Union [2022] No. 207
By comprehensively analyzing and evaluating the credit status of Western Securities Co.Ltd(002673) and its proposed corporate bonds to be issued to professional investors in 2022 (phase I), united credit assessment Co., Ltd. determined that the long-term credit rating of Western Securities Co.Ltd(002673) subject was AAA, and the credit rating of Western Securities Co.Ltd(002673) corporate bonds to be issued to professional investors in 2022 (phase I) was AAA, The rating outlook is stable.
It is hereby announced
Rating director of united credit rating Co., Ltd.:
January 10, 2002
Western Securities Co.Ltd(002673) for professional investors in 2022
Credit rating report of public issuance of corporate bonds (phase I)
Rating results: rating Perspective
Long term credit rating of the subject: AAA united credit rating Co., Ltd. (hereinafter referred to as "united credit") rating of the current bond: AAA Western Securities Co.Ltd(002673) (hereinafter referred to as "company" or " Western Securities Co.Ltd(002673) "): stable rating reflects its status as a national comprehensive listed securities company, Strong shareholder background, strong capital strength and strong regional advantages in Shaanxi Province. Debt overview: the main business is at the middle and upper reaches of the industry. In recent years, the current bond issuance scale of the company's securities brokerage business: no more than 2.5 billion yuan, and the business development of investment banking business is good. The operating revenue and net profit (including) continue to increase significantly and maintain a good development momentum. By the end of June 2021, the term of the company's current bonds: 3 years, with good asset liquidity and quality and good capital adequacy.
Repayment method: the current bond pays interest annually and one year after maturity
At the same time, Lianhe credit also pays attention to the changes in the economic cycle and the purpose of the funds raised in China's securities market: the funds raised by the bonds will be used to meet the company's business operation needs after deducting the non issuance expenses that may be caused by fluctuations and changes in relevant regulatory policies; The company has a certain scale of centralized maturity of short-term debt, so it needs to pay attention to liquidity management, such as paying off due debt and replenishing the company's working capital.
Use, adjust the company's debt structure and improve the company's comprehensive
Competitiveness compared with the current debt scale of the company, the issuance scale of the bonds is small, and the main financial indicators have little change in the coverage of all the company's debts before and after the issuance. The rating time: January 10, 2022 is still good.
In the future, with the continuous development of the capital market and the steady progress of various businesses, the rating methods and models used in this rating: the company's business scale and profitability are expected to be further improved, and the overall competitive strength is expected to be further enhanced.
Industry credit rating method of securities companies v3 1.202011 comprehensive securities company entity credit rating model V3 based on the company entity's long-term credit and current bond credit status 1. According to the assessment of 202011, the long-term credit rating of the company's main body is AAA, the credit rating of corporate (scoring table) bonds in this period 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 a strong shareholder background, has great support from shareholders and has a strong regional competitive advantage. As an enterprise under the state owned assets supervision and Administration Commission of Shaanxi Province, the company is the first A-share listed securities company in Shaanxi Province with strong shareholder support. It has obvious channel network advantages and strong regional competitive advantages in Shaanxi Province.
2. The business competitiveness is strong, and the company's main business is at the middle and upper reaches of the industry. In recent years, the company's securities brokerage business and investment banking business revenue and profits have increased significantly, with good development and strong industry competitiveness.
3. Good asset liquidity and sufficient capital. In recent years, the company has a high proportion of high-quality current assets, good asset liquidity, low leverage level of similar enterprises, sufficient capital and good liquidity management ability.
www.lhratings. com. one
Scoring table and results of this rating model: attention
Indicates the rating AA + rating result AAA 1 The operation is vulnerable to the external environment.
Changes in economic cycle, evaluation contents of China's securities market, evaluation results of risk factors, fluctuation of evaluation results of evaluation elements and changes in relevant regulatory policies may bring about business environment and macro-economy 2
Industry risk 3 adverse effects.
2. Corporate governance The proportion of short-term debt is relatively high, and there is a certain liquidity pressure. Risk in corporate debt B risk management 2
The proportion of its own business due within one year is relatively large, facing certain short-term centralized repayment pressure. Competitiveness analysis 1
Future development 1 needs to focus on liquidity management.
Profitability 3
Financial solvency capital adequacy 2 main financial data:
Risk F1
Lever level 1 combined caliber
Capital source and liquidity 1 project 2018 2019 2020 by the end of June 2021 adjustment factors and reasons adjustment sub level own assets (RMB 100 million) 42231354.84 494.11 525.31 shareholders have strong strength and can face + 1 in terms of capital and management
The company provides great support. Its own liabilities (RMB 100 million) are 248.01 177.47 233.03 260.59 note: the operating risk is divided into 6 owners' equity (RMB 100 million) of a, B, C, D, e and F from low to high. The owner's equity (RMB 100 million) is 174.30 177.37 261.08 264.72. The factor evaluation at all levels is divided into 6 grades, 1 is the best and 6 is the worst; Financial high-quality liquid assets / total assets
The business risk is divided into seven grades f1-f7 from low to high. The factor evaluation at all levels is 22.24, 30.13, 37.70, 27.12, which is divided into seven grades, the first grade is the best and the seventh grade is the worst; Financial indicators are weighted in recent three years (%)
Average value; The indicated rating results are obtained through the matrix analysis model. The self owned asset liability ratio (%) is 58.73 50.01 47.16 49.61. The operating revenue (RMB 100 million) is 22.37 36.81 51.84 32.17. The total profit (RMB 100 million) 2.45 7.47 15.08 9.64 analyst: Chen Ning Liu Jia operating profit margin (%) 11.08 20.40 29.36 29.97 return on net assets (%) 1.15 3.50 5.16 2.75 email: [email protected]. Net capital (RMB 100 million) 155.50 151.96 232.73 235.50 Tel: 010-85679696 risk coverage (%) 300.48 317.03 443.14 401.32 capital leverage (%) 36.00 42.55 47.15 44.88 Fax: 010-85679228 short term debt (100 million yuan) 214.09 137.58 176.91 41.12 address: all debt (100 million yuan) at No. 2 Jianguomenwai street, Chaoyang District, Beijing 242.77 166.60 217.23 238.55 note: 1 The company's consolidated financial statements for the half year of 2021 have not been audited and relevant indicators have not been annualized; 2. The risk control indicators of the 17th floor (100022) of The People'S Insurance Company (Group) Of China Limited(601319) property insurance building involving net capital in this report are the caliber of the parent company; 3. This newspaper
