惠譽升中聯重科(01157.HK)信貸評級至「B+」 展望正面
評級機構惠譽公布,將中聯重科(01157.HK)長期外幣發行人違約評級從「B」上調至「B+」,展望正面。惠譽同時將中聯重科的高級無抵押評級從「B」上調至「B+」。
惠譽稱,評級上調是由於中聯重科的工程機械主業持續回升,令其槓桿率指標顯著改善。2019年中聯重科繼續去槓桿,營運現金流(FFO)淨槓桿率從2017年的18.1倍和2018年的5.0倍降至2.8倍。該公司財務結構改善的原因在於,EBITDA大幅增加、資金周轉周期的進一步改善,以及出售部分金融資產令其現金生成能力有所提升。惠譽預計,短期內中聯重科的槓桿率將保持相對穩定,原因是其工程機械板塊的銷售增長可能被其資金周轉周期指標的惡化及資本支出計劃抵消。
另在新冠肺炎疫情的衝擊下,2020年第一季度中聯重科的銷售額和淨利潤僅分別增長1%和2%。與此同時,該公司經營活動產生的現金淨流入同比減少83%。惠譽預計中聯重科的需求將回升,這有助於其2020年經營業績保持強勁。中聯重科估計,受源自國內基礎設施項目、能源行業及城鎮化計劃的需求驅動,其2020年上半年的淨利潤增速為47.5%至63%。惠譽認為,短期內政府放鬆相關政策以刺激經濟增長之舉,將促進內地工程行業的發展。
此外,惠譽預計,中期內中聯重科的資本支出將因該公司生產設施的搬遷、擴建和升級而有所增加。中聯重科稱擬非公開發行A股籌集66億元人民幣作為其資本支出所需資金的主要來源。該非公開增發能否完成存在市場不確定性,因此惠譽的評級方案未將其收益納入考量。若完成非公開增發,中聯重科的財務結構將得到改善,進而可能觸發正面評級行動。
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