2022 3915
A
AA A
AA
6-10-1
A
AA
AA
2021
85000.00
6
6
6 85000.00
48000
22MWp EBITDA
2022 7 1
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V3.1.202204
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1.
2.
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Calvin Klein Tommy
Hilfiger FILA
3.
2021
www.lhratings.com 1
6-10-2
4.63 0.56
4.07 2021
aa- AA
11.11% 197.56%
2
3
4 1. 2020
3
2
2
2
F2 2
4 2. 2019 2021
2
55.28% 53.33% 52.92%
A B C D E F 6 3. 2021
6 1 6
F1 F7 7
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7 1 7
4.
2021 26.10 8.98%
lianhe@lhratings.com
98.91% 1.09%
010-85679696
2021 12.56
010-85679228
46.88%
2
5.
17 100022
2021
www.lhratings.com
50.18%
2021
51.43%
6.
8.50 2022
3 244.48% 28.49%
2022 3
69.02% 63.56% 35.27%
www.lhratings.com 2
6-10-3
2019 2020 2021 2022 3
( ) 4.38 5.04 6.54 7.43
( ) 48.51 48.21 59.77 62.43
( ) 13.54 14.78 21.22 21.98
( ) 23.03 23.62 25.81 26.35
( ) 1.10 0.33 0.28 3.48
( ) 24.13 23.95 26.10 29.83
( ) 55.70 47.02 51.57 13.73
( ) 3.29 3.59 3.34 0.76
EBITDA( ) 6.88 6.92 7.06 --
( ) 6.61 7.56 4.16 0.95
(%) 19.47 19.39 15.27 17.51
(%) 20.37 20.11 14.16 --
(%) 72.08 69.35 64.50 64.80
(%) 64.05 61.84 55.16 57.58
(%) 67.65 66.68 73.98 80.19
(%) 19.81 23.55 11.32 --
( ) 0.19 0.21 0.25 0.28
EBITDA ( ) 5.84 7.09 7.11 --
/EBITDA( ) 3.51 3.46 3.70 --
2019 2020 2021 2022 3
( ) 24.43 23.41 28.60 --
( ) 10.04 9.30 14.23 --
( ) 11.42 12.62 12.56 --
( ) 8.21 5.17 5.52 --
( ) 2.05 0.54 0.85 --
(%) 58.88 60.27 50.25 --
(%) 53.20 57.57 46.88 --
(%) 38.11 33.78 58.37 --
(%) 17.41 -0.29 15.45 --
1. 2022 2.
/
-- -- -- -- -- --
www.lhratings.com 3
6-10-4
/
www.lhratings.com 4
6-10-5
A
2022 3
62.43 21.98
0.72 2022 1 3
13.73 0.76
2007 3
1200 1.
A
A
2018 85000.00
10 26 6
2021
A 5556
605138.SH 55556.00 6
2022 3
55556.00 30.33%
1
43.3%
20 A
20
2022 3
1
1-2
2021 59.77
21.22 0.70
2021 51.57 20 = 20
3.34 / 20
www.lhratings.com 5
6-10-6
1 = 1 5
/
30 15
130% 130%
3000
P1 P0/ 1+n
P1 P0+A×k / 1+k
P1 P0+A×k / 30
1+n+k
P1 P0-D
P1 P0-D+A×k /
1+n+k
P1 P0 3
n A
k D 2
30
70%
30 15
85% 2
20
1
30
2
www.lhratings.com 6
6-10-7
2.
85000.00
1
%
1 48000 30266.67 22000.00 11.40
2 40188.70 30000.00 10.50
3 22MWp 8767.54 5500.00 --
4 2506.43 2000.00 --
5 25500.00 25500.00 --
107229.34 85000.00 --
48000
6071 4692
4140
2022
27.02
4.80% 5.19%
1.30% 0.50%
22MWp 2019 1.70%
22.00MWp
2022
6.00% 5.80%
100.00%
3
4.00%
4.57% 2019
7.20%
1.
2022
2 2021 2022
2021 2021 2021 2021 2022
GDP 24.80 28.15 28.99 32.42 27.02
www.lhratings.com 7
6-10-8
GDP % 18.30(4.95) 7.90(5.47) 4.90(4.85) 4.00(5.19) 4.80
% 24.50(6.79) 15.90(6.95) 11.80(6.37) 9.60(6.15) 6.50
% 25.60(2.90) 12.60(4.40) 7.30(3.80) 4.90(3.90) 9.30
% 25.60(7.60) 15.00(8.20) 8.80(7.20) 4.40(5.69) 0.70
% 29.70(2.30) 7.80(2.40) 1.50(0.40) 0.40(0.65) 8.50
% 29.80(-2.0) 19.20(2.00) 14.80(3.30) 13.50(4.80) 15.60
% 33.90(4.14) 23.00(4.39) 16.40(3.93) 12.50(3.98) 3.27
% 48.78 38.51 32.88 29.87 15.80
% 29.40 36.79 32.52 30.04 9.60
CPI % 0.00 0.50 0.60 0.90 1.10
PPI % 2.10 5.10 6.70 8.10 8.70
% 12.30 11.00 10.00 10.30 10.60
% 24.20 21.80 16.30 10.70 8.60
% 6.20 4.50 2.30 0.30 8.30
% 5.30 5.00 4.90 5.10 5.80
% 13.70(4.53) 12.00(5.14) 9.70(5.05) 8.10(5.06) 5.10
1.GDP 2.GDP 3.
4. 5. 6.2021
Wind
2022
12.06
2022 1.77 3
10.87 3.27% 10.60% 0.30
4.14%
3
2022 9238
10.49
9.30% 4258
4050
3 2022
2022 6.20 8.60%
1.48 13.00%
8209.20 15.80% 5.25 7.70%
6579.80 9.60%
1629.40
CPI PPI 2022
2022 CPI 1.10% 6.36 8.30%
23.80% 0.30
PPI 8.70%
PPI
22.40% 8.50% 8.40%
6.80% 6.20%
2022 5.53%
www.lhratings.com 8
6-10-9
1 2
5.30% 5.50%
3
5.80%
0.50
2022
1.03 5.10%
2.
2022 4
2017 2019
15900 /
2019 2020 4
2020
2021
2014
3 9
10 12
1
IMF
5.50%
1.
1
2014 Wind
www.lhratings.com 9
6-10-10
2018 2019
2020
2018
2020
9.58%
USDA 2020 10 2020/2021 6.53% 2021
593.30 816.47
2021 3028.1 51749
141.8 12.3% 2677
1892.6 / 27.4 25.4%
/ 573.1 3.0%
8%~30%
85%
2021 2506.1
0.2% 2021
2021
2 2021
2018 2019
3
2021
50%~70% 2008
www.lhratings.com 10
6-10-11
2021
2021
3154.66
8.38%
1452.03
5.58%
1702.63 24.01%
2014
10
2020
3.90% 6.60%
3.50%
2021 440823 3
12.5% 3.9% 1
13842
12.7%
2
2
www.lhratings.com 11
6-10-12
3
Lacoste
4 Calvin Klein Tommy
Hilfiger FILA
Hugo Boss
Charles Tyrwhitt T. M. Lewin
Burberry ELAND Jack
Jones Peace Bird
4
3.
2021
1. 14 1 5
2022 3 3 3 2
55556.00 30.33%
1968 7
43.3%
2.
2004
www.lhratings.com 12
6-10-13
1966 10
2021
9 3
3 2021 3
%
92.32
1.71
2.65
0.82
2.50
0.01
0.28 3 1
6.58
9.06 1/3
84.07
4.
913306006617396382 2022 4 14 1
/ 3
1 1
1
2.
1.
www.lhratings.com 13
6-10-14
2019 2021
3.77% 2020
15.57%
2021 9.68% 2019 2021
3.29 3.59
3.34
2020
4.03% 2021
34.05%
2019 2021
2021
30
56%
2019 2021
2021
38.09%
2019 2021
1.
2021
2019 2021
6.54 2.01
4
2019 2020 2021 2022 1 3
% % % % % % % %
18.48 34.31 23.65 17.03 37.12 22.89 22.83 45.36 16.35 6.38 47.89 18.70
22.71 42.15 17.74 14.57 31.77 17.98 14.88 29.56 15.97 4.45 33.41 17.58
4.44 8.24 19.91 4.30 9.37 19.41 5.52 10.97 10.82 1.14 8.56 12.26
4.47 8.29 25.98 3.84 8.36 26.06 4.29 8.53 17.38 0.72 5.41 17.10
3.78 7.01 8.21 3.18 6.94 7.70 2.62 5.21 13.74 0.63 4.73 15.47
www.lhratings.com 14
6-10-15
-- -- -- 2.95 6.44 16.49 0.19 0.37 -4.10 -- 0.002 --
53.88 100.00 19.96 45.87 100.00 19.80 50.33 100.00 15.51 13.32 100.00 17.43
&
2022 1 3 13.73
30.50% 0.76
40.85%
2.
1
2019 2021
5
2019 2020 2021 2022 1 3
19038.52 13965.62 9475.09 2100.70
/ 1.54 1.36 1.75 2.89
29331.59 23969.57 38455.76 6789.97
/ 2.98 3.00 3.68 4.31
1453.77 839.35 1278.32 277.18
/ 21.71 20.63 21.98 24.26
806.91 941.15 1374.53 149.07
/ 26.39 24.48 24.35 28.34
2019 2021 0.62%
29.45%
2019 2021 2019 2021
6.60% 5%
11.13%
www.lhratings.com 15
6-10-16
6 %
21429.83 6.06
11698.17 3.31
10848.48 3.07
2019
-- 9533.67 2.70
9121.79 2.58
-- -- 62631.94 17.72
13514.67 4.35
9855.26 3.17
9362.23 3.01
2020
-- 6963.79 2.24
6209.52 2.00
-- - 45905.47 14.77
18286.29 3.84
12752.09 2.68
11038.90 2.32
2021
9717.02 2.04
8717.32 1.83
-- -- 60511.62 12.71
2
2019 2021
7
2019 2020 2021 2022 1 3
2613.00 3143.40 3468.19 1050.13
2776.20 2429.51 3541.92 910.11
% 106.25 77.29 102.13 86.67
3042.00 2850.38 2684.73 765.76
3452.09 2234.08 2170.05 663.73
% 113.48 78.38 80.83 86.68
14850.00 18800.00 23400.00 6100.00
14633.82 12431.10 19183.38 4635.89
www.lhratings.com 16
6-10-17
% 98.54 66.12 81.98 76.00
6250.00 6400.00 6400.00 1600.00
6022.01 5077.74 5328.46 1430.40
% 96.35 79.34 83.26 89.40
7000.00 8400.00 6600.00 1200.00
7113.88 6912.64 5193.77 1243.84
% 101.63 82.29 78.69 103.65
2022
2019 2021
2019 2021
2020
12.49% 15.05% 3
2021
45.79% 54.32% 2019 2021
FILA Lacoste Hugo Boss Nordstrom Tommy
CK
100.00% 2019 2021
2021
3 50.18%
8
2019 2020 2021 2022 1 3
2821.82 2369.25 3527.97 914.22
% 101.64 97.52 99.61 100.45
/ 65.50 71.87 64.72 69.82
3411.16 2286.79 2170.16 661.91
% 98.81 102.36 100.01 99.73
/ 66.58 63.73 68.57 67.15
14542.79 12708.95 18877.14 4592.47
www.lhratings.com 17
6-10-18
2019 2020 2021 2022 1 3
% 99.38 102.24 98.40 99.06
/ 82.97 81.75 78.19 83.52
5917.10 4935.54 5299.32 1224.65
% 98.26 97.20 99.45 85.62
/ 21.28 20.33 17.54 18.14
36799.77 28834.43 13152.66 2138.82
% 517.30 417.13 253.24 171.95
/ 28501.57 25098.76 42463.83 53402.33
2019 2021
11.81% 13.93% 45~60
20.24% 5.36% 90
2019 2021
2019 2021
9.21%
9 %
Ralph Lauren Corporation 111322.15 19.99
Uniqlo Co. Ltd. 74144.22 13.31
Devanlay S.A. Lacoste 46362.50 8.32
2019
42563.49 7.64
33505.44 6.02
-- -- 307897.80 55.28
Uniqlo Co. Ltd. 66220.32 14.08
Ralph Lauren Corporation 55498.73 11.80
Devanlay S.A. Lacoste 52763.95 11.22
2020
50092.29 10.65
26218.48 5.58
-- -- 250793.76 53.33
Ralph Lauren Corporation 78937.79 15.31
Uniqlo Co. Ltd. 56492.81 10.95
Devanlay S.A. Lacoste 54529.18 10.57
2021
51542.24 9.99
HUGO BOSS AG 31452.28 6.10
-- -- 272954.30 52.92
3.
www.lhratings.com 18
6-10-19
2019 2021
2019 2021
7%
10%
10 %
2019 2020 2021
33015.49 7.40 32530.75 8.65 32090.89 7.40
75864.89 13.62 89893.42 19.12 59656.36 11.57
4. 5.
2019 2021
2019 2021
6.37 5.30 6.42
4.50 4.49
4.54
1.16 0.97 0.96
11 2021
1.
( ) ( ) ( )
3.14 5.89 0.67 2019 2021
6.26 7.61 1.11
7.17 6.18 1.27
A 1.70 9.16 0.40
4.10 11.07 0.83 2022
5.21 11.00 0.46 2020
1.41 6.17 0.49
4 3
3.92 7.43 0.58
1 2
4.01 7.52 0.63
4.49 6.46 0.97 1 1 2021
Wind
11 8
Wind
3 4
1 3
www.lhratings.com 19
6-10-20
2.
2019 2021
2021 59.77
21.22 0.70
2021 51.57
3.34
2022 3 62.43 2019 2021
21.98
0.72 2022 1 3 11.00% 2021
13.73 0.76 23.98%
12 %
2019 2020 2021 2022 3
22.58 46.56 21.42 44.43 27.16 45.44 27.74 44.44
2.10 9.32 3.04 14.18 4.55 16.77 5.70 20.53
7.07 31.33 7.47 34.89 6.46 23.80 6.20 22.35
9.57 42.37 7.19 33.56 11.93 43.92 11.82 42.61
25.92 53.44 26.79 55.57 32.61 54.56 34.69 55.56
20.54 79.24 19.41 72.46 21.56 66.13 21.78 62.79
0.65 2.50 0.81 3.04 2.39 7.34 2.42 6.99
1.62 6.26 2.58 9.64 3.86 11.84 4.18 12.04
48.51 100.00 48.21 100.00 59.77 100.00 62.43 100.00
= / = /
1 99.41% 0.37
2019 2021 3.58
9.67% 2021 52.43%
26.82% 2019 2021
11.65% 2020
24.89%
2019 2021 2021
47.13% 2021 65.98%
49.96% 36.49%
39.42% 15.36%
0.24 5.27% 0.95 7.38%
2019 2021
4.41% 2021
13.49%
1
www.lhratings.com 20
6-10-21
2 2022 3
2019 2021 4.45%
12.15% 2021
21.71% 3.
1
2019 2021
2019 2021
2.46% 2020
5.49% 2019 2021
25.17% 2021
2021 11.08% 21.22 43.58%
42.28% 96.70%
52.70% 4.26% 3.30%
16.59
71.14% 27.08% 29.90% -8.23%
2019 2021 48.34 %
92.33% 2021 2021
193.95% 4.63
0.56 4.07
2019 2021 2021
54.23% 2021 11.11% 197.56%
49.35% 2021
51.43%
“DTXT”
2019 2021
94.67% 0.59 -0.48 -0.94
-1.69
2021 2022 3 21.98
3.58%
2
13 2021
2019 2021
%
0.24 0.40
1.07 1.79
2.66 4.46
4.54 7.60 2019 2021
0.86 1.44
5.00% 2021
0.94 1.58
10.31 17.27 -- 15.31%
www.lhratings.com 21
6-10-22
14 %
2019 2020 2021 2022 3
33.38 95.47 32.12 96.08 36.72 95.24 34.60 85.53
22.62 67.76 23.13 71.99 24.31 66.22 25.20 72.82
5.61 16.81 4.87 15.17 6.23 16.98 4.78 13.82
1.58 4.53 1.31 3.92 1.84 4.76 5.85 14.47
0.00 0.00 0.00 0.00 0.21 11.58 0.18 3.10
0.19 11.87 0.16 11.94 0.14 7.72 0.15 2.54
0.18 11.07 0.79 60.13 1.23 67.02 2.05 35.00
0.03 1.65 0.04 3.05 0.18 9.75 0.18 3.07
34.97 100.00 33.43 100.00 38.55 100.00 40.45 100.00
= / = /
2019 2021 9.43%
4.87% 2021 2019 2021
14.30% 165.00% 2021
56.15%
2019 2021
3.67% 2021 2019 2021
5.13% 161.72% 2021
2019 2021 0.14
5.40% 2021 DTXT
27.88%
2022 3
1 4.94%
2021 1 1 2022 3
2021 3.22 1
0.21 21.49% 3 78.51%
2019 2021
13.16% 2021
2 % 3 %
www.lhratings.com 22
6-10-23
2019 2021 30.87%
4.00% 2021 0.97
26.10 1.07% 2019 2021
8.98% 98.91% 13.37% 12.19% 11.09%
1.09%
25.81 9.27%
2021 0.84
0.28 12.60%
506.84%
2019 2021
8032.HK Natural
72.08% 69.35% 64.50% Fiber Welding Inc. Simple Agreement for Future
64.05% 61.84% 55.16% Equity
7.50% 2.16% 1.32% 25.77%
2019 2021
2022 3 29.83 0.32 0.30 0.41
14.30% 9.57%
8.20% 12.59%
88.34%
11.66% 4 %
2022 3
64.80% 57.58% 13.66%
0.30 2.42 12.34
4.
2019 2021
2019 2021
10.45% 10.20% 8.45%
2019 2021
3.77% 20.37% 20.11% 14.16%
1.37% 2019 2021
19.47% 19.39% 15.27%
3.29 3.59 3.34
2019 2021
15 2021
12.36% 2021
5.72 0.18% % % %
238.77 24.28 9.48 12.25
23.57 19.12 10.25 13.30
26.86% 43.82% 12.34%
7.97 15.54 3.61 5.78
16.97%
A 52.38 20.72 3.09 4.44
1.54 1.62%
38.97 15.82 4.42 4.87
2.51 7.79% 0.71
www.lhratings.com 23
6-10-24
34.98 19.41 8.36 10.66 2019 2021
53.03 13.30 2.13 1.14 49.78%
13.02 15.84 5.41 9.14
52.70% 2019
36.98 17.48 4.92 7.46
2021
51.57 15.87 7.91 16.72
Wind 53.34%
Wind
2022 1 3 13.73
30.50% 0.76 2019 2021
40.85% 2021
5. 2019 2021
2019 2021
4.00%
9.86% 2019 2021
2021 2021
16
2022 1 3
2022
2019 2020 2021
1 3
54.85 47.14 54.42 15.67 0.95 -
48.24 39.58 50.26 14.72 3.35 3.60
6.61 7.56 4.16 0.95
0.62 0.84 1.38 0.06
6.
3.42 5.00 7.98 3.41
-2.81 -4.16 -6.60 -3.35
3.81 3.40 -2.44 -2.40
60.70 49.25 55.94 19.88
63.79 50.96 51.83 16.28
-3.09 -1.72 4.11 3.60 17
% 95.84 96.30 101.02 101.36 2019 2020 2021
% 67.65 66.68 73.98
% 38.99 44.30 41.49
2019 2021 / % 19.81 23.55 11.32
0.40% / 0.29 0.32 0.16
2.07% / 0.19 0.21 0.25
EBITDA 6.88 6.92 7.06
2019 2021
/EBITDA 3.51 3.46 3.70
/ 0.27 0.32 0.16
20.71% 2021 EBITDA/ 5.84 7.09 7.11
45.03% / 5.62 7.75 4.19
2019 2021 95.84%
96.30% 101.02% 2019 2021
www.lhratings.com 24
6-10-25
2019 2021 2021
50.25% 10.02
12.56
2019 2021 2021
EBITDA 2021 46.88%
EBITDA 34.49% 2021
14.06% 47.40% 14.23 53.03%
2019 2021
5.56 39.04%
EBITDA EBITDA
7.18 50.44%
/EBITDA
1.07 7.52% 0.43
EBITDA
3.01%
2021 5.52
1.06 0.85
2022 3
2021
2.19 -
2022 3
0.80 -1.22
2022 3
40.94
1.71 10.82
EBITDA
7.
2021 28.60 1.
22.21% 8.50
8.27 28.92% 20.33 2022 3 244.48%
71.08% 28.49%
16.14% 8.65%
2022 3
60.64% 10.87%
55.37%
11.33%
64.80% 57.58% 13.66%
24.97% 2021
69.02% 63.56% 35.27%
1.33
2021 14.37 2.
1.89%
14.17 98.59% 0.20 EBITDA
1.41%
88.11%
www.lhratings.com 25
6-10-26
18
2021
* 8.78
/ 6.19
/ 0.47
/EBITDA 1.24
30 15
85%
30
15
130% 130% 3000
AA
AA
www.lhratings.com 26
6-10-27
1-1 2022 3
1-2 2022 3
www.lhratings.com 27
6-10-28
1-3 2022 3
%
2379.10
1 -- 100.00
/281.24
110475.13
2 100.00 --
/10464.97
13779.19
3 -- 100.00
/1776.67
( ) 13508.93
4 -- 100.00
/1741.99
56700000.00
5 /4050.33 -- 100.00
1600.00
( )
6 /1600.00 -- 100.00
www.lhratings.com 28
6-10-29
2-1
2019 2020 2021 2022 3
4.38 5.04 6.54 7.43
48.51 48.21 59.77 62.43
13.54 14.78 21.22 21.98
23.03 23.62 25.81 26.35
1.10 0.33 0.28 3.48
24.13 23.95 26.10 29.83
55.70 47.02 51.57 13.73
3.29 3.59 3.34 0.76
EBITDA 6.88 6.92 7.06 --
6.61 7.56 4.16 0.95
6.37 5.30 6.42 --
4.50 4.49 4.54 --
1.16 0.97 0.96 --
% 95.84 96.30 101.02 101.36
% 19.47 19.39 15.27 17.51
% 10.45 10.20 8.45 --
% 20.37 20.11 14.16 --
% 7.50 2.16 1.32 13.66
% 64.05 61.84 55.16 57.58
% 72.08 69.35 64.50 64.80
% 67.65 66.68 73.98 80.19
% 38.99 44.30 41.49 46.02
% 19.81 23.55 11.32 --
0.19 0.21 0.25 0.28
EBITDA 5.84 7.09 7.11 --
/EBITDA 3.51 3.46 3.70 --
1. 2022 2.
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2019 2020 2021 2022 3
1.46 1.30 1.54 --
24.43 23.41 28.60 --
10.04 9.30 14.23 --
11.42 12.62 12.56 --
0.00 0.00 0.00 --
11.42 12.62 12.56 --
8.21 5.17 5.52 --
2.05 0.54 0.85 --
EBITDA -- -- -- --
2.46 -0.04 2.19 --
4.46 3.14 4.30 --
6.21 5.68 5.75 --
0.35 0.22 0.21 --
% 105.01 68.42 79.14 --
% 22.39 18.40 20.61 --
% 9.09 2.53 3.38 --
% 19.42 5.97 6.36 --
% 0.00 0.00 0.00 --
% 53.20 57.57 46.88 --
% 58.88 60.27 50.25 --
% 38.11 33.78 58.37 --
% 32.01 29.70 52.03 --
% 17.41 -0.29 15.45 --
0.13 0.10 0.12 --
EBITDA -- -- -- --
/EBITDA -- -- -- --
1. 2022 2.
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1 2 = - / ×100%
2 n =[( / n )^ 1/(n-1) -1]×100%
/ + +
/
/
/ ×100%
+ / + + ×100%
/ ×100%
- - / ×100%
/ ×100%
/ + + ×100%
/ + ×100%
/ ×100%
EBITDA EBITDA/
/ EBITDA / EBITDA
/ ×100%
- / ×100%
/ ×100%
/
= + + +
= + + + +
= + + +
= +
EBITDA= + + + +
= +
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AAA AA A BBB BB B
CCC CC C AAA CCC + -
AAA
AA
A
BBB
BB
B
CCC
CC
C
4-2
4-3
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