2021 Kbc Corporation Ltd(688598) issued convertible corporate bonds to unspecified objects in 2022 CSCI PENGYUAN Credit Rating Report
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Zpx [2022] tracking No. [59] 012021 Kbc Corporation Ltd(688598) issue convertible corporate bonds to unspecified objects 2022 tracking rating report
Rating results rating Perspective
\uf0a7 CSI PENGYUAN maintains the subject credit rating of Kbc Corporation Ltd(688598) (hereinafter referred to as " Kbc Corporation Ltd(688598) " the last rating or "company", stock code: Kbc Corporation Ltd(688598) . SH) as a + and maintains the subject credit rating of a + and the rating outlook of a + as stable; Maintain the credit rating of "Jinbo convertible bonds" as a +.
The rating outlook is stable and stable \uf0a7 the rating is based on the consideration that under the background of the rising prosperity of the downstream photovoltaic industry, the company's Jinbo convertible bond a + A + can respond to the production expansion needs of downstream customers in a timely manner through technology R & D and reserves with strong technical strength and rapid production expansion speed, Meet the technology path conversion needs of downstream customers. However, CSI PENGYUAN is also concerned that under the background of the overall large increase of industrial capacity, if the company's technical advantage is weakened, the pressure of capacity digestion may increase; Moreover, the company's position in the industrial chain is weak, and its ability to occupy funds upstream and downstream and capital operation efficiency are low. Under the upward trend of raw material prices and the continuous downward trend of average product sales prices, the company's profit space is under certain pressure; In addition, the company also faces risk factors such as the pressure of guaranteed supply of raw materials and the low shareholding ratio of actual controllers.
Future outlook
\uf0a7 the company has strong technical strength, prosperous downstream photovoltaic industry and good customer qualification. It is expected that the business continuity of the company is good. In the future, with the continuous operation of projects under construction, the operating revenue is expected to further expand. Comprehensively considered, the company is given a stable credit rating outlook by the CSI PENGYUAN.
Main financial data and indicators of the company on the rating date (unit: 100 million yuan)
Project 20212020 2019 April 21, 2022 total assets 29.41 14.85 3.37 attributable to parent owner's equity 18.91 12.93 2.70 total debt 7.98 0.00 0.00 Operating income 13.38 4.26 2.40 EBITDA interest cover ratio 54.97 -- 45.23 net profit 5.01 1.69 0.78 contact information net cash flow from operating activities 0.67 0.41-0.06 sales gross profit margin 57.27%, 62.59% 61.68% project leader: Wang Haoli EBITDA profit margin 48.03%, 48.65%, 43.22% return on total assets 26.36%, 21.71%, 29.77% [email protected]. Asset liability ratio 35.70% 12.94% 19.86% net debt / EBITDA -0.52 -4.47 -1.53 project team members: Chen Liangwei total debt / total capital 29.68% 0.00% 0.00% [email protected]. FFO / net debt - 166.37% - 18.29% - 43.43% quick ratio 4.04 6.59 3.45 Tel: 075582872897 cash short-term debt ratio 6.30 - source: the company's 20172019 audit report Report, 20202021 audit report, compiled by CSI PENGYUAN
Advantages \uf0a7 the prosperity of downstream photovoltaic industry is high, and the company's capacity expansion is timely, driving the rapid growth of performance.
With the continuous promotion of the double carbon policy and the impact of the price rise of traditional energy, the prosperity of the downstream photovoltaic industry is rising, and the company's capacity expansion speed is fast, which can timely respond to the downstream expansion demand. The superposition of the two factors has driven the company's revenue and net profit to increase 213.72% and 196.45% respectively in 2021.
\uf0a7 the company has strong technical strength and can closely follow the technical path transformation of photovoltaic industry. The company's short preparation cycle of carbon matrix composites not only brings cost advantages to the company, but also provides faster market response speed. In addition to the current technical advantages, the company can also keep up with the iterative path of battery technology in the photovoltaic industry and continuously carry out technology R & D and storage, so as to accurately and timely meet the needs of customers. Attention \uf0a7 if the company's technological advantage is weakened and its competitiveness decreases, the pressure on capacity digestion may increase. In the context of the substantial growth of the overall capacity of the photovoltaic industry, if competitors make a breakthrough in the preparation cycle of carbon matrix composites in the future, the company's technical advantage will be weakened, and the market share will decline, which may have an adverse impact on the digestion of capacity. \uf0a7 the company has a weak position in the industrial chain, and the average price of main products continues to decline, resulting in certain pressure on the company's profit space. The company has strong customers and high concentration of suppliers, so the company's ability to account for upstream and downstream funds and capital operation efficiency are low. The growth rate of accounts payable in 2021 is significantly slower than that of accounts receivable; In addition, in order to seize market share, the average price of the company's main products continued to decline, and the company's profit space was under certain pressure. \uf0a7 the rise in the price of carbon fiber, the company's raw material, has increased the pressure on the company's cost control. At the same time, the epidemic has hindered the transportation and put pressure on the supply of raw materials. In 2021, the price of carbon fiber, the company's main raw material, increased by 18.72% year-on-year, and the pressure on the company's cost control increased. In addition, affected by the epidemic, the transportation of China's international procurement was blocked, and the company's raw materials were under pressure to ensure supply. \uf0a7 the proportion of shares controlled by the actual controller of the company is low. By the end of 2021, Liao Jiqiao, the actual controller of the company, directly held 13.25% of the shares of the company, and jointly held 18.82% of the shares of the company with Yiyang Rongsheng Management Consulting Center (limited partnership) (hereinafter referred to as "Yiyang Rongsheng").
Peer comparison (unit: 100 million yuan)
Index Kbc Corporation Ltd(688598) Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) Sinofibers Technology Co.Ltd(300777)
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