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惠誉升中联重科(01157.HK)信贷评级至「B+」 展望正面
阿思达克 07-31 16:47
评级机构惠誉公布,将中联重科(01157.HK)长期外币发行人违约评级从「B」上调至「B+」,展望正面。惠誉同时将中联重科的高级无抵押评级从「B」上调至「B+」。

惠誉称,评级上调是由於中联重科的工程机械主业持续回升,令其杠杆率指标显着改善。2019年中联重科继续去杠杆,营运现金流(FFO)净杠杆率从2017年的18.1倍和2018年的5.0倍降至2.8倍。该公司财务结构改善的原因在於,EBITDA大幅增加、资金周转周期的进一步改善,以及出售部分金融资产令其现金生成能力有所提升。惠誉预计,短期内中联重科的杠杆率将保持相对稳定,原因是其工程机械板块的销售增长可能被其资金周转周期指标的恶化及资本支出计划抵消。

另在新冠肺炎疫情的冲击下,2020年第一季度中联重科的销售额和净利润仅分别增长1%和2%。与此同时,该公司经营活动产生的现金净流入同比减少83%。惠誉预计中联重科的需求将回升,这有助於其2020年经营业绩保持强劲。中联重科估计,受源自国内基础设施项目、能源行业及城镇化计划的需求驱动,其2020年上半年的净利润增速为47.5%至63%。惠誉认为,短期内政府放松相关政策以刺激经济增长之举,将促进内地工程行业的发展。

此外,惠誉预计,中期内中联重科的资本支出将因该公司生产设施的搬迁、扩建和升级而有所增加。中联重科称拟非公开发行A股筹集66亿元人民币作为其资本支出所需资金的主要来源。该非公开增发能否完成存在市场不确定性,因此惠誉的评级方案未将其收益纳入考量。若完成非公开增发,中联重科的财务结构将得到改善,进而可能触发正面评级行动。

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