新兴铸管: 新兴铸管股份有限公司2025年度跟踪评级报告

Core Viewpoint - The credit rating of Xinxing Casting Pipe Co., Ltd. is maintained at AAA/stable, reflecting its strong support from the controlling shareholder, solid position in the casting pipe industry, and favorable debt structure, despite challenges from low industry demand and fluctuating raw material costs [3][6][22]. Company Overview - Xinxing Casting is the largest manufacturer of centrifugal ductile iron pipes globally, with a production capacity of 3 million tons per year, maintaining a stable production scale [11][12]. - The company has a strong research and development capability, holding 2,669 patents, including 592 invention patents, and has made significant advancements in product upgrades [13][12]. Financial Performance - Total assets as of 2024 were 559.17 billion, with total liabilities at 283.26 billion, indicating a debt ratio of 50.66% [5]. - The company reported total revenue of 477.60 billion in 2022, which decreased to 361.94 billion in 2024, reflecting a downward trend in profitability [25][24]. - The net profit for 2024 was 19.18 billion, down from previous years, highlighting the impact of declining sales prices and increased raw material costs [5][24]. Industry Context - The ductile iron pipe industry is expected to grow due to urbanization and supportive government policies aimed at reducing water loss in municipal supply systems [10][11]. - The steel industry faces ongoing challenges with supply-demand imbalances, leading to continued pressure on profit margins [8][7]. Risks and Challenges - The company is facing risks from low industry demand, fluctuating raw material prices, and potential losses from receivables, particularly from long-aged accounts [3][22][26]. - The controlling shareholder, Xinxing Jihua Group, reported a net profit loss in 2024, raising concerns about its future support for the company [3][22]. Strategic Direction - The company aims to enhance its international presence and operational capabilities through new production bases and strategic investments, while focusing on upgrading traditional industries [12][21]. - Xinxing Casting plans to maintain a stable production capacity and improve its product offerings to adapt to market changes and customer needs [12][11].