China Vanke Co.Ltd(000002) corporate bonds 2022 tracking rating report project leader: stoneware [email protected]. Project team member: Peng Junxian [email protected]. Rating director: Tel: (010) 66428877 Fax: (010) 66426100
April 29, 2022
Statement
This rating is entrusted by the issuer. Except for the entrustment relationship between zhongchengxin international and the rating object due to this rating, there is no other independent, objective and fair relationship between zhongchengxin international and the issuer that affects the rating behavior; 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 this rating report is the independent judgment made by China integrity international in accordance with relevant laws, regulations and relevant regulations of regulatory authorities and based on reasonable internal credit rating processes and standards. There is no change in rating opinions due to the improper influence of the issuer and any other organization or individual. The rating method based on this rating report is on the company's website (www.ccxi. Com. CN.) Public disclosure. 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. During the duration of the bond, China integrity international will track and rate the rated objects regularly or irregularly, and decide to maintain or change the rating results or suspend or terminate the rating according to the tracking rating. This follow-up 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 China Vanke Co.Ltd(000002)
[2022] tracking 0219
Zhongchengxin international credit rating Co., Ltd. has tracked and rated your company and relevant debts within the duration of your company. Finally approved by the credit rating committee of China integrity International: maintain the main credit rating of your company as AAA and the rating outlook as stable;
Maintain the credit rating of "170000 ke01", "190000 ke02", "200000 ke01", "200000 ke02", "200000 ke03", "200000 KE04", "200000 ke05", "200000 ke06", "200000 KE07", "200000 ke08", "210000 ke01" and "210000 ke02" as AAA. It is hereby notified
Zhongchengxin international credit rating Co., Ltd. April 29, 2002, 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
Rating perspective: China integrity international maintains the main credit rating of China Vanke Co.Ltd(000002) (hereinafter referred to as "Vanke enterprise") as AAA, and the rating outlook is stable; maintain
"17 Ping An Bank Co.Ltd(000001) ", "19 China Vanke Co.Ltd(000002) ", "20 Ping An Bank Co.Ltd(000001) ", "20 China Vanke Co.Ltd(000002) ", "20000003", "20 Shenzhen Guohua Network Security Technology Co.Ltd(000004) ", "20 Shenzhen Fountain Corporation(000005) ", "20 Shenzhen Zhenye(Group)Co.Ltd(000006) ", "200000
The debt credit rating of "section 07", "200000 section 08", "210000 section 01" and "210000 Section 02" is AAA. Zhongchengxin international affirmed that Vanke enterprises continue to maintain a relatively leading position
The company's overall credit strength is strongly supported by its industry position, rich and decentralized land reserves, the synergy between core residential business and urban supporting service business, and sound financial policies. At the same time, zhongchengxin international is concerned about the impact of the real estate industry policies, the decline of business performance, the operation of joint projects and other factors on the company's operation and credit status.
Overview data competitiveness.
Vanke enterprises adopt sound financial policies in 2019, 2020 and 2021. In 2021, the company continued to strictly implement the steady and prudent strategy of total operating assets (RMB 100 million) 172992918691771938638, planned investment and operating expenses according to the payment collection, the financial leverage ratio was stable, the owner's equity (RMB 100 million) 270579349844392773 remained at a low level, and the monetary capital had a high coverage of short-term debt.
Meanwhile, the total liabilities (100 million yuan) were 1459350, 1519333 and 1545865
The total debt (RMB 100 million) is 2805552847.01292200. The support level of the company's operating income to its debt principal and interest remains in a good range. Total operating revenue (100 million yuan) 367894419112452798 yuan
Net profit (100 million yuan) 5513259298.380.70 real estate industry policy. Under the continuous influence of regulatory policies, the EBITDA in the second half of 2021 (RMB 100 million) was 921.00, 954.18 and 681.47
Net cash flow from operating activities (the real estate market has been adjusted to some extent since 100 million yuan, and the sales of commercial houses are facing certain downward pressure. Yuan) 456.87 531.88 41.13 although the policies have been adjusted to maintain the steady and healthy development of the real estate market, the operating gross profit margin (%) 36.25 29.25 21.82 is still in the policy transmission period, Changes in the market environment put forward higher challenges for the company's operation. The net debt ratio (%) is 42.27, 25.57 and 36.37.
Total debt / EBITDA (x) 3.05 2.98 4.29
EBITDA interest multiple (x) 6.16 5.67 4.68 operating performance declined. Affected by the overall prosperity of the industry, the company in 2021 notes: zhongchengxin international is sorted out according to the audit report from 2019 to 2021. The contracted sales amount was 627.8 billion yuan, a decrease of 10.85% over the same period last year; In addition, the gross profit margin of positive real estate project settlement fell sharply, which narrowed the company's profit space, and continued to maintain a relatively leading industry position in 2021. Vanke is the first real estate company in China. Its annual net profit decreased by 35.80% year-on-year.
One of the real estate development enterprises, with more than 30 years of experience in residential property development, and the operation of 2021 joint venture project. In recent years, the project cooperative development of real estate enterprises now accounts for about 3.5% of the national sales market, and it is becoming more and more common in 20 cities across the country. The long-term equity investment, current accounts, minority shareholders' rights and interests and external sales rank first. The increase of joint projects will enrich the management of real estate enterprises and lay out scattered land reserves. By the end of 2021, the company has put forward higher requirements for construction in progress and waiting capacity.
The construction area is 103.67 million square meters and 45.22 million square meters respectively, and the project is evenly rated
Distributed in nearly 100 cities in China's major economic circles, rich and scattered, and aiming at the advantageous economy, China integrity International believes that the layout of China Vanke Co.Ltd(000002) credit level in the future region will help it resist the risk of regional market fluctuations. It will remain stable in 12 ~ 18 months.
Synergy between core residential business and urban supporting service business. The company is sticking to the factors that may trigger the rating downgrade. Under the influence of changes in macroeconomic and regulatory policies, based on the residential real estate development business, it is clear that the effective demand for real estate of urban and rural construction and living service providers has fallen more than expected, or the company has taken radical debt expansion measures, positioning, continuous innovation in business fields, and the operation and financial performance of property services, logistics and warehousing services and rental housing companies have been greatly weakened. Residential, commercial development and operation and other business services grew rapidly and continuously improved their business comparison with the same industry
Comparison of main indicators of some real estate development enterprises in 2021
Full caliber signing monetary capital / total debt / total business income of the seller
Total assets net liability ratio net profit ratio inventory turnover
Company name sales amount short-term debt goods and services received (100 million yuan)
(100 million yuan) (%) (%) rate (x)
(100 million yuan) (x) in cash (x)
Country garden holdings 5580 1948365 45.91 2.27 - 523060 7.82 0.40
Poly Developments And Holdings Group Co.Ltd(600048) 5,349 13,999.33 59.54 2.31 0.93 2,850.24 13.05 0.27
China Shipping Development 36958699.07 31.43
