CCXI-20202692D-04
Chinalin Securities Co.Ltd(002945) project leader of the credit rating report on the public issuance of corporate bonds (phase I) to professional investors in 2022: Zhang Yunpeng [email protected]. Project team member: Ge Shan [email protected]. Rating director: Tel: (010) 66428877 Fax: (010) 66426100
January 11, 2022
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. 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. This rating report and rating conclusion shall not be used for securities business activities such as issuance of other bonds.
www.ccxi. com. cn. 2 Chinalin Securities Co.Ltd(002945) for professional investors in 2022
[2020]2692D
Chinalin Securities Co.Ltd(002945) ：
Entrusted by your company, zhongchengxin international credit rating Co., Ltd. has made a comprehensive analysis on the credit status of your company and your company’s proposed ” Chinalin Securities Co.Ltd(002945) 2022 public issuance of corporate bonds to professional investors (phase I)”. Finally approved by the credit rating committee of China integrity international, your company’s main credit rating is AA +, the rating outlook is stable, and the credit rating of the current corporate bonds is AA +.
It is hereby notified
Zhongchengxin international credit rating Co., Ltd. January 11, 2002
Building 5, Galaxy SOHO, No. 2, nanzhugan Hutong, chaoyangmennei street, Dongcheng District, Beijing
Postal Code: 100010 Tel: (8610) 6642 8877 Fax: (8610) 6642 6100
Building5, Galaxy SOHO, No.2 Nanzhuganhutong,ChaoyangmenneiAvenue,
Dongcheng District,Beijing, 100010
Distribution elements
Issuer’s current scale issue term repayment method issue purpose
Chinalin Securities Co.Ltd(002945) shares shall not exceed RMB 1 billion, and the two-year interest shall be paid once a year. After deducting the issuance expenses, RMB 700 million is intended to repay the company
The principal of a limited company (including 1 billion yuan) will be paid together with the final interest, and the remaining part will be used to supplement the working capital of the company
Rating point of view: the credit rating of the subject of Chinalin Securities Co.Ltd(002945) (hereinafter referred to as ” Chinalin Securities Co.Ltd(002945) “, “company” or “issuer”) assessed by China integrity international is AA +, and the rating outlook is stable; The credit rating of its proposed ” Chinalin Securities Co.Ltd(002945) 2022 public issuance of corporate bonds (phase I) to professional investors” is AA +. Zhongchengxin international affirmed the supporting role of positive factors such as the overall strength of Chinalin Securities Co.Ltd(002945) after listing and the rate of return on capital in the forefront of the industry on the company’s overall operation and credit level; At the same time, China integrity international is concerned about the impact on the company’s operation and credit status caused by the accelerated pace of opening up the financial industry to the outside world, intensified market competition, pressure on business stability, the competitiveness of investment banking and asset management business needs to be improved, and corporate governance needs to be improved.
Overview data positive
Chinalin Securities Co.Ltd(002945) 2018 2019 2020 2021.9 after listing, the overall strength is enhanced. In January 2019, the company was listed on the Shenzhen stock exchange with total assets of RMB 118.76, 165.10, 247.96 and 243.55, and the net fund raised was RMB 921 million.
After listing, the capital scale of the company increased, the shareholders’ equity (RMB 100 million) was 40.91 53.38 60.20 62.64, the information disclosure was more timely and complete, and the financing channels were further unblocked.
The net capital (100 million yuan) is 3652.27.85, 47.25 and 47.05, and the return on capital ranks among the top in the industry. Among securities companies of the same scale, the company has good profitability, strong cost management ability, and the level of capital return ranks in the forefront of the industry.
Operating income (100 million yuan) 1.001 10.11 14.90 10.64
Net profit (RMB 100 million) 344.41 8.12 4.81
–The pace of opening up the financial industry to the outside world has accelerated and market competition has intensified. With the average return on capital of China’s securities firms (%) 8.77 9.36 14.31, the industry has accelerated its opening to the outside world, relaxed the restrictions on mixed operation, and more and more securities firms have increased their strength through listing, mergers and acquisitions (%) 61.11 53.39 37.60 49.82, The company faces competition from domestic and foreign financial institutions with risk coverage (%) of 287.94, 248.36, 298.06, 328.75.
The capital leverage ratio (%) is 44.44, 21.61, 25.92 and 28.43. There is pressure on the operating stability. The macro environment and the volatility of the securities market put some pressure on the security liquidity coverage (%) 370.16 985.30 257.86 369.40, the industry’s business stability and profit growth.
Net stable capital ratio (%) 218.86 149.97 206.14 175.48 the competitiveness of investment banking and asset management business needs to be improved. In recent years, the company’s investment banking business scale, EBITDA interest coverage ratio (x) 3.35 5.67 4.22 2.62 fluctuated, and the future development of investment banking business needs to be continuously observed; Asset management business scale total debt / EBITDA (x) 6.44 8.42 9.33 – continued to decline, and the active management ability needs to be improved.
Note: [1] the data source is the audit reports of 2018, 2019 and 2020 provided by the company and the audit reports without corporate governance need to be improved. The company’s internal compliance management and governance structure have audited financial statements for the first three quarters of 2021; [2] The company’s net capital and risk control indicators need to be improved according to the improvement space set by the parent company, and the corporate governance needs to be improved.
Company caliber; [3] Unless otherwise specified, all the data quoted in this report are based on the statistical caliber of China integrity international. The rating outlook, “-” means not applicable or the data are not comparable. It is hereby explained.
China integrity International believes that Chinalin Securities Co.Ltd(002945) credit level will remain stable in the next 12 ~ 18 months.
Factors that may trigger a rating increase. The capital strength of the company has been significantly enhanced, the profit has increased significantly and is sustainable, or the asset quality has been significantly improved.
Factors that may trigger rating downgrades. Major loopholes and defects in corporate governance and internal control; Deterioration of financial situation, such as decline in asset quality, insufficient capital, etc; The ability and willingness of external support have been greatly weakened.
Comparison of the same industry
Main financial indicators in 2020 Chinalin Securities Co.Ltd(002945) AVIC securities Dongguan securities
Total assets (RMB 100 million) 24796.23383.45984
Net capital (parent company caliber) (RMB 100 million) 47.25 73.39 68.22
Net profit (100 million yuan) 812 669 805
Average return on capital (%) 14.31 9.16 11.54
Risk coverage (%)
