Hunan Xiangjia Animal Husbandry Company Limited(002982)
Credit rating report on public issuance of convertible corporate bonds
Rating results: rating Perspective
Long term credit rating of the main body: a + Hunan Xiangjia Animal Husbandry Company Limited(002982) (hereinafter referred to as "the company") as the convertible corporate bond credit rating of Lake: a + the supplier of the whole industrial chain of high-quality poultry in southern province, it has rich experience in slaughtering and processing, cold chain logistics and ice rating Prospect: stable fresh self operation, It also has competitive advantages in ice fresh sales channels and customer quality. In April 2020, the company was successfully listed, capital strength and debt profile: further strengthened. At the same time, united credit rating Co., Ltd. (hereinafter referred to as the issuance scale of convertible corporate bonds: no more than "united credit") also pays attention to various risks in the company's industry, such as frequent upstream and downstream price fluctuations of 640 million yuan (included), high procurement concentration, and pressure on future capital expenditure compared with the term of convertible corporate bonds: 6 years The period of share conversion that may be adversely affected by factors such as liquidity pressure on the company's credit level: 6 months from the date of issuance
From the first trading day after to the maturity date of this bond.
By the end of this year, the company plans to issue convertible bonds with a term of 6 years and no more than 640 million yuan (inclusive): the interest is paid once a year, and the principal is returned for corporate bonds at maturity. It can be seen from the correction terms of the conversion price set by the convertible corporate bonds and the interest payment and redemption terms of the last year, The possible purpose of the funds raised by the convertible corporate bonds conversion: standardization of 13.5 million high-quality chickens
The breeding base project and 10000 breeding pigs breeding base are relatively large.
In the future, with the launch of the company's fund-raising projects, the company will further expand the breeding scale of yellow feather broilers and improve the company's layout in the field of pig breeding. Public rating time: March 2, 2022. The company's comprehensive competitive strength is expected to be further strengthened.
The rating method and model used in this rating: Based on the comprehensive evaluation of the company's long-term credit status and the credit status of this convertible corporate bond, the joint credit determines that the name version of the company's long-term credit rating is a +, and the credit rating of this convertible corporate bond is a +, The rating outlook is stable, and the credit rating method of general industrial and commercial enterprises is v3 zero point two zero one nine zero seven
The credit rating of general industrial and commercial enterprises is fixed.
Model (scoring table) v3 zero point two zero one nine zero seven
Note: the above rating methods and models have been publicly disclosed on the official website of united credit
1. The industrial chain is relatively complete. The company has many years of yellow feather broiler breeding experience. It is a large high-quality poultry supplier in Hunan Province. Its business links cover the whole industrial chain of breeding, slaughtering and sales. At the same time, the company has formed a set of mature super system marketing mode for chilled poultry meat business, and has accumulated operation experience in multiple links such as slaughtering and processing, cold chain logistics and self operation of chilled poultry.
2. The sales channel of frozen fresh food has been steadily expanded, and the customer resources are high-quality. By the end of September 2021, the number of supermarkets and stores that the company's chilled products entered was 172 and 3344 respectively. The sales network of chilled poultry products has covered 28 provinces and cities, and the main customers include Yonghui Superstores Co.Ltd(601933) , Carrefour, Auchan, RT mart, Wal Mart Large supermarket groups such as China Resources Wanjia and new retail chain supermarkets such as HEMA Xiansheng and 7fresh.
3. After listing, the company's asset scale increased significantly and its production capacity expanded significantly. The company was successfully listed in April 2020. By the end of 2020, the company had a total of cash assets
www.lhratings. com. one
Scoring table and results of this rating model: 662 million yuan, an increase of 2.45 times over the end of last year; By the end of September 2021, the indicated rating AA - rating result a + company's live poultry production capacity has increased from 50 million feathers / year at the end of 2019 to 76 million feathers. Evaluation content evaluation result risk factor evaluation element evaluation result
The industry risk is 3 / year, and the slaughtering capacity has increased from 30000 tons / year at the end of 2019 to 80000 tons / year.
Business environment and macro area
Domain risk 2
Business c concerns
Risk basic quality 4
Own enterprise management 3 1. High procurement concentration. Top five suppliers in 20182020
Business analysis 2 the proportion of purchase amount in total purchase amount is 33.39%, 38.45% and profitability 2 respectively
Cash flow 31.61% of cash flow, all of which are feed (raw materials), chicken and duck segmentation and frozen fresh, as shown in financial F1 asset quality 2
3. The risk tour supplier cannot supply on demand or has problems such as product quality and safety, which will affect the capital structure
Solvency 1 adversely affects the operation of the company.
Adjustment factors and reasons adjust the sub level 2. The upstream and downstream prices of the company's industry are faced with multiple risks such as frequent fluctuations, plus great pressure on capital expenditure in the future - 1
Note: the operational risk is divided into 6 categories from low to high: A, B, C, D, e and F, which makes it difficult for the company to operate and control. The price of raw materials in the upstream of the company's industry is not graded, and the factor evaluation at all levels is divided into 6 grades, with 1 grade being the best and 6 grades being the worst; Financial stability, the price of downstream poultry products is prone to periodic fluctuations, and the business risk in the production process 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 indicators are weighted in the past three years, and the company also faces risks such as epidemic diseases and food safety, and the company faces profitability and economic average value; The matrix analysis model is used to obtain the risk indicating that the rating results and cash earning capacity fluctuate greatly. By the end of 2021, the prices of wheat and jade analysts: huaaijiami and soybean meal were 283240 yuan / ton, 262430 yuan / ton and Li Jingyun 353920 yuan / ton respectively, an increase of 17.72% and 44.80% respectively compared with the beginning of the year [email protected]. 26.07%。 According to the performance forecast for 2021 issued by the company Hunan Xiangjia Animal Husbandry Company Limited(002982) Tel: 01085679696, the net profit attributable to shareholders of Listed Companies in 2021 Fax: 01085679228 was 22 million yuan ~ 28 million yuan, with a year-on-year decrease. Address: No. 2 Jianguomenwai street, Chaoyang District, Beijing 87.39% ~ 83.95%. The impact of rising raw material costs on the company's profitability The People'S Insurance Company (Group) Of China Limited(601319) property insurance building is located on the 17th floor (100022).
Website: www.lhratings.com com. 3. There will be great pressure on capital expenditure in the future, and there is a risk that the project income will not meet the expectation. The investment direction of the company's projects under construction and proposed to be built is mainly broiler, pig, breeding pig breeding, and supporting feed production and slaughtering capacity. By the end of September 2021, the company's projects under construction still need to invest 657 million yuan in the future, and the total planned investment of the proposed project is 260 million yuan. The main projects of the company still need a large amount of investment, and the company is facing great capital pressure. If the construction progress of the project in the future does not meet the expectations, or the cyclical downturn of the pig industry and the company's insufficient accumulation in pig breeding, processing and sales channels may expose the company to downward risks. 4. The company faces liquidity pressure. By the end of September 2021, the total restricted assets of the company accounted for 41.65% of the total assets, all of which were fixed assets and intangible assets; The total debt of the company is 470 million yuan, of which short-term debt accounts for 55.68%, and the debt structure needs to be optimized; Cash assets totaled 247 million yuan, with a small scale. The company has obtained a total bank credit line of 652 million yuan, and the unused credit line is 220 million yuan. The available credit balance is limited. With the expansion of business scale and the increase of working capital demand, the company is facing greater liquidity pressure, and the financing channels are
