experience in the field of special functional polyester film and poor products, integrity International believes that Jiangsu Yuxing Film Technology Co.Ltd(300305) credit level has obvious advantages in alienation, and the global market share of Cecep Solar Energy Co.Ltd(000591) backing polyester film is 26%, which will remain stable in the next 12-18 months.
The market share of heald base film in China is nearly 90%, which is at the leading level in the subdivided industry. Factors that may trigger a rating increase. The company’s asset quality has been significantly improved, its capital strength, total operating income and net profit have increased year by year. In recent years, benefiting from the significant enhancement of new production capacity, or the substantial growth of profits and sustainability.
Production and capacity release, coupled with sufficient downstream orders, the company’s production and sales continued to improve, which may trigger the factor of rating downgrade. The net profit suffered a significant loss, the financial leverage climbed sharply, and the total operating income and net profit showed an increasing trend year by year. Rise, deterioration of liquidity and instability of control seriously affect production and operation or others, resulting in small debt scale and low level of financial leverage. The small scale of the company’s liabilities and the significant decline in the credit level as of 2021.
Comparison of the same industry
Comparison of main indicators of some chemical enterprises in 2020 (100 million yuan,%)
Company name total operating income net profit total assets owner’s equity asset liability ratio
Sobute New Materials Co.Ltd(603916) 36.52 4.93 64.13 37.65 41.29
Jiangsu Yuxing Film Technology Co.Ltd(300305) 10.00 1.56 19.41 16.73 13.80 note: ” Sobute New Materials Co.Ltd(603916) ” is the abbreviation of Sobute New Materials Co.Ltd(603916) . Source: China integrity International
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The issuer profile fee is used for the following items:
Jiangsu Yuxing Film Technology Co.Ltd(300305) formerly known as establishment Table 2: purpose of raised funds of current bonds (10000 yuan)
