中证鹏元资信评估股份有限公司
信用等级通知书
中鹏信评【2
】第Z【
】号湖北振华化学股份有限公司z中证鹏元资信评估股份有限公司对贵公司及贵公司拟发行的湖北振华化学股份有限公司
年度向不特定对象发行可转换公司债券进行了分析和评估，经本公司证券评级评审委员会审定，贵公司主体信用等级为AA，评级展望为稳定，本期债券的信用等级为AAo如果贵公司对上述评估结果有异议，可在接到本通知后五个工作日内以书面形式向本公司提出复评要求，并提供相应的补充资料。特此通告。
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???????????ъ????????????????????????≒?????????????-????????????????????????????й????????????????????ъ????????????????????????????????а??????哴?????≒????ф????亩????????哴????????????н??哴???????????????
?????????????????????????????18з??????????????30з??????????????????????ф???????????????????4%??????????????????????о????????????????????????????????????????????????????????????┑??????????????????????????????????????????????????????????????????????????а??
?ъ?儈?????嗉???????????????????????л?????????
?????????????????????????????10????????????????????????????????????????????а??????????2021????????????????????????????????????????????????????????????儈????????????????????????????????哴????????≒?????????????????2022????????⌒??????????儈????л⑨?????????????н????オ???????????????????????к???????????????л???
?
??????????????????з??
??
亩?
| 2023 |
?
1-3
?
| 2022 |
?
| 2021 |
?
| 2020 |
?
?????
??
| 2.77 | 9.11 |
| 0.42 | 5.29 |
??
| 2.46 | 8.87 |
| 0.28 | 4.86 |
????
??
| 0.54 | 2.85 | 2.51 | 3.16 |
??
| 0.44 | 2.54 | 3.75 | 1.99 |
??????
??
| 0.56 | 2.50 | 2.55 | 1.74 |
??
| 0.69 | 2.74 | 2.88 | 1.30 |
??≒???
??
| 0.89 | 3.25 | 2.41 | 2.12 |
??
| 0.63 | 3.18 | 2.39 | 2.10 |
??2020-2021???????????????о???K3?????????????2020-2022????2023?а?????????????呿?????????????????л⑨??亶??????ъ???????????ф????????????????????????????ъ??????????????????????????????л⑨???????ㄟ??亶????????????????????н??????????????
???????????????????????????к???????????????⌒???????????????
??????????????????????????????哴??????????????????????????????????????2021????????к???????????????????????н?????????????????????????????????????????????????????儈???????????????????????????????????????????????????????????????????????????????????????????к???????????????≒????????????????????????????????????????????????????????????????????????ъ????????????2020??47.74%?????2022??60.43%????????2020??7.26%???2022??6.28%???????????????っ????????о?????????????????????????????
?????????????????ъ?????????????ъ?к⑨????н???????????????л???????????オ???л⑨??????????????????????????
16??4????????????????
| ??4???????????????? |
| ???????2020-2022??????呿??? |
???????????????????????????????????⌒????2020????????????????н????л??а???????????????????а??2020?????????????2021???????哴????????????а??????????????????????????????????????????????????⌒??а????????????????????????а????????ъ????????к⑨?????????????????????????⌒?仾??
?????????????????????????????2022????????儈????????????????????????????儈???л???????????????а???к?????????⌒?????????????????????????????????????к?????????????????????а???≤??????????哴?????????????????????й??????????????о????к???????о仾???а????????????о????????????????????????????⌒?????仾?????????????????????????っ??2021???????????на????????????о??????а??????????????????????????????????哴????????????????????チ?亴??????????????????????к?????????????????????????????ф2022???????????????????????????2020?????н?
??????????????????????????
??????????????
?????哴????????????????????????л⑨???????л????????????????????л???2021???????????????????????к????????????????????????2022?????????????????????哴?????????????????????????????????2021??????????????????????????????????л??2023?1-3???????о?????????????к???????????к?????????????л?????????а???????????2020-2022????????????????????35.04??27.60??39.39??????????????????????????????????亴????????????????????????????????????亴??????????????????????а??????
?
???????о??????
| 亩? | 2023??1-3?? | 2022?? | 2021?? | 2020?? |
???
???з?
| 8.10 | 9.40 |
| 5.35 | 7.41 |
???з?
| 7.83 | 7.36 |
| 7.23 | 3.73 |
???????
| 2,195.38 | 1,739.48 |
1,
1,
| 364.20 | 235.72 |
??????
| 7.30% | 7.50% |
-
| 0.40% | 10.21% |
??
???з?
| 5.52 | 9.61 |
| 0.45 | 3.57 |
???з?
| 5.40 | 9.77 |
| 0.44 | 3.74 |
???????2,
2,
| 438.33 | 348.65 |
1,
1,
| 688.26 | 189.64 |
??????
| 7.75% | 9.12% |
-
| 1.91% | 19.34% |
??
???з?
| 1.93 | 7.91 | 10.13 | 12.74 |
???з?
| 1.74 | 5.99 |
| 1.02 | 2.79 |
???????1,
1,
| 271.47 | 339.30 |
1,
| 020.54 | 90.57 |
??????
| 7.65% | 1.23% |
-
| 7.78% | 6.79% |
??
???з?
| 2.66 | 9.01 | 9.83 |
???з?
| 2.80 | |||
| 2.94 | 9.04 | 9.63 |
???????
| 2.87 | |||
| 172.70 | 414.67 |
| 90.14 | 11.01 |
??????-
-
| 66.62% | 15.40% | 341.54% |
-
???
???з??㊣
43.53%
| 1,667.33 | 6,575.13 | 7,363.09 | 541.44 |
???з??㊣
| 1,667.33 | 6,575.13 | 7,363.09 | 541.44 |
????????㊣
| 2.20 | 1.95 | 1.70 | 2.60 |
??????
14.
| 2.82% | 66% |
-34.6
| 0% | .16% |
???????2020-2022????????????????????呿???
?????????????????н????⌒???????о?????????????????????а???2020?л??2021-2022???к??ф???????????2020?????????????????????????????????????????2021-2022??
????????????????????????????????????????????????о???2023??????????????к??????????л⑨??н??ф???а??????????????┎????????????????????????????????????????????????????????????л??????????????????????????
?
?
???????????????н?〾?????/
??
亩?
| 2023??1-3?? | 2022?? | 2021?? | 2020?? | ||||
| ?? | ?? | ?? | ?? | ?? | ?? | ?? | ?? |
?????
| 21,909.11 | 0.48% | 22,145.68 | 21.31% | 18,255.32 | 12.98% | 16,158.11 | -17.54% |
????11,
-
| 831.67 | 0.45% | 11,718.70 | 26.17% | 9,287.97 | 2.49% | 9,062.57 |
-
??????
| 7.23% | ||
13,
-
| 519.75 | 15.91% | 15,827.24 | 64.12% | 9,643.63 |
7,8
| 3.24% | 24.94 | - |
??≒???
4,
| 000.29 |
-
| 1.08% | 4,041.58 | 19.00% | 3,396.15 | 6.61% | 3,185.57 |
-4.
??2020????????????????о???K3???о???????2019?????????K3?н?????????????2020-2022??2023?а?????????????呿???
44%
????????????????????????????????????????????????ф??????????????????к???????????⌒??????????????????о????????????????????
?????????????????????????????????к??а?????????????哴?????????????а????2021?????????????2021-2022???????????仍????????????????н???????2022??????????????????????????????????????????????????ъ????????????????????????
????????2021?????????????????????????ф??????????л????????????????????????????????????2022???????????????????????й????????????????????????????????л????????????????2022?????????????⌒??????????????л?????????????н????л?????????????????????????а?????????????????????а?????????ㄟ?????????????????о??????⌒????????????????????л??????????????????ㄟ?????????к????????к??????????????????????2021?????????????????????????????????????????K3??????к???????????????л??2022??????????к?????????????????????????????????о?????к?????????????????K3??????3.05??????儈?58.28%??2023?а????
??????????????н????≒????????哴????????о???????????к???⌒?????????????????????????????????????????????????????????????????????????????????????????????????????н?????????л??????????????????????????????????????????????????????ㄟ?????????????????????????????????????????????л⑨????K3??哴?????????????????????????????л⑨?????????????????????ф????????????????????????????о???????????????????????????????????о????????????????????????????????????????????????????????????????????а???????????????л⑨??亶??????????????????????????????????????н??????????????о????????
???????2020-2022????????????????????40.83??21.75??32.85??о?????????ф????а?????????????????????????а??????????????????????????????????о??????????????????????????о???????а????仍?????????????????仍???????┊?????仍????????н??????н?????????????н???????????????????????????????????????о???2020??????о??????????2021????????????????????????????????????????????????о????????2021???????л????????????????????2022???????????????儈???????????????儈????????儈ф⌒????
?
?
??ъ???????????????
亩?
| 2022?? | 2021?? | 2020?? | ||||||
| ?仍 | ?? | ??? | ?仍 | ?? | ??? | ?仍 | ?? | ??? |
??
| 20.56 | 58.85% | 26.51% | 15.50 | 52.43% | 23.61% | 6.48 | 50.74% | 30.12% |
??
| 14.38 | 41.15% | 28.04% | 14.06 | 47.57% | 26.77% | 6.29 | 49.26% | 30.36% |
??
| 34.94 | 100.00% | 27.14% | 29.56 | 100.00% | 25.11% | 12.76 | 100.00% | 30.24% |
???????2020-2022??????呿???
?????????????????????????????????????ь???????????????????????????????????????????л?????????ь?????????????????????л⑨??????????ъ???????
????????к???????????ъ????????????????????????????????????????????????????????????н??????????????к?????????????儈?????????????????????????????????2020???????????????????????????2021??????????2022??????????????????????л??????????????????????????
?
??ъ?????????????
亩?
| 2022?? | 2021?? | 2020?? | |||||||
| ?仍 | ?? | ??? | ?仍 | ?? | ??? | ?仍 | ?? | ??? | |
??
| 30.95 | 88.59% | 25.15% | 27.51 | 93.05% | 25.77% | 11.71 | 91.79% | 29.91% |
??
| 3.99 | 11.41% | 42.58% | 2.06 | 6.95% | 16.30% | 1.05 | 8.21% | 33.94% |
??
| 34.94 | 100.00% | 27.14% | 29.56 | 100.00% | 25.11% | 12.76 | 100.00% | 30.24% |
???????2020-2022??????呿???
??????
????????
?л???????????????????????????????????????2020-2022???????????2023?а?????????????????????й????????????л??
?
2020-2022
????????????????
| ?? | ???? | ????? | ???? |
| 2 |
020? ??
⒆??????????? ??⒆????????? ??⒆????ъ???? ??⒆?????、????? ??
021? ??
???????????? ???????????、????? ??
| 2 |
| 2 |
022?
??
??俆?、????? ??⒆???、????? ??俆?、??哴?????? ??⒆????????????? ??????????哴?????? ????
⒆??????????? ???????????? ????????
023?1-3?
??
⒆?????????? ??⒆????????? ??
???????2020-2022????????????亴????は??????呿???
?
????о????
????????????????????????亩???????а???仾????????亩?????н???
???????????????????????????????2021?????????????????3.71????????????????8.94??????10.72?????
???????????????????????а?????????????≤????????????к????л?????????????а???2020-2022??????????????14.76%?
34.81%?31.33%??????????????
?
??????
?6 2023
?
???????????
а?????????呿???
| ???????2020-2022???????????2023? | ????????????2023?а???????? |
?呿???
?????????????????????????????????????????????????????????????????????????????????亴???????????????????????2022??????????0.23???????????????????????????????????к?????????????????????????????????亩??????н??????2022????????78.51%???а????仾?????????????????????????????????????????⌒?л??2020-2022????40.83??21.75??32.85??2022???????????????1,086.82з?????902.25з?亴???????仍??????????????????仍????????21.19%????????????2022?????0.73???????????????????????????????????????????????????10??????к??????????1?????????????2????????????????????2020-2022??????????
??=????+????+а??????????+?????????????2021??????2020????
??????????????δ?ε
????
???〥???
??
??
96.10%?89.27%?72.26%?????л????????????????????????????
2020???????⒆????ъ??????л??????ъā??⒆?????????????л???????ā?????2022??????????????????亩??????0?????ъ??ъ????????о????ъ???????????亩???2.00??
???2023?3?????????????1.19??????亩???????ф????н?亴??????????????????亩???????н????????????2022?????????????????????????????????2021??????????????????????????????≒??????????2022????????????????????????????????????????????????у??????2022?????0.71?????????????????俆?、???????????????????0.63?????????????????????????????????????????????ъ????????????????????????2022???0.96?????????????????????????????????ъ?о??ъ?????ф??????????????а??????仾???
?
?????????????????
亩?
2023
?
?
| 2022? | 2021 |
?
| 2020 |
?
?仍
??
?仍
??
?仍
??
?仍
??
????
| 1.52 | 3.76% | 2.86 | 7.20% | 1.94 | 5.49% | 2.12 | 10.59% |
????
| 4.76 | 11.74% | 4.17 | 10.49% | 2.12 | 6.01% | 1.42 | 7.07% |
???亩??
| 3.74 | 9.23% | 3.89 | 9.76% | 2.39 | 6.78% | 2.96 | 14.75% |
??
| 6.69 | 16.51% | 6.16 | 15.47% | 4.63 | 13.10% | 2.27 | 11.29% |
??????
| 18.15 | 44.80% | 18.47 | 46.38% | 14.89 | 42.14% | 12.75 | 63.54% |
????
| 15.88 | 39.20% | 16.11 | 40.48% | 14.75 | 41.75% | 5.32 | 26.53% |
????
| 1.81 | 4.47% | 0.84 | 2.10% | 1.20 | 3.41% | 0.40 | 2.00% |
????
| 1.74 | 4.29% | 1.76 | 4.43% | 1.56 | 4.41% | 0.29 | 1.44% |
??
| 0.71 | 1.75% | 0.71 | 1.78% | 0.63 | 1.79% | 0.00 | 0.00% |
???????
| 22.36 | 55.20% | 21.35 | 53.62% | 20.44 | 57.86% | 7.31 | 36.46% |
????
| 40.51 | 100.00% | 39.81 | 100.00% | 35.33 | 100.00% | 20.06 | 100.00% |
???????2020-2022???????????2023?а?????????呿???
????
??????????о????????????????????????⌒?
???ъ????????????????????????????????????2020???????????????????????н????л━?2021?л⑨??????????
????????????????????ъ??????亩????????
???????≤??儈???????????????ъ??????134.14%??????????л━??????????93.42%??????????????????????哴????2021???о?????????????н????????????????к?????????????????????2021????????????ф?????????俆?????????????2022??????????к?фл⑨?????????????????????????????▌????????????????????????????а?????????окл⑨???????????о???????????а?????????н???????????????????к???????????о??????????????
?
??????????????????
??
亩?
2022
?
| 2021? | 2020 |
?
?仍
??
?仍
??
?仍
??
???????
?ъ??
| 7.93 | 4.25% |
| 7.20 | 39.07% |
-
| 2.36 | 8.79% |
??
| 4.93 | 13.37% | 4.35 | 15.23% | 3.77 |
-
???
| 7.64% | |||||
| 27.50% | 25.28% | 30.52% |
????
?ъ??
| 7.41 | 22.13% |
| 4.25 | 33.76% |
-
| 0.66 | 2.05% |
??
| 4.35 | 41.31% | 3.08 |
| 13.85% | 1.44 |
-
???
| 24.82% | |||||
| 25.00% | 21.61% | 13.51% |
????????
?ъ??
| 5.34 | 18.06% |
| 9.93 | 34.14% |
-
| 2.78 | 8.37% |
??
| 9.57 | 28.05% | 7.47 | 93.42% | 3.86 |
-
???
| 3.73% | |||||
| 27.07% | 24.96% | 30.21% |
????????????????????????????????????????????????????????2020-2022??????????2020-2022????????呿???
?????????????????к??????????????????????????????????????⌒?л??2021??????????????????к?▌??????????л????????????????????????к?????8.1????????????а??????▌????????????????っ??30%???????????к???????オ??????????????????л??EBITDA??????л?????????????а???к??????????к??2022?????????к?а?????????????????????????儈?????????????????EBITDA???????????????????????????л⑨????????ъ?????????л⑨н??ъ???⌒??????????????????????кл⑨?????????≤??а?????????????????????к??????а??丗??????????????哴???????????????????????????オ??
?
?
??????????????%
?
???????2020-2022???????????2023?а?????????呿???
???о????
????????????????????????о????????а?
?????????????????????亩???????????????????????????????????????????????????2022????????10.32????????72.44%????????儈???≤??2020???????????????????????о????????????о????????????н??1.862????????????????????????????????????????а????????????2022?????6.99?????????????????????????????ф??????????а????????≤?о?????
?
?????????????????
| 亩? | 2023 |
?
?
| 2022 |
?
| 2021 |
?
| 2020 |
?
?仍
??
?仍
??
?仍
??
?仍
??
????
| 1.28 | 9.19% | 1.71 | 12.00% | 2.98 | 21.86% | 0.00 | 0.00% |
?????????
| 3.57 | 25.70% | 3.22 | 22.62% | 2.42 | 17.72% | 1.03 | 18.53% |
а??????????
| 3.86 | 27.75% | 3.86 | 27.09% | 0.00 | 0.01% | 0.00 | 0.00% |
??????
| 9.78 | 70.31% | 10.16 | 71.31% | 7.67 | 56.23% | 1.82 | 32.89% |
????
| 3.38 | 24.30% | 3.33 | 23.36% | 5.47 | 40.12% | 3.53 | 63.61% |
???????
| 4.13 | 29.69% | 4.09 | 28.69% | 5.97 | 43.77% | 3.72 | 67.11% |
????
| 13.91 | 100.00% | 14.25 | 100.00% | 13.64 | 100.00% | 5.55 | 100.00% |
?????
| 9.80 | 100.00% | 10.32 | 100.00% | 9.24 | 100.00% | 3.88 | 100.00% |
???????
| 6.41 | 65.45% | 6.99 | 67.70% | 3.77 | 40.75% | 0.35 | 9.13% |
????
| 3.38 | 34.55% | 3.33 | 32.30% | 5.47 | 59.25% | 3.53 | 90.87% |
???????2020-2022???????????2023?а?????????呿???
???????????л⑨??30-60?????ф??????????????????????仍????????????????????2020????????????????儈???
| |
(%,7'$?????????
?????????????2021???????????????????????????????????????????ф???????????2020??????????????????仍?????2021????亩??????к???????????????????????????2022??????????????2022????FFO/????????121.21%????????????????????????????????????仍???????????????????ф??????亩??????????????а???????????FFO/???н?????????????⌒???????????/?????????????????????????????????????????????????н??????????к???
?
???????????????????
| ???? | 2022??1-3?? | 2022?? | 2021?? | 2020?? |
???????
| 0.40 | 4.91 | 4.08 | 0.07 | |
| FFO |
| -- | 4.94 | 3.75 | 2.20 |
?????
| 34.33% | 35.79% | 38.60% | 27.66% |
???/EBITDA
| -- | 0.56 | 1.01 |
-
| 1.21 | ||
| EBITDA |
??????
| -- | 21.51 | 15.14 | 73.82 |
???/???
| 26.91% | 28.77% | 29.87% | 21.11% | |
| FFO/ |
???
121.
| -- | 21% | 66.74% |
-
???????/???
| 69.03% | |||
| -- | 120.34% | 72.62% |
-
???????/???
| 2.06% | |||
| -- | 56.53% | 13.93% | 31.23% |
??2020???????????????????FFO/???????/EBITDA????????????/??????↓????????2020-2022???????????2023?а?????????呿???
2020??????????????????????????????????????????????????к???????????????????????л?????????л????????????????а???????????????????????а??????о??????????????2023?????????仍??32.10?????仍??????????????????????オ???ф??к???????????????????????????????а???????????????????????а??
?
?
?????????
???????2020-2022???????????2023?а?????????呿???
г????亩??
?а?ESG
仾???
?????о????????っ?????????????????а???オ?
????
????????ъ?????????????????????????????й?ā??а??????仾???????й?ā????????????????????????≤????????2021?????????????????????????????????????????????????????н????????????????????????2021?2?7????チ??????仇?????????????????哴???????????26з?????2022?9?13???????????????????????????ъ??????哴???????????45.4з??
????
????????ъ?????????????н?????????????н??????????????а??????仾???????????????2021?8?26???????????н?????????????н????????ā?哴?????????????1з????
????
????????????????????????????????????????????ь?????????????????ㄐ???????к?????????????????
???????????
???????????9????????3?????????а???????????????????儈???????????й????????1???????ь???????????ь????????????????л???????????????????儈???????????????????????????ь????????????????2021-2022????????2,243.18з????????л?5????37.75%??????????????????????2022?????4,063.80з????????л?8.25????5.34%???????????????????????????????????????????????????っ???????????????????о?????っ?????????2023?4?25?????⒆????????????????????????????????????????????は??????2020?8?13??????????????????⒆??????л???⒆????ā????????????????????????о????????н???????????仈?????????2020?9?1??⒆??????????????????????????????н??????????????????????????????儈??????哴???????????????????????????????????ъ?傼?????っ????2023?3??????????л??2021?6????????????儈?????????98?????998з?????????????????2%????????????????????????????っ??傡?????о????????
?
?
??2023
?
?????????
| ?? | ?? | ?喴 | ?? | ??????? |
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??? ????
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| 2023 |
?
?
| 2022 |
?
| 2021? | 2020 |
?
????
| 1.52 | 2.86 | 1.94 | 2.12 |
????
| 4.76 | 4.17 | 2.12 | 1.42 |
???亩??
| 3.74 | 3.89 | 2.39 | 2.96 |
??
| 6.69 | 6.16 | 4.63 | 2.27 |
??????
| 18.15 | 18.47 | 14.89 | 12.75 |
????
| 15.88 | 16.11 | 14.75 | 5.32 |
????
| 1.81 | 0.84 | 1.20 | 0.40 |
????
| 1.74 | 1.76 | 1.56 | 0.29 |
??
| 0.71 | 0.71 | 0.63 | 0.00 |
???????
| 22.36 | 21.35 | 20.44 | 7.31 |
????
| 40.51 | 39.81 | 35.33 | 20.06 |
????
| 1.28 | 1.71 | 2.98 | 0.00 |
?????????
| 3.57 | 3.22 | 2.42 | 1.03 |
а??????????
| 3.86 | 3.86 | 0.00 | 0.00 |
??????
| 9.78 | 10.16 | 7.67 | 1.82 |
????
| 3.38 | 3.33 | 5.47 | 3.53 |
???????
| 4.13 | 4.09 | 5.97 | 3.72 |
????
| 13.91 | 14.25 | 13.64 | 5.55 |
???
| 9.80 | 10.32 | 9.24 | 3.88 |
????????????
| 26.23 | 25.18 | 21.60 | 14.44 |
?ъ??
| 8.50 | 35.34 | 29.93 | 12.78 |
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| 1.18 | 4.88 | 3.49 | 1.72 |
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| 0.99 | 4.24 | 3.12 | 1.51 |
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| 0.40 | 4.91 | 4.08 | 0.07 |
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-
| 1.34 | 3.14 |
-
-
| 0.83 | 1.87 |
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-
| 0.37 | 0.87 |
-
| 3.74 | 2.69 |
????
| 2023 |
?
?
| 2022 |
?
| 2021 |
?
| 2020 |
?
?????
| 27.62% | 27.07% | 24.96% | 30.21% | |
| EBITDA |
???
| -- | 20.57% | 18.65% | 20.58% |
??????
| -- | 13.77% | 13.40% | 9.99% |
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| 34.33% | 35.79% | 38.60% | 27.66% |
???/EBITDA
| -- | 0.56 | 1.01 |
-
| 1.21 | ||
| EBITDA |
??????
| -- | 21.51 | 15.14 | 73.82 |
???/???
| 26.91% | 28.77% | 29.87% | 21.11% | |
| FFO/ |
???
| -- | 121.21% | 66.74% |
-
????
| 69.03% | |||
| 1.17 | 1.21 | 1.34 | 5.74 |
???????
| 0.84 | 1.02 | 1.16 | 20.82 |
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| 00.00 | 100.00 |
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| 000.00 | 60.00 |
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| 000.00 | 60.00 |
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⒆???、?????5,
| 000.00 | 100.00 |
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⒆????ъ????2,
| 000.00 | 100.00 |
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| 000.00 | 100.00 |
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⒆?????、?????1,
| 000.00 | 100.00 |
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⒆?????、?????1,
| 000.00 | 82.00 |
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| 400.00 | 100.00 |
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| 000.00 | 51.00 |
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| 000.00 | 51.00 |
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| 000.00 | 99.88 |
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| 000.00 | 100.00 |
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| 000.00 | 55.00 |
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振华股份