2022-02-24-远东资信-2021年汽车整车制造行业发债企业信用分析_11页_562kb

Summary of Credit Analysis Report on Auto Vehicle Manufacturing Bond Issuers

According to the report dated February 25, 2022, authored by Zhang Yan from FECR Credit Research, the analysis focused on 17 bond-issuing companies in the automotive vehicle manufacturing industry for 2021. Key findings are as follows:

• Industry Overview and Debt Instruments: The report screened 17 companies, comprising 12 state-owned enterprises and 5 private enterprises. Total outstanding bonds consisted of 84 issues with a combined balance of approximately CNY 1,234.26 billion. Corporate bonds and medium-term notes dominated these bonds, accounting for around 47.41% and 32% respectively. Bond issuance was low, with only 5 new bonds in 2021 and 1 issued by early 2022.

• Credit Rating and Debt Maturity: The credit ratings of these entities are generally high, with 11 companies rated AAA and 6 rated AA+, all above AA+, largely due to support from state-owned backgrounds. Total debt servicing issues are highlighted, with CNY 382.31 billion maturing in the next 10 months (30.97% of outstanding bonds) and CNY 811.26 billion maturing in the following two years (65.73%). This indicates significant repayment pressure, particularly in 2022–2024.

• Operational and Financial Performance: Companies demonstrated strong revenue growth, with average quarterly 2021 revenue increase of 12.74%, but faced challenges from high raw material costs and reduced vehicle sales, leading to lower inventory and accounts receivable turnover efficiency. Profitability remained relatively stable despite operational hurdles, and revenue is expected to continue growing.

• Credit Outlook: With supportive government policies on demand-side factors like consumer incentives and new energy vehicle promotion, the industry is expected to see improved demand and stable credit levels in 2022, supported by strong state-owned backing in most cases.