天津市静海城市基础设施建设投资集团有限公司2023年度第一期中期票据获“AA+”评级

Core Viewpoint - Tianjin Jinghai Urban Infrastructure Construction Investment Group Co., Ltd. received an "AA+" rating for its 2023 first phase medium-term notes, indicating strong creditworthiness and stability in its operations [1][2]. Company Overview - The company is a key player in infrastructure construction in Tianjin's Jinghai District and holds a monopoly in the local heating business, which provides a competitive advantage [2]. - In 2024, both the district's GDP and general public budget revenue are expected to grow year-on-year, creating a favorable external environment for the company [2]. Business Operations - The company's revenue primarily comes from construction and heating services, with a noted delay in the collection of payments for infrastructure projects, leading to significant investment pressure [2]. - Revenue from the heating business has increased year-on-year, demonstrating strong sustainability, although capital expenditure pressures exist for heating projects [2]. Financial Analysis - The company's asset structure is relatively balanced, but there is uncertainty regarding the collection period for receivables, and inventory settlement is heavily influenced by government financial arrangements, affecting liquidity [2]. - The equity structure is stable, with a high proportion of paid-in capital and capital reserves [2]. - The company relies heavily on bond financing, facing a substantial debt burden and significant short-term repayment pressure [2]. - Fiscal subsidies significantly contribute to total profits, but profitability indicators remain weak [2]. - Short-term debt repayment indicators are strong, while long-term repayment indicators are average, indicating a need to diversify financing channels and potential contingent liability risks [2].