天津中绿电投资股份有限公司：联合资信上调公司“25绿电G1”评级至AAA

Core Viewpoint - Tianjin Zhonglv Electric Investment Co., Ltd. has received a credit rating upgrade to AAA for both its long-term issuer and debt ratings, with a stable outlook, reflecting strong operational and financial support from its parent company, China Green Development [1] Group 1: Rating Adjustment - The credit rating was upgraded from AA+/Stable to AAA due to individual adjustments and external support [1] - The individual credit rating was raised by +1 due to new project launches, while external support from shareholders contributed an additional +2 [1] Group 2: Operational Performance - The company is positioned as the operational platform for wind and solar energy under China Green Development [1] - Installed capacity is expected to grow significantly from 2022 to 2024, with a notable increase of 12.835 million kilowatts in 2024 [1] - Total revenue and profit are projected to continue rising, indicating low operational risk [1] Group 3: Financial Health - The company's asset scale is increasing annually, with high profitability in its main business [1] - There has been substantial cash inflow from operating activities in 2023, although accounts receivable have tied up some liquidity due to delayed renewable energy subsidies [1] - Debt levels have risen significantly due to rapid business expansion, but the company’s ability to repay debts remains strong [1] Group 4: Future Considerations - Key focus areas include growth potential in installed capacity, shareholder support, financial stability, policy dependency, and risks related to power restrictions and cash flow recovery [1] - The company has a historical overdue debt of 14.23 million yuan, currently under settlement, and has past bad loan records unrelated to its current renewable energy operations [1] - Risks include potential power restrictions due to lagging grid infrastructure in regions like Xinjiang, and possible rating downgrades if clean energy policies change or shareholder support diminishes [1]