6-10-1
China Chengxin International Credit Rating Co.,Ltd.
www.ccxi.com.cn
www.ccxi.com.cn 2 2020
6-10-2
China Chengxin International Credit Rating Co.,Ltd.
[2020]4719D
2020
AA-
AA-
2 SOHO6
100010 8610 6642 8877 8610 6642 6100
Building 6, Galaxy SOHO, No.2 Nanzhuganhutong,ChaoyangmenneiAvenue,
Dongcheng District,Beijing, 100010
6-10-3
China Chengxin International Credit Rating Co.,Ltd.
10 7
6
3
AA-
-
2020 AA
2017 2018 2019 2020.9
21.73 27.67 35.90 54.82
8.54 12.26 15.59 27.18
13.19 15.42 20.31 27.64 80%
4.56 8.40 11.34 18.91
45.98 63.23 76.47 63.59
2.63 2.51 3.33 3.08 +
EBIT 3.66 3.65 4.86 --
EBITDA 3.99 4.05 5.42 --
-0.28 0.08 1.31 -18.92
(%) 13.06 10.12 10.80 11.22
(%) 18.25 14.77 15.28 --
(%) 60.70 55.71 56.57 50.42
(%)
34.80 40.66 42.11 41.03
/EBITDA(X) 1.14 2.07 2.09 --
EBITDA (X) 27.75 15.54 13.00 --
2017 ~2019 2020
100%
2019 150
12~18
5
2020 100
12
2020
14.00%
A 2020 7
www.ccxi.com.cn 4 2020
6-10-4
China Chengxin International Credit Rating Co.,Ltd.
A
A
1994
5 50.00 2016
9
A 2020 7 31
605222 5,000
18.43 / 8.46 1
3.51 4.01 A
130% 130% 2
3,000
1
2020 9
4.01 70%
65.16%
2
2.37%
67.53%
7.50%
1
7
3
100.00%
100.00%
100.00%
100.00%
2020
2 GDP 4.9%
GDP 0.7%
2020
10
6
100
8-9
www.ccxi.com.cn 5 2020
6-10-5
China Chengxin International Credit Rating Co.,Ltd.
GDP
CPI PPI
2020
2021
www.ccxi.com.cn 6 2020
6-10-6
China Chengxin International Credit Rating Co.,Ltd.
2018 11
7,045 /
1 LME 3 /
10,000
4,000
choice
2019
LME 3 14.2%
10% 1,813 / 2020
60% 2017
1,400 3 LME 3
SHFE 3 15.50% 17.74%
2018 2 2020 4
SHFE 3
LME 3 5
2 LME3 SHFE
/ /
2019
LME 3
6,017 / 8.04%
2020 LME 3
V
3 LME 3 4,797.5
/ 22.45%
www.ccxi.com.cn 7 2020
6-10-7
China Chengxin International Credit Rating Co.,Ltd.
2015~2020
2015~2020 2
1.7
2019 17.39% 3,400
1.35
2020 2 7 12
2009 143
2019 229 2020
2022 2020 7
1.72 3
3
4
2020
4
0.2% 5G
11.7%
1~2
98%
www.ccxi.com.cn 8 2020
6-10-8
China Chengxin International Credit Rating Co.,Ltd.
2020 1~9
14.00%
3
2017 2018 2019 2020.1~9
22.70 35.41 43.01 35.12
PVC
14.92 22.34 26.52 17.37
7.79 13.07 16.49 17.76
85% 8%
22.54 26.19 31.33 26.88
16.32 18.74 21.69 16.19
6.22 7.45 9.64 10.69
2017~2018
0.74 1.63 2.13 1.59
45.98 63.23 76.47 63.59 2019
2017 2018 2019 2020.1~9
49.37% 56.00% 56.24% 55.23%
2020
32.45% 35.33% 34.68% 27.32%
16.94% 20.67% 21.56% 27.93%
49.02% 41.42% 40.97% 42.27%
35.49% 29.64% 28.36% 25.46%
13.53% 11.78% 12.61% 16.81%
1.61% 2.58% 2.79% 2.50%
100.00% 100.00% 100.00% 100.00%
4 /
2017 2018 2019 2020.1~9
79,157.27 43.27 104,495.12 45.07 133,188.62 43.08 134,429.59 41.96
3,891.50 13.35 3,974.02 13.67 5,032.58 13.58 3,730.08 13.60
34,992.04 8.48 49,167.68 8.83 61,774.69 9.12 60,465.84 8.84
3,083.72 6.00 4,768.35 6.53 5,095.55 6.35 4,816.58 6.26
15,763.45 8.02 17,643.34 8.96 21,484.57 10.33 21,381.13 10.26
89.42%
5 2019 / %
28,827.30 82.81 43,957.96 89.42 1,573.09 83.69 1,727.23 80.76
893.73 2.57 286.81 0.58 12.05 0.64 3.00 0.14
3,421.82 9.83 2,108.33 4.29 175.26 9.32 225.96 10.56
www.ccxi.com.cn 9 2020
6-10-9
China Chengxin International Credit Rating Co.,Ltd.
284.85 0.82 317.00 0.64 1.72 0.09 6.65 0.31
491.37 1.41 1,217.70 2.49 65.43 3.48 83.90 3.92
892.41 2.56 1,270.46 2.58 52.22 2.78 92.10 4.31
34,811.49 100.00 49,158.27 100.00 1,879.77 100.00 2,138.85 100.00
2019
2019 148.70
2019
1 20.91
2020 9 25.09
2020 8 19
2017~2019
55.41% 44.36% 34.78%
200
2020 10 26
1~2 2
7 /
2020 9 108.32 25.09
6 % 7.69 0.81
2019 100.63 24.28
7.18 10.84
5.36 8.10
3.87 5.84 2020 9
3.41 5.15
3.22 4.86
23.04 34.78 --
2020.1~9
7.84 12.12
7.14 11.04
3.66 5.65 2019 111
3.24 5.00
5
2.60 4.02
24.49 37.83 --
www.ccxi.com.cn 10 2020
6-10-10
2017~2019
FAST 2020
C919
17.19% 7.46%
9 % /
2017 2018 2019 2020.1~9
5.53 7.76 8.93 7.51
91.91 101.89 99.05 88.98
41.07 45.66 48.15 46.79
38.10 42.59 43.73 39.39
48.28 52.09 57.49 57.33
114.76 120.30 137.58 118.07
99.77 99.27 97.71 94.75
1.96 2.18 2.28 2.28
2019 1.87 2.07 2.18 2.16
2.27 2.49 2.53 2.48
2020
25.60% 18.54% 2017~2019
75.21% 68.79% 58.77%
8 %
2017 2018 2019 2020.1~9
7.33 8.25 9.14 8.49
6.02 7.61 9.02 8.44
82.04 92.26 98.67 99.35
122.57 123.05 139.56 124.91
115.03 121.18 140.82 124.61
93.85 98.48 100.90 99.76
2020 1~9
2019
88.74%
2018 2019 14 19
27.10% +
2020
www.ccxi.com.cn 11 2020
6-10-11
3 1%
12 %
3~6 2017 2018 2019
99.59 98.94 99.32
87.86 87.39 78.15
2.23 1.15 2.87
2.91 2.89 6.45
10
2.80 3.47 4.27
2017 2018 2019 2020.1~9
3.96 4.04 7.58
34.03 42.38 43.69 31.26 0.41 1.06 0.68
32.39 39.43 38.77 27.76
1.64 2.94 4.92 3.50
11.21 19.22 30.65 30.74
45.24 61.60 74.34 62.00
2020
9 4.50
2017~2019 31.59% 24.40%
23.56%
11 %
2019
8.01 10.78
2.96 3.98
2.79 3.75
1.90 2.56
1.85 2.49
17.51 23.56 --
2020.1~9
5.91 9.52
2.16 3.49
1.82 2.94
1.38 2.22
1.24 2.00
12.51 20.17 --
80%
2016 “ ”
www.ccxi.com.cn 12 2020
6-10-12
2020 7
2020 9 17.00
13 2020 9
2020 10~12 2021 2022
4.50 2.25 0.50 1.00 0.70
15.00 6
2.00 1
2018
2019
2020
14 (%)
2017 2018 2019 2020.9
10.11 9.35 10.05 10.94
9.70 8.85 9.09 9.61
10.90 10.19 11.60 1212.24
16.83 12.54 13.36 12.26
15.17 11.54 12.35 10.88
21.19 15.07 15.64 14.37
-- -- -- -0.31
13.06 10.12 10.80 11.22
2017~2019
2020
www.ccxi.com.cn 13 2020
6-10-13
1
2019 0.88
8.58%
2018 23.15%
2018
2019
2019
2019
EBITDA 2019 1.78
2020
2020
15
2017 2018 2019 2020.9
1.24 1.64 2.04 1.52
0.73 0.94 1.15 0.91 2019
0.23 0.31 0.43 0.48
2.19 2.89 3.63 2.90
% 4.77 4.57 4.74 4.56
3.74 3.48 4.71 4.50
0.20 0.11 0.17 -0.36
3.52 3.39 4.44 4.13 2020
EBITDA % 8.67 6.41 7.09 --
% 18.25 14.77 15.28 --
“ ” “ ”
2020 9 34.18%
48.13%
16 %
2017 2018 2019 2020.9
1.33 4.66 7.68 5.23
8.26 7.98 10.26 16.00
6.04 6.29 8.30 22.53
3.51 3.77 5.72 5.85
0.70 0.87 0.93 0.91
0.05 0.91 0.01 0.24
75% 2.03 4.84 7.68 14.69
1.97 2.49 2.73 3.70
5.72 4.00 5.84 5.48
www.ccxi.com.cn 14 2020
6-10-14
0.22 0.62 0.50 -
4.42 7.97 11.05 18.73
4.56 8.40 11.34 18.91
4.26 5.21 8.24 11.32
2020
8.54 12.26 15.59 27.18
60.70 55.71 56.57 50.42
34.80 40.66 42.11 41.03
2018
EBITDA
2020 9
0.18
90%
2020
17 X
2017 2018 2019 2020.9
-0.28 0.08 1.31 -18.92
-0.06 -1.25 -1.11 -0.30
0.65 4.26 2.16 16.97
2020 / -0.06 0.01 0.12 -1.33*
/ -1.97 0.32 3.14 --
/
-9.68 -15.85 8.82 --
%
/EBITDA 1.14 2.07 2.09 --
EBITDA 27.75 15.54 13.00 --
/ 0.30 0.58 0.69 0.28
“*”
2020 9
2020 9
26.22
10.23
2020 9
4.48
16.48% 2.05
www.ccxi.com.cn 15 2020
6-10-15
1.57
2020 9
2017~2020 10 10
2017~2019
0.03 0.12
0.24
AA-
“ 2020
” AA-
www.ccxi.com.cn 16 2020
6-10-16
2020
6
www.ccxi.com.cn
www.ccxi.com.cn 17 2020
6-10-17
2020 9
www.ccxi.com.cn 18 2020
6-10-18
2017 2018 2019 2020.9
13,348.15 46,559.16 76,784.56 52,297.56
82,611.00 79,796.49 102,599.62 160,005.26
1,105.91 1,629.21 2,018.98 2,933.97
60,360.82 62,879.93 82,990.65 225,285.40
7.81 0.00 0.00 0.00
35,081.70 37,688.55 57,230.06 58,514.86
489.17 9,086.84 88.22 2,351.37
6,952.60 8,671.79 9,272.37 9,090.97
217,333.14 276,701.64 358,975.32 548,186.71
5,655.17 2,223.37 75.73 81.08
44,224.11 79,690.27 110,502.00 187,270.41
1,373.00 4,273.00 2,900.00 1,800.00
45,597.11 83,963.27 113,402.00 189,070.41
32,248.95 37,404.10 36,617.44 136,772.86
131,910.99 154,150.45 203,089.25 276,392.84
1,436.46 2,606.48 4,168.93 --
0.00 0.00 0.00 --
85,422.15 122,551.20 155,886.07 271,793.87
459,829.70 632,267.79 764,724.33 635,905.98
37,424.31 34,755.80 47,111.01 45,043.68
-1.66 -7.81 -241.27 -119.78
26,262.90 25,127.04 33,334.87 30,764.77
EBIT 36,625.60 36,474.85 48,575.58 --
EBITDA 39,868.12 40,501.97 54,206.80 --
-2,835.80 834.75 13,104.86 -189,159.37
-603.34 -12,451.09 -11,120.86 -2,979.99
6,466.18 42,635.47 21,625.92 169,703.09
610.08 12,466.59 11,228.88 2,887.69
2017 2018 2019 2020.9
(%) 13.06 10.12 10.80 11.22
(%) 4.77 4.57 4.74 4.56
EBITDA (%) 8.67 6.41 7.09 --
(%) 18.25 14.77 15.28 --
(%) 36.33 24.16 23.94 19.18*
(X) 1.35 1.51 1.49 1.74
(X) 0.87 1.06 1.05 0.90
(X) 7.45 9.22 9.35 4.88*
(X) 5.68 7.79 8.39 6.46*
(%) 60.70 55.71 56.57 50.42
(%) 34.80 40.66 42.11 41.03
/ (%) 96.99 94.91 97.44 99.05
/ (X) -0.06 0.01 0.12 -1.33*
/ (X) -0.06 0.01 0.12 -1.35*
/ (X) -1.97 0.32 3.14 --
/ (%) -9.68 -15.85 8.82 --
/EBITDA(X) 1.14 2.07 2.09 --
EBITDA/ (X) 0.90 0.51 0.49 --
EBITDA (X) 27.75 15.54 13.00 --
EBIT (X) 25.50 13.99 11.65 --
1 2020 2 3 *
www.ccxi.com.cn 19 2020
6-10-19
= /
=
= /
=
=
=
= /
= /
= /
= /
= 360 / 360 /
360 /
= )/
= /
=
EBIT =
EBITDA =EBIT
=EBIT/
= /
EBIT =EBIT/
EBITDA =EBITDA/
=
CFO-
= CFO
=
FCF
=
= /
= /
=
EBITDA =EBITDA/
EBIT =EBIT/
2018 [2018]15
=
www.ccxi.com.cn 20 2020
6-10-20
AAA
AA
A
BBB
BB
B
CCC
CC
C
AAA CCC
AAA
AA
A
BBB
BB
B
CCC
CC
C
AAA CCC
A-1
A-2
A-3
B
C
D
www.ccxi.com.cn 21 2020
6-10-21
6-10-22
6-10-23
6-10-24
6-10-25