岭南股份:关于公司公开发行可转换公司债券2023年跟踪评级报告的公告2023-06-30
证券代码:002717 证券简称:岭南股份 公告编号:2023-057
债券代码:128044 债券简称:岭南转债
岭南生态文旅股份有限公司
关于公司公开发行可转换公司债券
2023年跟踪评级报告的公告
本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假
记载、误导性陈述或重大遗漏。
根据中国证券监督管理委员会《公司债券发行与交易管理办法》和深圳证券
交易所《深圳证券交易所公司债券上市规则》的相关规定,岭南生态文旅股份有
限公司(以下简称“公司”)委托信用评级机构联合资信评估股份有限公司(以
下简称“联合资信”)对公司公开发行的可转换公司债券(以下简称“岭南转债”)
进行跟踪信用评级。
联合资信通过对公司及其相关存续债券的信用情况进行跟踪分析和评估,于
近日出具了《岭南生态文旅股份有限公司公开发行可转换公司债券 2023 年跟踪
评级报告》,本次公司主体长期信用等级为“A+”,岭南转债”的信用等级为“A+”。
特此公告。
岭南生态文旅股份有限公司董事会
2023 年 06 月 30 日
2023 4722
A+
A+
2023
A+ AA-
A+ AA-
PPP
6.60 6.57 2024/08/14
2023 6 20
V4.0.202208
V4.0.202208
A+ A+
3 1
4
C
3
2
4 2022 2 7
4
6
469
F5 2 58
3
2 PPP
5
bb+
-- --
bb+
3
+6
A+
: A B C D E F 6
6 1 6
F1 F7 7
7 1 7
www.lhratings.com 1
1 2 1
A+ AA AA
2
2022 2022 2022
0.41 1.04 2.26 2023 3 85.31
172.18 64.79 511.56 51.59%
36.07 29.53 55.47
25.69 25.11 116.58
3
% -14.74 30.95 16.14
-17.47 2.99 1.67
2022
% 79.05 54.43 89.16 43.78% 46.48%
% 54.92 27.84 85.84
17.47
/EBITDA -3.08 2.74 24.46
EBITDA ( ) -5.52 8.47 0.90
4 2023 2024 2023 4 12
1 2 2024 14.74 20.43
5 2022
3.28
R0150220120003
6 2022
R0150220110008
39.20 108.69%
lianhe@lhratings.com
PPP 2023 3
010-85679696
PPP 151.30
010-85679228
PPP
2
17 100022 50.00%
www.lhratings.com PPP
7 A
A
2020 2021 2022 2023 3
( ) 26.60 15.37 10.21 7.27
( ) 195.91 190.86 172.18 165.37
( ) 48.48 51.45 36.07 35.55
( ) 33.81 29.31 25.42 31.85
( ) 20.61 20.94 18.52 15.54
( ) 54.42 50.25 43.94 47.39
( ) 66.51 47.99 25.69 5.01
( ) -4.98 0.54 -17.47 -0.61
EBITDA( ) -1.52 3.79 -14.26 --
( ) 6.52 -2.47 -3.70 -2.79
www.lhratings.com 2
(%) 14.40 17.74 -14.74 11.52
(%) -9.33 1.00 -42.72 --
(%) 75.26 73.04 79.05 78.50
(%) 52.89 49.41 54.92 57.14
(%) 103.08 105.38 94.45 90.63
(%) 5.15 -2.09 -3.15 --
0.79 0.52 0.40 0.23
EBITDA ( ) -0.52 1.57 -5.52 --
/EBITDA( ) -35.80 13.26 -3.08 --
2020 2021 2022 2023 3
156.68 155.94 142.49 /
39.86 43.57 31.27 /
30.53 31.38 27.88 /
48.34 30.59 16.33 /
-3.71 0.01 -14.12 /
% 74.56 72.06 78.05 /
(%) 43.37 41.87 47.13 /
% 91.62 100.86 90.14 /
(%) 11.04 -7.57 -2.34 /
2023 2023
/
V3.0.201907
AA- AA- 2022/06/25
V3.0.201907
V3.0.201907
AA- AA- 2021/06/28
V3.0.201907
AA AA 2021/02/07 -- --
AA AA 2017/10/30
(2013)
2019 8 1
www.lhratings.com 3
2023
0.02%
84260000
5.00% 3.59
302493400.00
291848971
17.32%
1
2022 9 21
2
12
3 2022
A
416670000
2022 12 21
2022 9 19
5.02%
22.40%
A
2022 9 19 9
5
80470000
4.78%
3370000
0.20% 420000
www.lhratings.com 5
2023 3 16.79 2.76 2022 25.69
16.79 -17.47
5.02% 22.40% 2023 3 165.37
35.55
2.75 2023 1 3
5.01 -0.61
66 17 12
2023 5
1
2019 2 20
2024 8 14 10.63
/ 3.43
/ 6.57
6.48 6.22 3.62
PPP
PPP 2.60
1
6.60 6.57 2018/08/14 6
2023
REITs
2023 3
60
28.50
2022 172.18
4.5%
36.07 1.6
www.lhratings.com 6
2023
5%
2023 1.
2023 3 16.79
16.79
5.02% 22.40%
1990 639
2022
GDP
2.
2022
2022
2022
0.99 2022 2
2023 2 7
www.lhratings.com 7
469
58
3.
91441900708010087G 2023
5 6
91110106102192357L 2023
5 16
3
1
2022 12 21
2023 5 10
49.42
2022 12 4
28
2022 12 20
2022
1.
2022
9
3 2
2022 12 20
2022
www.lhratings.com 8
46.48% 2022
46.85%
40.50% 2022
90.36 2022
76.62% 32.40
2022
2023 1 3
7.96% 12.00%
2
2021 2022 2023 1 3
% % % % % %
23.57 49.11 22.53 12.53 48.76 -22.46 2.50 2.29 8.33
20.63 42.98 8.54 12.27 47.78 -3.63 2.28 1.93 15.25
3.80 7.92 41.53 0.89 3.46 -48.83 0.23 0.18 19.78
47.99 100.00 18.02 25.69 100.00 -14.38 5.01 4.41 12.00
2.
2022
2022
65%
2021 PPP
3 PPP
2021 2022
% %
18.07 37.65 8.62 33.57
2022 2021
15.45 32.19 8.23 32.03
35 2021
6.81 14.19 3.15 12.28
43.78%
4.32 9.00 3.37 13.11
3.30 6.87 2.23 8.67
64.23%
0.04 0.09 0.08 0.33
47.99 100.00 25.69 100.00 2021 94.67%
2021 PPP
4 2021 2022
2021 2022 2023 1 3
36 68 10
27.23 9.74 0.26
www.lhratings.com 9
7 10 4
2.90 7.20 2.13
43 78 14
30.13 16.94 2.39
2023 3 37.06 2023 3
1
97.58 2021 35.12% 44.72
51.33% 23.64
48.67%
PPP 16
24.01%
6 2022 2023 1 3
5 37 59.17 36.05 27.98
2021 2023 3
9 18.17 14.17 9.08
53 52
PPP 3 2 46 77.34 50.22 37.06
93.05 50.09
PPP 2.40 0.70
62 63
PPP 18 14 2023 3
57.34 47.49 2
34 EPC
PPP 26.82 22.73
115 115
PPP 21 16
150.39 97.58 139.25 53.36
PPP 29.22 23.43 85.89
2023 3
2022 2023 1 3 25.06
46
77.34 50.22
7 2023 3
2015.03~2023.12 42.80 9.50
1095 5.60 1.01
-
375 3.40 --
1
1
www.lhratings.com 10
730 4.55 0.97
730 3.04 0.11
EPC
900 4.28 1.38
300 2.50 --
547 2.52 0.22
2020.12~2024.12 3.44 1.23
EPC
540 2.45 0.24
-- -- -- --- 74.58 14.66
PPP
2023 3 PPP 70.95
16 41.51
PPP SPV 49.77 SPV
50.00%
SPV
SPV PPP 2023 3 PPP
20.00%~30.00% 24.92 15
12.78 114.37 95.24
PPP 151.30
8 2023 3 PPP
PPP 3+17 45.00% 25.17 20.00 19.11 13.96
3+27 14.25% 13.52 3.87 9.00 6.87
PPP
PPP 2+23 80.00% 10.59 -- 7.17 1.37
PPP 3+15 44.78% 10.87 8.70 3.56 1.96
PPP 4+10 100.00% 4.02 2.35 2.69 1.74
PPP 2+20 90.00% 3.51 3.10 2.55 1.78
PPP 3+12 20.00% 10.94 4.30 1.99 1.79
PPP 2+26 50.00% 16.80 10.00 6.26 4.34
PPP
2+10 33.85% 5.77 2.35 2.09 0.86
PPP 2+12 100.00% 2.33 1.31 1.57 1.05
-- -- -- 103.52 55.98 55.99 35.72
2023 3 17 PPP
15.68
PPP 3.
www.lhratings.com 11
2023 3
300 3
0.18
3.31 2023
2022 3
3.31
3
2017
23.30%
1
4D 2022 2022
0.70 2021 2.16
74.88% 1.78 7.96% 0.88 2021
2021 0.11 1.04 2022
2023 3 0.19
15 3.30 1.59
2
0.17 4.
A
4.49 2022
1.51
2022 12 20
2022 9 21
2022 A
416670000 2.40 /
2
100000.80
2022
0.20 2021 80.61%
0.80 2021
0.29
www.lhratings.com 12
1.
37.72%
2022
23.84%
2023
A
2022
3 9
2023 1
5. 1
2022 1.06 2023 3
0.41 0.14 60
2021
2022 172.18
6. 36.07
2.76 2022 25.69
-17.47
2023 3 165.37
35.55
2.75 2023 1 3
5.01 -0.61
2.
PPP
2022 2021
9.79%
9
2021 2022 2023 3
% % %
124.61 65.29 110.89 64.40 103.39 62.52
15.31 8.02 10.20 5.93 7.12 4.31
21.87 11.46 26.51 15.39 25.06 15.16
2.45 1.28 3.17 1.84 3.18 1.92
75.85 39.74 63.59 36.93 60.24 36.43
66.25 34.71 61.29 35.60 61.97 37.48
10.70 5.60 10.55 6.13 10.48 6.34
www.lhratings.com 13
29.86 15.64 27.36 15.89 27.47 16.61
8.67 4.54 6.00 3.48 6.00 3.63
190.86 100.00 172.18 100.00 165.37 100.00
2022 2021 23.15
11.01% 2022 2021
8.36%
2022 2021
33.37% 2.09
1.93
9.58 2.53 2022 6.00
10.84 4.85 2021
2.67
2022 2021 1.16 1.51
21.18%
1 2.98 4.49 1.51
40.37% 1~2 24.33% 2~3 3.01
13.96% 3 21.34%
6.73 20.26%
/ 2022
63.03% 28.23 16.39%
4.10%
10 2022
16.89%
23.57% %
2022 2021 2.53 1.47
29.42% 1.51
3.01 1.75
0.95 7.44 4.32
0.41 1.19 0.69
0.13 5.28 3.07
2022 2021 2.32 1.35
0.14 0.08
16.17%
5.01 2.91
44.72 1.30 0.76
23.64 28.23 16.39 --
5.68
2022 2021
7.48% 2023 3 165.37
2022 3.96%
2022 BT 2022
PPP 30.19%
2021 1.32%
www.lhratings.com 14
2022 5.26% 1
2022 36.07
2021 29.91%
3.
2022
46.56% 36.62% 5.72% 0.53% 7.67%
2023 2024
11
2021 2022 2023 3
%
% %
16.84 32.74 16.79 46.56 16.79 47.24
13.36 25.97 13.21 36.62 13.21 37.17
2.06 4.01 2.06 5.72 2.06 5.80
15.27 29.69 0.19 0.53 -0.31 -0.88
3.08 5.98 2.76 7.67 2.75 7.73
51.45 100.00 36.07 100.00 35.55 100.00
2022
2021 2
2022 2021 98.74% 2022 2021
1.22 2021 2.36%
12
2021 2022 2023 3
% % %
17.25 12.37 15.60 11.46 18.53 14.28
73.35 52.61 71.78 52.73 64.73 49.86
4.43 3.18 7.62 5.60 5.80 4.46
5.62 4.03 5.76 4.23 8.61 6.63
118.25 84.82 117.40 86.25 114.09 87.88
14.22 10.20 11.45 8.41 8.25 6.36
6.23 4.47 6.48 4.76 6.54 5.04
21.16 15.18 18.71 13.75 15.73 12.12
139.41 100.00 136.11 100.00 129.82 100.00
2022 2021
0.72% 2022 2021
2022 2021 2.14%
9.58%
www.lhratings.com 15
2022 2021
71.87% 2022
2021 3.99%
2022
2021 2.48% 2023 3 2022
4.62%
5.32
0.31 2022
2022 2021 2021 12.55%
11.56% 57.85% 2023 3
2022 2021 2022 7.85%
19.48% 67.20%
4.46%~7.50%
1 2
2022 2022
2022
2021 2023 3 46.48% 25.33%
2022
2022 8.02%
2023 3 2023 4 12 2021 11.27
2024 2025
14.74 20.43 1.62
2023 2024 13
2023
2021 2022
1 3
4. 47.99 25.69 5.01
39.35 29.38 4.41
7.52 6.92 1.45
www.lhratings.com 16
0.34 -4.33 0.21 2023
2021 2022
-1.44 -3.15 -0.04 1 3
1.08 3.48 0.05
0.54 -17.47 -0.61
4.39 0.82 0.11
% 17.74 -14.74 11.52
% 2.88 -16.03 -- -3.31 2.66 -0.06
% 1.00 -42.72 -- 35.77 19.87 9.87
40.11 22.11 9.66
-4.34 -2.24 0.21
2022 4.33
2.67
2022
1.43
222.35%
2.72
0.45
81.36%
17.47
2022
2022
2022
44.45%
2023 1 3 2022
7.96% 0.61
44.89%
2022
5.
2022
2023 1 3
2022
6.
2022
45.66 2022
2022 2021 10.93
1.58 2022
14
2023
2021 2022
1 3 2023 3
48.57 38.71 10.43 2022 3.83 2.55
51.04 42.41 13.22 0.23
-2.47 -3.70 -2.79
% 97.32 142.98 204.92
www.lhratings.com 17
15
2021 2022 2023 3
(%) 105.38 94.45 90.63
(%) 39.17 37.59 35.04
/ (%) -2.09 -3.15 --
/ -0.08 -0.15 --
( 0.52 0.40 0.23
EBITDA 3.79 -14.26 --
/EBITDA( 13.26 -3.08 --
/ -0.05 -0.08 --
EBITDA/ 1.57 -5.52 --
/ -1.02 -1.43 --
2022 EBITDA
EBITDA
2023 3
59.15 29.45 8%
A
2022 7.
39.20 108.69% PPP
PPP 2022
2022
3.29
2023 6 2022 142.49
2023 2021 8.63%
64.51% 35.49%
126
2022
31.27 2021
28.23%
www.lhratings.com 18
53.70% 36.19% 2.
0.18% 6.59%
2022 111.22
2021 1.02%
91.69% 8.31%
27.88 47.13%
78.05%
2022 16.33
14.12
2022
2.39 0.52
1.10
416670000
2.40 /
100000.80
2023 4 29
2023
2022 2023
1.
2022 12 2023
2016 12 3
100% 9.00 2022 12
15000
2770
1990
80000
2020 2022
404.79 480.52 11253.47
502.81 37.46
38.94 35.45
30.00
2022 360.18 2023 5 23
193.97 2022
23.20
5.86
www.lhratings.com 19
0.75
3.
15%
2022
0.05
2023 3
6.57
2024 6.57 2023
3 7.27
1.11 2022
38.71
5.89
A+
A+
www.lhratings.com 20
1-1 2022
2022
www.lhratings.com 21
1-2 2023 3
www.lhratings.com 22
2-1
2020 2021 2022 2023 3
26.60 15.37 10.21 7.27
195.91 190.86 172.18 165.37
48.48 51.45 36.07 35.55
33.81 29.31 25.42 31.85
20.61 20.94 18.52 15.54
54.42 50.25 43.94 47.39
66.51 47.99 25.69 5.01
-4.98 0.54 -17.47 -0.61
EBITDA -1.52 3.79 -14.26 --
6.52 -2.47 -3.70 -2.79
2.58 2.39 1.06 --
0.86 0.52 0.41 --
0.34 0.25 0.14 --
% 100.91 97.32 142.98 204.92
% 14.40 17.74 -14.74 11.52
% -1.70 2.88 -16.03 --
% -9.33 1.00 -42.72 --
% 29.84 28.93 33.93 30.42
% 52.89 49.41 54.92 57.14
% 75.26 73.04 79.05 78.50
% 103.08 105.38 94.45 90.63
% 45.62 39.17 37.59 35.04
% 5.15 -2.09 -3.15 --
0.79 0.52 0.40 0.23
EBITDA -0.52 1.57 -5.52 --
/EBITDA -35.80 13.26 -3.08 --
2023
www.lhratings.com 23
2-2
2020 2021 2022 2023 3
17.98 9.66 6.05 /
156.68 155.94 142.49 /
39.86 43.57 31.27 /
24.58 21.46 18.70 /
5.96 9.92 9.18 /
30.53 31.38 27.88 /
48.34 30.59 16.33 /
-3.71 0.01 -14.12 /
EBITDA / / -14.12 --
12.22 -7.75 -2.39 /
2.35 1.93 0.83 --
0.84 0.45 0.38 --
0.31 0.20 0.11 --
% 108.17 98.16 157.83 /
% 12.35 15.48 -25.26 /
% -4.82 0.19 -20.77 --
% -8.50 0.34 -39.28 --
% 13.00 18.55 22.70 /
% 43.37 41.87 47.13 /
% 74.56 72.06 78.05 /
% 91.62 100.86 90.14 /
% 41.07 43.51 41.86 /
% 11.04 -7.57 -2.34 --
0.73 0.45 0.32 /
EBITDA / / / --
/EBITDA / / / --
2023 /”
www.lhratings.com 24
3
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= + + + +
= +
www.lhratings.com 25
4-1
AAA AA A BBB BB B
CCC CC C AAA CCC + -
AAA
AA
A
BBB
BB
B
CCC
CC
C
4-2
4-3
www.lhratings.com 26