Union [2022] No. 2989
By tracking, analyzing and evaluating the credit status of Anhui Jinhe Industrial Co.Ltd(002597) subject and its related bonds, united credit evaluation Co., Ltd. determined to maintain the long-term credit rating of Anhui Jinhe Industrial Co.Ltd(002597) subject as AA, the credit rating of “Jinhe convertible bonds” as AA and the rating outlook as stable.
It is hereby announced
Rating director of united credit rating Co., Ltd.:
May 18, 2002
Anhui Jinhe Industrial Co.Ltd(002597)
2022 tracking rating report on public issuance of convertible corporate bonds
Rating results: rating Perspective
During the follow-up period of the last rating of the project, Anhui Jinhe Industrial Co.Ltd(002597) (hereinafter referred to as the “company”) as the main manufacturer of China’s food additive industry, Anhui Jinhe Industrial Co.Ltd(002597) AA was stable
Jinhe convertible bonds AA stable AA stable industry has outstanding comprehensive advantages in industrial chain extension, circular economy, production scale, product quality and tracking rating debt overview: technology research and development. In 2021, the company’s total operating revenue, the maturity of bonds issued and the scale of profits increased significantly. The cash flow from operating activities maintained the inflow state of the balance of net bonds referred to as scale on the cashing date, with strong cost control ability and light overall debt burden. Tongjinhe convertible bonds are 600 million yuan and 552 million yuan. On November 1, 2023, united credit rating Co., Ltd. (hereinafter referred to as “united credit note: 1. The above bonds only include those rated by united credit and are still in the early stage as of the rating time point
Bonds that are subject to renewal; 2. The balance of the bonds is the balance of shares not converted by the end of March 2022 (“Yu Xin”), which is also concerned about environmental protection risks, price fluctuations of raw materials and products, and the amount
The project under construction has certain capital expenditure pressure and other factors, which may have adverse effects on the company’s credit rating time: May 18, 2022.
In the future, with the completion and operation of major projects under construction, the rating methods and models used in the rating of the company’s products: categories and production capacity will be further increased, and the overall competitiveness of the company is expected to be further improved.
General industrial and commercial enterprise credit rating method v3 1202204 comprehensive evaluation, joint credit determination, maintenance of the company’s long-term credit and other general industrial and commercial enterprise credit rating models (scoring v3.1202204)
The rating is AA, and the credit rating of “Jinhe convertible bonds” is maintained as AA. Note: the above rating methods and rating models have been publicly disclosed on the official website of united credit, and the outlook is stable.
Scoring table and results of this rating model: advantages
Indicates the rating AA rating result AA
Evaluation contents evaluation results risk factors evaluation elements evaluation results 1. The company’s total operating revenue and profit scale have increased significantly. In 2021 and 2022, affected by the increase of the company’s product sales volume and the rise of sales price, the company’s business environment risk
Operating industry risk division 3 achieved a total operating income of 5.845 billion yuan, a year-on-year increase of 59.44%; Risk C basic quality 4
Its own enterprise management 3 realized a total profit of 1.364 billion yuan, a year-on-year increase of 64.23%; Business competitiveness analysis the profit margin was 27.60%, up 1.23 percentage points year-on-year.
two
Asset quality 1 2. The company maintains a net inflow of cash flow from operating activities, and the cost control can improve the profitability of financial cash flow 1
Risk F1 has strong cash flow 1 power. In 2021, the company’s net cash flow from operating activities was 885 million yuan, the capital structure was 2 yuan, and the cash income ratio was 99.41%. In 2021, the solvency 1 ratio of the company’s period expenses was 7.26%, a year-on-year decrease of 0.74 percentage points.
Adjustment factor and reason adjustment sub level
—- 3. The debt burden of the company is relatively light. By the end of 2021, the company’s total debt note: the operating risk is divided into six grades A, B, C, D, e and F from low to high, with a total of 1.995 billion yuan; Asset liability ratio, total debt capitalization ratio and long-term factor evaluation are divided into 6 grades, with 1 grade being the best and 6 grades being the worst; Financial risk from low to high
The high is divided into seven grades f1-f7, and the factor evaluation at all levels is divided into seven grades. The latest debt capitalization ratios of grade 1 are 33.98%, 25.46% and good respectively, and grade 7 is the worst; The financial index is the weighted average value in recent three years; Through matrix analysis module
The indicated rating result of the model is 16.31%, and the debt burden of the company is light.
follow
1. China’s environmental protection efforts continue to strengthen, and environmental pollution control standards will become increasingly strict. As the Chinese government continues to strengthen environmental protection
www.lhratings. com. one
Analyst: Pu Yaxiu and Ning Lijie have strengthened, and may put forward more suggestions for enterprises covering chemical business in the future: [email protected]. With high environmental protection requirements, the company may face the pressure of further increasing environmental protection investment Tel: 01085679696.
Fax: 010856792282. The prices of raw materials and products of the company are greatly affected by industrial fluctuations. Address of raw materials: No.2 Jianguomenwai street, Chaoyang District, Beijing. The purchase price of materials and the sales price of products fluctuate greatly, which is not conducive to the company’s cost control management and stable profitability on the 17th floor (100022) of The People’S Insurance Company (Group) Of China Limited(601319) property insurance building.
Website: www.lhratings.com com. 3. The company’s projects under construction have certain capital expenditure pressure. By the end of 2021, the total capital demand of the company’s main projects under construction is 2.295 billion yuan, and 684 million yuan still needs to be invested, all of which are supported by the company’s self raised funds. If the centralized investment is made, there will be a certain pressure on capital expenditure.
www.lhratings. com. two
Main financial data:
Combined caliber
Project 20192020 2021 March 2022 cash assets (RMB 100 million) 324524.91 41.10 total assets (RMB 100 million) 614969.98 88.48 93.05 owner’s equity (RMB 100 million) 44.82 49.47 58.41 62.42 short term debt (RMB 100 million) 473 8.19 8.57 10.44 long term debt (RMB 100 million) 500 4.83 11.38 11.46 total debt (RMB 100 million) 9.73 13.02 19.95 21.90 total operating revenue (RMB 100 million) 39.72 36.66 58.45 18.98 total profit (RMB 100 million) 937 8.30 13.64 5.10 EBITDA (RMB 100 million) 12.12 11.35 17.40 — operating net cash flow (100 million yuan) 906 9.94 8.85 2.11
