CCXI-20201054D-01
2020
pzhou@ccxi.com.cn
njdu@ccxi.com.cn
(010)66428877
(010)66426100
2020 4 10
China Chengxin International Credit Rating Co.,Ltd.
www.ccxi.com.cn
www.ccxi.com.cn 2
2020
China Chengxin International Credit Rating Co.,Ltd.
[2020]
“ 2020
”
AA+
AA+
2 SOHO6
100010 8610 6642 8877 8610 6642 6100
Building 6, Galaxy SOHO, No.2 Nanzhuganhutong,ChaoyangmenneiAvenue,
Dongcheng District,Beijing, 100010
China Chengxin International Credit Rating Co.,Ltd.
5 3
8
8
AA+
“ 2020 ” AA +
2017 2018 2019
392.02 374.32 399.41
115.55 113.45 120.46
276.47 260.87 278.95 A
150.65 149.67 160.14
73.41 86.64 88.66
9.20 9.25 9.14
EBITDA 18.09 18.66 17.84
6.91 20.48 2.11
% 31.83 30.03 33.74
% 48.93 76.28 79.23
/EBITDA X 8.33 8.02 8.98
EBITDA X 2.84 2.70 2.33
2017 ~2019 2019 22.41%
12~18
2019
/
/
% % (X) (X)
X
604.44 61.80 85.84 60.65 14.21 1.68 0.16 -
483.49 75.35 104.53 65.45 17.86 5.11 0.23 2.35
399.41 78.89 88.66 79.23 10.31 0.75 0.25 1.58
“ ” “ ” 00563.HK
/ “ ” “ ” 600675.SH 2019
www.ccxi.com.cn 3
2020
2019
“ ” 2020
“ ”
2019
“ ” 2002
9 25
2002 12 30
2011 7
“ ”
“ ”
“ ”
PPI
CPI
2019
48.60%
“
” 2020
“ ” “ ”
56.18%
2019 18
2019 4 8.9
8 8 5
3
2019 12
2020 “ ”
2019
6.1%
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2020
2019
17.16 0.1%
15.97 6.5% 5.7
LPR
2019 70
2018 8
1.49% 2019 12
0.35%
1
%
2020
2019
4.98 4.9%
2019
“ ”
2019
2019
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2020
2019
2019 5
1
2~3
9.9% 13.22
13.9% 9.71
2
%
2019 TOP 3
11.4% 8.7% 2019
0.3 TOP 4~10 TOP
22.72
11~30
8.5% 8.7
3
TOP 30
%
2019 TOP 31~50 TOP
51~100
1 2017~2019
2017 2018 2019
TOP 3 9.4% 9.8% 9.5%
TOP 10 19.5% 21.3% 21.4%
TOP 30 31.0% 35.1% 35.7%
TOP 50 37.3% 43.4% 43.5%
5 23 8
7
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2020
TOP 100 46.1% 53.7% 53.0% 6.27 7.53 8.02
2.90 3.71 4.06
- - 0.24
0.42 0.57 0.46
73.41 86.64 88.66
2017 2018 2019
71.47% 58.73% 69.30%
15.46% 27.66% 16.28%
8.54% 8.69% 9.05%
3.95% 4.28% 4.58%
- - 0.27%
0.57% 0.66% 0.52%
100.00% 100.00% 100.00%
“ ”
2003
2007
23
2020
2019
36.23% 25.10% 2019
2
2019
230.06
3
2 2017 2018 2019
2017 2018 2019 154.00 69.00 44.00
52.47 50.88 61.44 51.41 50.47 37.84
11.35 23.96 14.43
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2020
275.98 226.82 230.06
2017 21.97
2019 8.97
24,462 / 2018 2019
3
67.11 BSPO-0104
4
/
MHPO-1403
2017 2018 2019
26.38 27.24 39.50
53.04 52.50 78.89 2019
20,106.14 19,273.13 19,972.15 21.60
6
/
2017 2018 2019
1 0 3
33.74 19.43 16.13 8.97 0 21.60
8.09 2019
8.97 0 15.57
98.10%
21.97 0 33.11
5
21.97 0 30.03
24,462 0 19,288
2018 2019
7.47 33.74 8.93
2019
16.17
3.65 2.44 19.43 15.22 255.57
13.86 5.86 16.13 8.25 219.74
10.70 7.51 8.09 5.61
0.98 0.67 0.98 0.66 89.53%
1.03 0.89 0.28 0.50
1.23 0.62 0.24 0.33
7 2019
4.95 1.78 0.00 0.00
52.57 27.24 78.89 39.50
74.60 27.65 102.25
76.56 - 76.56
2019 50.00 - 50.00
17.80 - 17.80
8.97 - 8.97
227.92 27.65 255.57
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2020
2017~2019
11.35 23.96 14.43
2019
2019 47.00
2017~2019 2.90
3.71 4.06
2019 1+3+X
2,439
“ ”
“ ”
2019
30 34
2,500 2017~2019
6.27 7.53 8.02
2016
2019
69.78%
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2020
8 (%)
2017 2018 2019
156 34.85 37.46 38.39
20.24 13.04 17.66
16.00 15.05 11.54
59.40 68.20 66.38
- - 69.35
31.83 30.03 33.74
2019
2019 16.15
31.21% 0.47
2019
2019
2017~2019
2017 2018
2018~2019
2019 EBITDA
9 %
2017 2018 2019
2.19 1.63 1.72
3.29 3.61 4.08
2.30 2.52 1.93
2017 10.61 8.95 8.72
9.41 12.43 16.62
-1.30 -0.26 -2.54
2019 0.03 0.34 0.47
86.75 3.66 -0.11 -0.45
0.30 0.66 0.09
12.08 12.73 13.44
www.ccxi.com.cn 10
2020
EBITDA 18.09 18.66 17.84
9.20 9.25 9.14
8.46 8.07 7.82
2018
5.18
10 %
2017 2018 2019
94.11 63.13 64.70
20.41 3.51 4.03
198.76 234.81 239.35
2018 40.67 40.12 45.46
13.00 11.99 10.06
19.94 11.35 14.71
83.54 80.02 86.75
22.769 42.74 47.90 55.03
31.89 25.97 26.01
115.55 113.45 120.46
2018 15.60 13.57 14.78
70.52 69.69 69.84
48.93 76.28 79.23
2018
70% 80%
2018
2019
11 %
2017 2018 2019
/ 86.73 86.28 83.79
1~2
/ 58.46 72.71 71.52
/ 27.68 19.55 19.33
/ 6.00 1.09 1.21
0.28 + /
86.14 92.25 90.86
35.04 67.63 53.65
/ 17.63 28.80 22.41
www.ccxi.com.cn 11
2020
152.30 158.24 180.90 84.06 93.95 112.55
/ 76.63 67.39 75.58
24.76 26.44 17.30
29.90 17.96 17.99
11.93 11.33 12.30
150.65 149.67 160.14
2019
53.65 22.41%
C8-2 EBITDA
2019
2019
14 X %
2017 2018 2019
12
6.91 20.48 2.11
2017 2018 2019
85.92 99.67 101.62
/ 0.27 0.28 0.25 1.97 1.02 0.75
/
/ 0.20 0.23 0.23 150.65 149.67 160.14
/ 31.74 41.54 53.55
/EBITDA 8.33 8.02 8.98
/ 0.05 0.14 0.01
/
1.75 1.50 1.58
2019 2.11 2019
89.71% 181.49
43.07
2017~2019 A
85.92 99.67 101.62
2019 31.31
3.22
2019 11.45 10.73
53.55% 5.91
13 7.84%
2017 2018 2019
2019
108.82 120.38 129.85
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2020
2.47
2019
24,700 1,749.42
728.05 2019
2020 3 323.45
2019
2016~2019 12 31
AA+
“ 2020
” AA+
00363.HK
00363.HK 1996 5
600748.SH
00563.HK
BHK SGX 807 HKSE
www.ccxi.com.cn 13
2020
2020
6
www.ccxi.com.cn
2020 4 10
www.ccxi.com.cn 14
2020
2019
www.ccxi.com.cn 15
2020
2017 2018 2019
941,062.98 631,277.15 647,038.85
204,091.29 35,095.03 40,349.53
1,987,580.34 2,348,148.30 2,393,487.73
70,899.17 66,481.49 29,879.75
9,757.82 13,068.37 87,816.55
- - -
4,559.63 2,886.05 1,778.16
406,708.48 401,216.73 454,631.21
3,920,197.53 3,743,200.08 3,994,082.73
835,399.77 800,237.68 867,533.18
199,395.38 113,463.85 147,090.00
478,080.55 621,725.22 857,536.41
1,028,378.32 874,973.17 743,850.30
1,506,458.87 1,496,698.39 1,601,386.72
565,395.89 865,421.24 954,347.87
2,764,706.71 2,608,684.73 2,789,516.97
44,286.18 42,572.33 24,274.80
19,508.64 26,457.59 52,215.67
1,155,490.82 1,134,515.35 1,204,565.76
734,126.82 866,375.24 886,555.59
94,113.85 124,341.43 166,222.69
36,622.35 -1,065.19 -4,486.58
92,023.21 92,450.24 91,447.67
EBIT 165,063.87 169,903.49 158,709.32
EBITDA 180,930.71 186,584.18 178,373.83
859,210.01 996,731.51 1,016,180.57
69,053.14 204,750.32 21,064.42
11,446.67 -93,458.58 -35,638.21
-183,579.95 -416,916.67 33,117.38
2017 2018 2019
% 31.83 30.03 33.74
% 10.61 8.95 8.72
EBITDA % 24.65 21.54 20.12
% 12.54 10.67 10.31
% 4.45 4.43 4.10
(X 0.27 0.28 0.25
% 70.52 69.69 69.84
% 56.59 56.88 57.07
% 48.93 76.28 79.23
/ % 0.32 0.42 0.54
/ X 0.05 0.14 0.01
/ X 0.14 0.33 0.02
/ X 1.08 2.97 0.28
/ X 1.75 1.50 1.58
/EBITDA X 8.33 8.02 8.98
EBITDA/ X 0.38 0.30 0.21
EBITDA X 2.84 2.70 2.33
EBIT X 2.89 2.84 2.76
1 2 2017 2018 3
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2020
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EBITDA =EBITDA/
EBIT = EBIT/
“ ”
2018 [2018]15
“ = + + + + ”
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2020
AAA
AA
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CCC
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AAA CCC “ ” “ ”
AAA
AA
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CCC
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AAA CCC “ ” “ ”
A-1
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2020
2020 267
2020 2 25
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“ ”
2 26
2020 4 10
此件与原件一致，仅限 上海实
业发展股份有限公司2020年公
开发行公司债券（第一期）使
用，再次复印无效。