202 1
(2021)100762
2021
/ / /
AA+/ / AA+/2021 6 29
AA+/ / AA+/2020 11 3
2021
2018 2019 2020
0.64 0.15 0.38 0.90 2021
5.33 5.87 0.50 0.50
63.48 70.30 79.50 83.12 2020
0.44 0.47 0.80 0.03
128.38 130.65 143.26 154.78
52.67 48.21 47.88 50.23
31.87 30.03 21.34 22.35
75.70 82.45 95.37 104.55
83.78 93.06 96.44 29.22
12.08 13.46 18.24 8.80
20.66 20.17 31.18 8.72
EBITDA 23.79 26.86 32.07
[%] 41.03 36.90 33.42 32.45
237.52 274.57 446.90 467.81
[%]
[%] 80.31 81.00 88.85 108.27
[%] 18.71 25.08 34.93 48.02
[ ] 10.91 10.52 17.36
[%] 16.49 17.02 20.51
90.13 70.95 91.42
[%]
21.89 22.11 41.58
[%]
EBITDA/ [ ] 17.73 16.61 25.08
EBITDA/ [ ] 0.73 0.87 1.25
2018-2020 2021
yangyi@shxsj.com
qb@shxsj.com
Tel (021) 63501349 Fax: (021)63500872
398 14F
http://www.shxsj.com
1
2020
2020
AA+
AA+
2
2021
2020 2021
[2020]409 2021 4
15 6 2021
10 15 2027 4 8 4.50
10.50 3
2021 5 9.72
9.74
1.
1,235 6.56 4.20 2.48
5.73 4.80 2.66
1.82 1.50 0.09
4.50 4.50 4.50
- 18.61 15.00 9.72
2021 5
2021 5
15
2.
/
15.00 15.00 6 0.20% 2021-04-09 2027-04-09 15.00 /2021 2
2021 5
3
1.
1
2021
“ ”
2021
4
2021
“ ”
2
2019
2020
6
2020
A
75%
Wind 2018-2020 12.03
13.22 14.14 9.53% 9.92% 7.00%
5
82.23 89.38 92.68
5.22% 8.70% 3.69% 20.93
22.72 22.44 17.18% 8.51%
1.20% 9.36 9.59 9.12
-7.82% 2.56% -4.92% 2020
2021
25.56%
2.76 79.84 11.21%
3.62 1.91 28.22%
22.91%
3. 2011
Wind
90%
2013
2018
Wind 11
241 15.74 5.85% 11-12
233
15.43 2019 1 4
3-5
5 238 6
10
235 15.50 2020
4 5
6
230 15.00 7
2021 3
247 16.20 2018-2020
8.69 9.27 9.46
9.92% 6.68% 2.05% 2020
2021 1-3
2.47 7.79%
4. 2011
Wind
2018
80 / 2019 1-5
73 / 6
11 82.46 /
81.41 / 2020
3
12,980 6,200
3 78.00 /
4 67 / 5
8
93 / 11 12
110
/ 2021 100 /
3 105 /
7
1
5. 2016 /
Wind
6. 2016
Wind
40% 200#
2018 1-5 5 10
4,530 / 11 5,130 / 2019 4
4,850 / 2020 OPEC
1-3 4
2,000-2,200 /
3#A 2018
1,800-2,000 / 2019 1,100
/ 2020 2 1,530 / 3
1,000 / 4 2021 3
2,360 /
2017
1
9 4mm 5mm 12mm
8
7,400 / 2018 4
3,331.30 / 5,200 /
2019 9 3,200 /
4,362.80 / 2020 6
2,500 / 10 6,500
/
7. 2018 /
Wind
20%
2018 W 1,750-2,200 / 2019
2019 1,500 / 2020
6 1,250 /
8
10 2,000 / 11
1,450 /
2019 2020
2020
9
8. 2017 /
Wind
2018-2020
760 843 926 116
98 130 2020
B
2013 10
2016 5
2020
10 60%
2015 4
2018 1
2018 8
2020 1
C /
10
9. %
/
m2
96.44 37.28 583.80 2,233.00 143.26 33.42 4.63 18.24 31.18
186.16 41.75 379.34 37.94 2.42 64.31 37.91
106.71 30.24 296.00 3,441.00 178.83 40.64 2.57 8.12 27.31
199.07 39.51 128.99 10,445.00 384.24 43.81 2.18 25.98 52.78
40.85 21.78 48.91 2,429.61 69.76 37.28 5.32 1.66 6.12
48.84 20.21 140.36 429.94 96.19 53.85 2.16 3.51 7.54
190.38 20.76 214.16 11,674.90 528.68 69.28 0.71 8.96 10.63
31.59 23.39 177.20 72.01 69.89 0.63 -0.98 6.29
2020 /
D
2020
11
2.
2020
2017
10.
/ /
/
1 /
11. %
2018 2019 2020 2021
83.78 93.06 96.44 29.22
82.86 91.97 95.37 28.90
1 81.12 85.28 84.28 25.50
% 97.90 92.73 88.37 88.23
2 1.74 6.69 11.10 3.40
% 2.10 7.27 11.63 11.77
% 28.79 29.44 37.28 51.70
% 28.27 28.91 37.23 53.33
12
2018 2019 2020 2021
% 25.09 30.16 33.18 42.98
2018-2020 83.78 93.06 96.44
82.86 91.97 95.37
2018
2020
90% 2018-2020 28.79% 29.44% 37.28%
28.27% 28.91% 37.23% 2020
25.09%
30.16% 33.18%
2021
124.96% 29.22
17.62 51.70%
A.
12. /
8 5,700
2 1,400
5 3,100
2 1,200
4 2,600
2 1,200
2 1,400
1 1,000
26 17,600
2021 3
2021 3 26
17,600 /
8 7 1
2018 1
3 9
2019 1
2 9 11 2020
5 6 7
13
2
10 11 2018-2020
16,117 16,933 16,850
2016
2016
2018 12
2018 2019
2020
2021 3 3
2018 2019 7
2020 4
2021 1 28
2
B.
2018-2020 10,990.58
11,885.45 11,676.00 2019
2020
2019
2018-2020 11,003.22 11,844.72
11,377.00
76.65 / 74.88 / 77.72 / 2019
2020
2021
78.63%
97.24 / 19.58 /
13.
2018 2019 2020 2021
10,990.58 11,885.45 11,676.00 2,991.00
2
14
2018 2019 2020 2021
11,003.22 11,844.72 11,377.00 2,855.00
100.12% 99.66% 97.44% 95.45%
76.65 74.88 77.72 97.24
2016 2017
2018 2
2019
14.
2018 2019 2020 2021
383.00 1,159.92 2,233.00 720.98
361.00 1,126.58 2,191.00 667.16
22.00 33.17 75.00 133.14
30% 2017
2018-2020
71.77 82.77 87.35
86.61% 89.96% 91.56% 8.00 8.31
7.02 9.66% 9.03% 7.36% 2020
15.46%
60%
A
3
15
C.
2019 4
80%
1 2020
20%
1
2021 3
5 4 2,909.80
40-50%
25 16
2018-2020
1,613.53 / 1,634.72 / 1,361.00 /
2018-2019 2020
16.74% 2021 1,311.00 /
6.82%
15. / /m3
2018 156.22 2,710.18 1,430.91 2.22 1,613.53
2019 185.41 2,780.88 1,298.34 2.32 1,634.72
2020 205.00 2,357.00 998.00 2.20 1,361.00
2021 246.00 2,061.00 1,319.00 1.97 1,311.00
2020
15.24% 23.13% 5.17% 2021
16
D.
2
2017 3 6 9 2
80-85% 2020
6.41 11.51% -0.33
3
0.55
2018 2019
5
2020 1.46 47.65%
-0.17 0.10
2020
E.
2018-2020 3.19 3.98 4.22
3.80% 4.28% 4.37% 2020
13 10
2020 115 41 74
70
50
3 2019 2020
1.6987 1.6173
17
2
16.
4
= -
2018-2020 24.12 27.40 35.95
2020 31.24%
10.25 11.26 13.49
1.08 1.29 0.87 2020
32.80% 5.07 5.14 7.21 2020
40.08%
3.10 3.71 4.12
1.00 1.12 1.29
1.18 1.33
1.24 -0.03 -0.36
0.15 1.17 1.21 1.26
2018-2020 0.60 0.17
1.43 2020
2018-2020 12.10
14.75 19.78
2021 15.11 10.68
4.87 2.22
9.83 8.27
17.
2021 2020
2018 2019 2020
83.78 93.06 96.44 29.22 12.99
24.12 27.40 35.95 15.11 4.43
4 2019
18
2021 2020
2018 2019 2020
% 12.24 12.10 13.99 16.68 20.44
% 1.19 1.20 1.34 1.07 5.35
1.34 1.62 1.28 - -
0.16 0.29 0.04 - -
2018-2020
3,274.39 115.31 244.95 2018
10% 3,100.00
1.17 1.23
1.23
2021 -65.75
0.32
18.
2021 2020
2018 2019 2020
3,274.39 115.31 244.95 -67.75 -16.74
11,744.48 12,331.74 12,292.14 3,174.09 2,650.36
-254.84 -1,490.40 -85.91 -47.30 -1.33
2018-2020 12.08 13.46 18.24
11.46% 13.13% 16.21%
16.49% 17.02% 20.51% 2021
8.80 7.19
3 /
80.78 9.50
19
2021 4-12 2022 2023 26.79
28.18 11.01
19.
2021 3
2021 4-12 2022 2023
62.18 2.03 21.01 25.67 9.68
10.33 5.67 2.04 1.59 1.03
8.27 1.81 3.73 0.92 0.31
80.78 9.50 26.79 28.18 11.01
2021 3
25.36%
14.98% 100%
2021 5 12 6
2018-2020
/ /
2020
0 0.02
20.
2018 2019 2020
0.03 0.03 0.03
0.003 0.0001 0.0003
25.52 18.65 -
- - -
5.37 5.46 0.02
20
2021 5 24
2021 4
2021 5
2020
1.
2018 2020
15 2014
2018
100% 2019 2
69.20%
6,636.00 80%
2020
7
21
2.
1
21.
2017-2019 52.67 48.21 47.88
75.70 82.45 95.37
41.03% 36.90% 33.42%
2.38 2.75 4.47
2021 3 2.35
50.23 9.17 104.55
32.45%
4.68
22
2
22.
2018 2019 2020 2021 3
31.87 30.03 21.34 22.35
7.03 5.45 9.75 10.60
3.18 2.27 3.10 3.12
1.73 2.06 3.67 4.91
- 6.36 5.83 5.28 5.12
% 60.51 62.29 44.57 44.49
% 13.35 11.31 20.37 21.10
% 6.04 4.72 6.48 6.21
% 3.28 4.28 7.66 9.77
- % 12.08 12.09 11.04 10.19
2020
2021 3 44.49%
-
2020
-
2018-2020 2021 3
103.07% 55.86% 28.43% 27.80% 2017
23
3
23.
2018 2019 2020 2021 3
11.71 18.90 16.40 16.90
4.90 9.38 12.68 12.10
4.59 3.21 3.00 3.02
- 5.33 - -
2.15 0.83 0.69 1.74
0.06 0.15 0.04 0.04
20.16 11.13 4.94 5.45
14.83 11.13 4.94 5.45
5.33 - - -
% 4.13% 5.23% 4.98% -
2018-2020 31.87 30.03
21.34 2017
17 EB 10.00 5
2018 4.67 2020 2020
2018-2020
63.27% 37.07% 23.15%
2021 3 1.01 22.35
2018-2020
6 4.13% 5.23% 4.98% 2018
17 EB 7
2019 17 EB
2020
24. 2021 3
1~2 2~3 3~5
1 5
2 3 5
1%~2% 2% 0.78 - - - -
2%~3% 3% 1.08 0.04 - - -
5
6 = /[( + )/2]*100%
7 17 EB 1-3 1% 1% 6% 0.40%
24
1~2 2~3 3~5
1 5
2 3 5
3%~4% 4% 7.74 - 0.51 0.23 -
4%~5% 5% 1.02 0.51 3.47 0.28 0.41
10.61 0.55 3.98 0.51 0.41
3.
1
25.
2018 2019 2020 2021
42.63 42.26 55.51 -
% 71.81 73.28 86.50 80.14
21.78 21.59 32.01 9.57
-1.11 -1.42 -0.83 -0.85
20.66 20.17 31.18 8.72
EBITDA 23.79 26.86 32.07 -
EBITDA/ 0.73 0.87 1.25 -
EBITDA/ 17.73 16.61 25.08 -
1
2
3
2018-2020 42.63 42.26 55.51 2020
2020 10.42
32.01
2020
11.01 31.18 2021
9.57 11.17 8.72
11.11
2018-2020 EBITDA 23.79 26.86 32.07
EBITDA
2020 EBITDA
25
2
26.
2018 2019 2020 2021
0.39 0.09 - -
- - 0.11 0.01
-10.57 -7.14 -11.41 -3.07
1.45 -1.97 0.10 0.05
-8.73 -9.02 -11.20 -3.01
2018-2020 2021
-10.57 -7.14 -11.41
-3.07 1.45
-1.97 0.10 0.05 2018
2019 2020
3
27.
2018 2019 2020 2021
-8.07 -7.78 -7.24 -
0.56 -1.93 -4.29 -0.29
-1.17 -1.45 -1.43 -0.20
-6.39 -0.81 -4.46 -0.19
-13.90 -10.51 -15.99 -0.47
2018-2020 0 0.13
0.66 2020
-8.07
-7.78 -7.24 2020
2021
-0.47
26
4.
28.
2018 2019 2020 2021 3
20.83 25.05 33.12 42.56
16.23% 19.18% 23.12% 27.50%
4.35 4.88 9.10 14.51
- 2.50 2.80 2.80
7.05 6.73 10.07 12.97
7.39 8.03 7.55 7.60
107.54 105.60 110.13 112.22
83.77% 80.82% 76.88% 72.50%
83.39 84.22 81.18 84.75
8.40 6.00 10.96 6.40
8.24 8.71 10.40 11.45
4.01 3.54 3.88 5.26
16.33 17.55 10.16 -
/ 12.72% 13.43% 7.09% -
1 2 2021 3
2018-2020 2021 3 128.38
130.65 143.26 154.78
83.77% 80.82% 76.88% 72.50% 2020
2020
9.10
0.69 7.58% 2.80
10.07
3.33
6.46 3.53
2020 896.23
262.99 0.14 7.55
8
2020
81.18 3.05
43.67 35.67 10.96
4.96
8
27
10.40 1.69 2020
9.43 0.56
3.88
2.64 0.95 0.19
2020 10.16
7.09% 0.69 8.38
1.09
10.32% 10.46%
2021 3 5.41 14.51
2.91 15.63
3.58 4.56
84.75 6.40
5. /
29.
2018 2019 2020 2021 3
% 80.31 81.00 88.85 108.27
% 9 51.65 55.60 60.05 73.03
% 18.71 25.08 34.93 48.02
2018-2020 2021 3 80.31% 81.00%
88.85% 108.27% 51.65% 55.60% 60.05% 73.03%
18.71% 25.08% 34.93% 48.02%
6.
2020
7. /
2014 7
2020 92.17
0.38 13.27
77.86
12.67
9 (%)= - - - /
100%
28
0.50 12.14 2020
0.73
0.80% 9.50
0.80
1.
2021 3 66.41 45.51
10
30.
/
66.41 45.51 1.31%-4.65%
0.34 - 2.44% +
30.83 15.60 2.39%-4.65%
46.94% 34.29% - -
2021 3
A
6 1
2021 10 15 2027 4 8 13.15 / 2021
6 18 12.80 /
5
1 30
15 130% 130% 2
3,000
10 2021 3 6.5713
1.5834
29
2 A
30 70%
2020
2020
1
2
3 4
30
100%
6.15%
14.98%
93.85%
25.36%
2021 3
2021 5
31
2020
%
- 21.37 99.90 98.57 17.35 29.85
- - 0.50 79.50 0.73 9.50 0.80
100.00 2.98 24.43 23.98 5.43 7.77
100.00 0.80 6.88 8.47 1.76 1.94
100.00 4.82 19.06 18.21 4.17 2.87
100.00 1.03 4.88 6.63 3.60 0.34
100.00 3.75 2.64 3.96 0.29 0.71
100.00 2.03 9.04 6.33 1.37 1.01
100.00 0.44 1.53 4.21 0.30 0.66
100.00 0.69 1.03 2.14 0.07 0.42
100.00 0.50 1.54 3.78 0.25 0.75
100.00 1.38 0.61 0.91 0.10 0.27
2020
32
2021
[ ] 2018 2019 2020
[ ] 128.38 130.65 143.26 154.78
[ ] 4.35 4.88 9.10 14.51
[ ] 31.87 30.03 21.34 22.35
[ ] 75.70 82.45 95.37 104.55
[ ] 83.78 93.06 96.44 29.22
[ ] 12.08 13.46 18.24 8.80
EBITDA[ ] 23.79 26.86 32.07
[ ] 20.66 20.17 31.18 8.72
[ ] -8.73 -9.02 -11.20 -3.01
[%] 41.03 36.90 33.42 32.45
[%] 237.52 274.57 446.90 467.81
[%] 80.31 81.00 88.85 108.27
[%] 18.71 25.08 34.93 48.02
[ ] 10.91 10.52 17.36
[%]
[ ] 42.63 42.26 55.51
[%] 28.79 29.44 37.28 51.70
[%] 16.10 16.99 21.75 34.66
[%] 11.46 13.13 16.21
[%] 16.49 17.02 20.51
*[%] 16.49 17.04 20.61
[%] 71.81 73.28 86.50 80.14
[%] 90.13 70.95 91.42
[%] 21.89 22.11 41.58
EBITDA/ [ ] 17.73 16.61 25.08
EBITDA/ [ ] 0.73 0.87 1.25
2018-2020 2021
(%)= / ×100%
(%)= / ×100%
(%)= / ×100%
(%)=[ + + ]/ ×100%
( )=( + )/ +
(%)= / ×100%
( )=365/{ /[( + )/2]} +365/{ /[( +
)/2] }
(%)=1 / ×100%
(%)= / ×100%
(%)= ( + )/[( + )/2]×100%
(%)= /[( + )/2]×100%
*(%)= / [( + )/2]×100%
(%)= / ×100%
(%)= /[( + )/2]×100%
(%)=( + )/[(
+ )/2]×100%
EBITDA/ [ ]= EBITDA/ +
EBITDA/ [ ]=EBITDA/[ + /2]
1.
2. = + + + + + + +
3. EBITDA= + + +
33
AAA
AA
A
BBB
BB
B
CCC
CC
C
AAA CCC “+” “-”
AAA
AA
A
BBB
BB
B
CCC
CC
C
AAA CCC “+” “-”
34
1
3
3
1
1
1
1
4
1
5
2
2
AA+
2012
2020 11 3 AA+/ 2018
MX-GS003 2019.8
-
2012
+
2021 6 29 AA / 2018 -
MX-GS003 2019.8
2012
2020 11 3 AA+ 2018
MX-GS003 2019.8
2012
2021 6 29 AA+ 2018 -
MX-GS003 2019.8
35
36