意见反馈 手机随时随地看行情
  • 公司公告

公司公告

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