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2021
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2019 2021
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www.lhratings.com 1
2019 2021
aa AA 2.17% 1.79% 1.33% 2021
2 256.54% 153.64% 33.62 /EBITDA
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010-85679696 3. 2019 2021
010-85679228 32.59%
2 41.46% 47.93% 43.26% 39.72% 2021
17 100022 76.62%
www.lhratings.com
www.lhratings.com 2
2019 2020 2021 2022 3
9.74 14.92 14.48 16.17
40.41 45.77 49.02 51.67
23.73 27.16 30.48 32.33
0.24 0.34 0.41 0.32
0.29 0.15 0.00 0.01
0.53 0.49 0.41 0.33
14.60 18.28 21.13 5.04
3.83 5.54 6.03 1.76
EBITDA 4.14 5.86 6.37 --
3.52 1.47 4.00 0.56
% 40.65 41.11 37.44 38.44
% 13.81 17.30 17.06 --
% 41.27 40.67 37.82 37.42
2.17 1.79 1.33 1.02
% 205.12 208.62 256.54 254.32
21.88 8.08 25.17 --
41.35 43.41 35.56 49.89
EBITDA 235.03 339.07 425.31 --
/EBITDA 0.13 0.08 0.06 --
2019 2020 2021 2022 3
34.32 39.20 43.21 --
22.76 24.93 27.70 --
0.00 0.00 0.01 --
10.88 14.00 17.77 --
3.24 3.98 5.27 --
% 33.69 36.40 35.90 --
0.01 0.00 0.03 --
% 245.09 228.92 249.57 --
27.98 11.38 29.72 --
1. 2022 2022
2.
/
-- -- -- -- -- --
www.lhratings.com 3
1997 9 1.
4.50
120.00 2010 8 4.50
2012 9 100.00
002698.SZ
4.01
2021 10.23
17.11%
9.31% 8.09%
5.61% 4.89%
1
2021
1435 2022 3
1-2
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30.48
1.68 2021 21.13
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2022 3
51.67 32.33 =
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= /
9
www.lhratings.com 5
130% 130%
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P1=P0/ 1+n
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www.lhratings.com 6
2.
1.
2021
23.86%
6.55 7.75
2024 2021
2021
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2021
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2019
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2 2017 2021
2021
2017 2018 2019 2020 2021
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GDP 83.20 91.93 98.65 101.36 114.37 --
GDP % 6.95 6.75 6.00 2.20 8.10 5.11
% 6.60 6.20 5.70 2.80 9.60 6.15
% 7.20 5.90 5.40 2.90 4.90 3.90
% 10.20 8.98 8.00 -3.90 12.50 3.98
1
2019
www.lhratings.com 7
% 7.90 9.87 0.51 3.62 29.90 --
% 16.11 15.83 -2.68 -0.60 30.10 --
CPI % 1.60 2.10 2.90 2.50 0.90 --
PPI % 6.30 3.50 -0.30 -1.80 8.10 --
% 3.90 4.90 5.20 5.20 5.10 --
% 7.32 6.50 5.80 2.10 8.10 5.06
% 7.40 6.20 3.80 -3.90 10.70 --
% 7.70 8.70 8.10 2.80 0.30 --
1. GDP 2. 3. GDP
4. 2017 2018
Wind
2021
2021
44.08 2021
12.50% 3.98% 314.13 10.30%
2019 8.00% 2020 3
2021 2019
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2021 CPI PPI 2021 1
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3.50%
PPI 7.20% 3.40%
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www.lhratings.com 8
3.50% 15.90%
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2021 2020
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246 / 2015 49 /
5 255 /
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2018 2020
2022
2022
2022
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2022
-
Wind
www.lhratings.com 9
2022 4 28 A
370 1.84
A 28
12% 24% 36% 1388 2012 2017
A
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2018
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www.lhratings.com 11
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4
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2016 12 2016-
2020
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10
2019
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2018
2018
2019 12 3.10% 2020
2021
www.lhratings.com 12
5 2018
Wind
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1. 25%~30%
2021 10.23
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FFS
2.
www.lhratings.com 13
1997 9 2010 8
2021 354
24.67% 318
2021
1435
5 2021
696 118
80 549
460 392
34 376
2021
165 -- --
62 7 55
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www.lhratings.com 14
1 3 1
2020
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11
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1
www.lhratings.com 15
-
1.
2019 2021
2019 2021
7 2019 2021
2019 2020 2021 2021
% % % % % % % %
7.20 49.35 47.93 9.84 53.83 43.26 12.66 59.94 39.72 28.71 32.59
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6 2019 2021
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www.lhratings.com 16
2021 3.54 2.
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PLC
2021 PLC
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www.lhratings.com 17
76.62% 6.63
6
18 2021
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21.62% 20.25% 20.38%
7 2019 2021
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2019 2021 1000
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www.lhratings.com 18
20.59% P&P
Industries AG P&P ,
2021
83.03%
9 2019 2021
2019 2020 2021
3.51 4.15 5.11
1.09 1.54 1.04
4.60 5.69 6.15
4.
Topsoil
2019 2021
2019 2021
2021
15.83%
10 2021
2021
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2021/10/14 8 / 5255.58 0.00 5255.58
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2 10 /
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3
2018/12/25 4989.03 4860.04 0.00
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2018/4/3 3 / 4143.00 722.92 0.00
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P&P Industries AG
www.lhratings.com 19
5.
2019 2021
2019 2021
11 2021
ROA ROE
% % %
42.82 20.47 3.67 37.66 11.82 29.69 0.56 0.81 5.50
111.06 32.98 -5.56 7.57 -5.12 -12.60 0.30 0.92 3.64
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56.40 38.27 1.95 33.60 4.50 9.30 0.77 1.47 2.53
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Wind
Wind
6.
2022 2024 0.55 0.65
0.40 2024
2014 2016
2018
1
2
3
4
5
www.lhratings.com 20
1.68 2021 21.13
6.03
1. 2022 3
2019 2021 51.67 32.33
1.67 2022 1 3
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6 1 2020 2019 2021
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2.02 4.99 2.36 5.15 2.28 4.64 -3.42
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1 2019 2021
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11.06%
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318.60
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2019 2021
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19.21%
www.lhratings.com 21
2019 2021 5.51%
7.65% 2021
31.06% 35.51% 5.84% 48.33%
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0.14 0.88% 2022 3 32.33
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318.60
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1
3. 2020
1
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30.48 12.24% 2.33
94.49%
www.lhratings.com 22
9 2019 2021 2019 2021
20.49%
14.01% 13.47% 2020
2021
2.85 11.13%
30.05% 39.09% 31.18%
2019 2021
23.89%
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% 5.58%
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0.28 0.30 0.31
14 2019 2021
%
2021
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14.60 18.28 21.13 15.59
8.51 10.61 13.03 22.90
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2019 2021
0.64 0.38 0.72 89.74
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3.83 5.54 6.03 8.70
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2022 3 19.33
4.28%
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11 2019 2021
0.33 18.60%
4.
2019 2021
2019 2021
20.31% 25.45%
www.lhratings.com 23
2019 2021 2019 2021
11 2022 1 3
2022 1 3 5.04 0.56 0.49
7.69% 1.76 0.11 0.94
3.47%
5. 6.
2019 2021 2019 2021
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% 2019 2020 2021
2021
2019 2020 2021 % 205.12 208.62 256.54
18.25 15.41 21.96 42.52 % 117.55 125.57 153.64
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3.52 1.47 4.00 171.94
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19.22 28.82 32.72 13.54
22.29 28.67 32.63 13.81 41.35 43.41 33.62
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0.46 1.62 4.09 152.50 /EBITDA 0.13 0.08 0.06
0.09 0.20 0.25 27.15
/ 6.70 2.98 9.73
1.09 2.12 2.53 19.60
EBITDA/ 235.03 339.07 425.31
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% 117.86 81.33 99.84 18.51
2019 2021
2019 2021 2020
2020
58.28%
2022
2021 254.32%
156.41%
2019 2021
2019 2021 EBITDA
2021
1.50
2019 2021 1500.00
1500.00
www.lhratings.com 24
P&P 2.50 1.
2021 4.50
2021
4.50 0.41
2022 3 4.91
5.96 1.22
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7. 37.82% 1.33% 0.01% 43.05%
13.88% 12.87%
2.
2021 14.48
2019 2021
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2021
43.21 10.22%
EBITDA
81.92% 18.08%
2021
27.70 11.08% 17
36.92% 6.08% 2021
* 4.50
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2021 15.51
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8.71% /EBITDA 0.71
91.43% 2021 41.04
2021 17.77
5.27
0.60
2021
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AA AA
-0.06 -2.05
www.lhratings.com 25
1-1 2021
Wind
1-2 2021
www.lhratings.com 26
1-3 2021
%
--
10300.00 51.00
10%
www.lhratings.com 27
2-1
2019 2020 2021 2022 3
9.74 14.92 14.48 16.17
40.41 45.77 49.02 51.67
23.73 27.16 30.48 32.33
0.24 0.34 0.41 0.32
0.29 0.15 0.00 0.01
0.53 0.49 0.41 0.33
14.60 18.28 21.13 5.04
3.83 5.54 6.03 1.76
EBITDA 4.14 5.86 6.37 --
3.52 1.47 4.00 0.56
2.05 1.94 1.97 --
0.68 0.73 0.83 --
0.39 0.42 0.45 --
% 117.86 81.33 99.84 102.01
% 40.65 41.11 37.44 38.44
% 13.58 17.06 16.88 --
% 13.81 17.30 17.06 --
% 1.21 0.55 0.01 0.03
% 2.17 1.79 1.33 1.02
% 41.27 40.67 37.82 37.42
% 205.12 208.62 256.54 254.32
% 117.55 125.57 153.64 156.41
% 21.88 8.08 25.17 --
41.35 43.41 35.56 49.89
EBITDA 235.03 339.07 425.31 --
/EBITDA 0.13 0.08 0.06 --
2022
www.lhratings.com 28
2-2
2019 2020 2021 2022 3
7.52 12.86 12.89 --
34.32 39.20 43.21 --
22.76 24.93 27.70 --
0.00 0.00 0.00 --
0.00 0.00 0.01 --
0.00 0.00 0.01 --
10.88 14.00 17.77 --
3.24 3.98 5.27 --
EBITDA -- -- -- --
3.17 1.60 4.22 --
1.69 1.66 1.85 --
0.62 0.71 0.87 --
0.35 0.38 0.43 --
% 125.56 88.45 103.77 --
% 41.72 37.60 35.04 --
% 12.40 13.92 16.59 --
% 12.40 13.92 16.59 --
% 0.00 0.00 0.02 --
% 0.01 0.00 0.03 --
% 33.69 36.40 35.90 --
% 245.09 228.92 249.57 --
% 141.72 139.20 153.27 --
% 27.98 11.38 29.72 --
4,788.72 * 6,406.44 --
EBITDA -- -- -- --
/EBITDA -- -- -- --
2020 0 2022
www.lhratings.com 29
3
1 2 = - / 100%
2 n =[ / n ^ 1/ n-1 -1] 100%
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www.lhratings.com 30
4-1
AAA AA A BBB BB B
CCC CC C AAA CCC + -
AAA
AA
A
BBB
BB
B
CCC
CC
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4-2
4-3
www.lhratings.com 31
www.lhratings.com 32