牧原股份(002714.SZ)：中誠信國際決定將公司的評級展望由穩定調整為負面
格隆匯12月15日丨牧原股份(002714.SZ)公佈，公司發行的“19牧原01”、“20牧原MTN001”、“20牧原MTN002”和“牧原轉債”由中誠信國際信用評級有限責任公司(“中誠信國際”)進行相關評級工作，目前存續債券餘額合計111.50億元。
2021年以來生豬價格持續低迷，根據農業農村部數據顯示，9月全國生豬出廠價格降至最低13.89元/公斤，10月價格階段性回升至14.32元/公斤，但自2020年11月以來能繁母豬存欄量維持在4000萬頭以上，2021年6月最高為4564萬頭，截至10月末能繁母豬存欄量為4348萬頭，同比增長6.6%，若無突發事件影響，預計2022年生豬供應較為充足，短期內價格反彈幅度有限。受生豬出欄量增加以及銷售價格大幅下滑影響，公司2021年第三季度出現經營虧損，盈利及獲現能力弱化；若豬價持續低位震盪，短期內公司盈利及獲現能力難以大幅改善。另外，近兩年公司投資規模較大，債務持續上升，截至2021年9月末，公司總債務規模增至658.26億元，其中短期債務為342.91億元，同時貨幣資金為99.50億元，面臨一定資金壓力。此外，公司擬對控股股東牧原實業集團有限公司非公開發行不超過60億元的股票，有利於增強公司資本實力，但該事項尚需中國證監會批准，未來外部融資及股東借款的資金落實情況有待持續關注。
近日，根據上海票據交易所公示的《持續逾期名單(截至2021年11月30日)》，牧原股份共有32家子公司出現商業承兑匯票付款逾期，涉及逾期商票金額6947.14萬元。公司公吿稱由於其未及時收到部分持票人的有效提示付款申請，或持票人選擇的清算方式不符合銀行要求等原因，導致公司無法按時兑付商業承兑匯票。截至2021年12月7日，上述逾期商票已全部兑付完成。本次商票逾期事件反映出公司在商票管理等內控制度上仍有待提高。
基於上述因素，中誠信國際決定將牧原食品股份有限公司的評級展望由穩定調整為負面，維持其AA+的主體信用等級；維持“19牧原01”、“20牧原MTN001”、“20牧原MTN002”和“牧原轉債”AA+的債項信用等級。中誠信國際將持續關注並評估公司後續經營業績、內控管理、商票逾期事件對外部融資環境的影響、債務償還安排、定增的後續進展等情況對公司整體信用水平產生的影響，並適時採取相應的評級行動。
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