BXLQ(SZ:002307) Sou Hu Cai Jing·2025-06-24 04:36Core Viewpoint - Xinjiang Beixin Road and Bridge Group Co., Ltd. received an "AA" credit rating for its 2020 bond issuance aimed at the "Belt and Road" initiative, indicating strong creditworthiness and regional competitive advantages [1][2]. Group 1: Company Overview - The company is a state-controlled A-share listed road and bridge construction enterprise in the Xinjiang Uygur Autonomous Region, possessing comprehensive and high-level construction qualifications [2]. - The engineering construction business is projected to be the primary source of revenue in 2024, although new contract amounts are expected to decline slightly due to intensified industry competition [2]. Group 2: Financial Performance - The company has a sufficient project reserve, primarily from government and state-owned enterprises, which supports its ongoing business development [2]. - Financial risks are present, including accounts receivable recovery risks and a heavy overall debt burden, with total debt continuing to grow [2]. - The company reported a total profit of -398 million yuan, indicating a loss, and the Guangyuan to Pingwu expressway project is currently operating at a loss [2]. Group 3: Risk Factors - The company faces significant debt pressure due to large expenditures on PPP and BOT projects, which may affect its financial stability [2]. - There is a strong reliance on external financing to balance project funding needs and debt repayment, although short-term debt repayment indicators are performing well [2]. - The company benefits from indirect financing channels, with support from its controlling shareholder, Xinjiang Production and Construction Corps Engineering Group Co., Ltd. [2].