CCXI-20204220D-04
China Wuyi Co.Ltd(000797) project leader of the credit rating report on the public issuance of corporate bonds (phase I) to professional investors in 2022: Shi stoneware [email protected]. Project team member: Du Naijing [email protected]. Rating director: Tel: (010) 66428877 Fax: (010) 66426100
December 20, 2021
Statement
This rating is entrusted by the issuer. Except for the entrustment relationship between China integrity international and the issuer due to this rating, China integrity 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, and 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 according to reasonable internal credit rating standards and methods and following 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's use of this report or providing this report to a third party. The credit rating results shall take effect from the date of issuance of the rating report, and the validity period is the duration of the rated bonds.
www.ccxi. com. cn. 2 China Wuyi Co.Ltd(000797)
[2020]4220D
Entrusted by your company, zhongchengxin international credit rating Co., Ltd. has made a comprehensive analysis on the credit status of " China Wuyi Co.Ltd(000797) 2022 public issuance of corporate bonds to professional investors (phase I)". Finally approved by the credit rating committee of China integrity international, the credit rating of the current corporate bonds is AA.
It is hereby notified
Zhongchengxin international credit rating Co., Ltd. December 20, 2021
Building 5, Galaxy SOHO, No. 2, nanzhugan Hutong, chaoyangmennei street, Dongcheng District, Beijing
Postal Code: 100010 Tel: (8610) 6642 8877 Fax: (8610) 6642 6100
Building 5, Galaxy SOHO, No.2 Nanzhuganhutong,ChaoyangmenneiAvenue,
Dongcheng District,Beijing, 100010
Distribution elements
Issuer's current scale issuance term repayment method issuance purpose
3-year term, attached with the annual interest payment by the issuer at the end of the second year, after deducting the issuance expenses, it is intended to be used to repay the upcoming resale / redemption / China Wuyi Co.Ltd(000797) industry of no more than 490 million yuan, redemption options, adjustment by the issuer, and the principal and interest of corporate bonds due at one time, which comply with national laws and regulations
Joint stock limited company (including 490 million yuan) has the option of coupon rate and the business activities required by the regulations and policies on capital and interest repayment of investors, as well as in accordance with the laws and regulations
Use permitted by the latest requirements of the resale option regulations and the latest policies of the regulatory authorities
Rating point of view: the credit rating of " China Wuyi Co.Ltd(000797) 2022 public issuance of corporate bonds to professional investors (phase I)" by China integrity international is AA. China integrity international affirmed the company's strong shareholder background, sufficient land reserves, strong competitive strength in international engineering business and smooth financing channels, which provided strong support for the company's overall credit strength. At the same time, China integrity international is concerned about the impact of high regional distribution and concentration of the company's real estate projects and geopolitical risk, exchange rate risk and other factors on the company's operation and credit status.
Overview data front
China Wuyi Co.Ltd(000797) (consolidated caliber) 2018 2019 2020 2021 Q3 strong shareholder background.
Fujian Construction Engineering Group Co., Ltd., the largest shareholder of the company, has total assets of RMB 158.00 202.73 233.54 237.67 (hereinafter referred to as "Fujian Construction Engineering Group"), which is an important provincial owner's equity supervised by Fujian SASAC, with a total of RMB 58.32, 59.36, 58.94 and 58.80. It is one of the enterprises with high brand awareness and market influence in the province, The total comprehensive actual liabilities (RMB 100 million) are 99.68, 143.37, 174.60 and 178.86, with strong strength. As the real estate development and overseas engineering business of Fujian Construction Engineering Group, the total debt (RMB 100 million) is 52.46 85.92 86.77 82.18
The total operating income (RMB 100 million) is 4868.52.26, 58.20 and 41.51 business entities, and the company can obtain strong support from shareholders.
Net profit (RMB 100 million) 426.386.490.103 land reserve is sufficient. By the end of September 2021, the total EBITDA of the company's full caliber land reserve (RMB 100 million) was 843.8.92 9.12 3.30, with a construction area of 1.8183 million square meters and sufficient land reserve. Among them, the company's net cash flow from operating activities in Beijing (RMB 100 million) -10.85 -14.47 17.13 3.50 TongZhou project has a good location, large scale, low land acquisition cost, historical legacy operating gross profit margin (%) 24.29 22.36 37.62 20.99, the remaining problems have been basically solved, the de commercialization of the sold parts is good and the gross profit level is high, Net debt ratio (%) 54.83 99.91 94.10 96.06
Total debt / EBITDA (x) 6.22 9.63 9.51 18.67 * it is expected that the contracted sales with large amount and high gross profit will still be brought to the company in the future.
EBITDA interest cover ratio 2.65 1.80 1.41 1.02 international engineering business has strong competitiveness. The company is one of the earliest construction enterprises in China to carry out overseas engineering (x) business, and has rich experience in overseas business development and implementation. Notes: 1. The financial data and financial indicators listed and analyzed in this report provide experience for China integrity international based on the company, It has established a strong brand effect in Kenya and other project host countries, and has the ability to audit and issue standard unqualified opinions by Fujian Huaxing Certified Public Accountants (special general partnership)
According to the business competitiveness determined in the audit report from 2018 to 2020 and the unaudited financial statements for the third quarter of 2021 provided by the company, international engineering business is one of the main sources of income of the company. arrangement. Among them, the financial data from 2018 to 2020 are the ending balance of the audit report. The company's financial statements have smooth financing channels. The company is a state-controlled listed company and has been prepared in accordance with the new accounting standards with a number of commercial banks; 2. In its analysis, China integrity International did not include the interest payable part of "short-term loans" and "non current liabilities with sufficient standby liquidity and smooth period" in the accounting of interest bearing liabilities; 3. Indicators with * have been for years
Chemical treatment. Financing channels.
Attention
The regional distribution and concentration of real estate projects are high. By the end of September 2021, the total area of the company's real estate project reserves in Fujian Province and Beijing had reached 91.82%, facing a certain regional concentration risk, Attention should be paid to the impact of changes in the local real estate market environment on its de urbanization.
Overseas epidemic, geopolitical risk and exchange rate risk. The company's international construction business is mainly distributed in Kenya, Ethiopia, Uganda, Tanzania and other African countries and regions, Business development and project payment collection cycle are vulnerable to the adverse impact of epidemic situation and geopolitical factors; In addition, the settlement currencies of the company's overseas projects include foreign currencies such as local currency and US dollar, or face certain exchange rate fluctuation risk.
www.ccxi. com. cn. 4 China Wuyi Co.Ltd(000797)
Use permitted by the issuer profile policy.
The company was founded by Fujian Construction Engineering Group Corporation (later renamed "Fujian Construction Industry Environmental Engineering Group Co., Ltd.", hereinafter referred to as "Fujian Construction Engineering Group") in 2020. Driven by the accelerated de industrialization of real estate enterprises at the end of the year, the annual commercial housing was exclusively initiated and established in 1996, and then its sales exceeded the level of the previous year on the Shenzhen Stock Exchange in 1997; National real estate market in the first half of 2021
