【债市研究】投融资结构优化，局部流动性压力仍存——四川省发债城投企业财务表现观察

Core Viewpoint - Since 2024, Sichuan Province has implemented debt reduction policies, leading to the orderly resolution of hidden debts and a reduction in the number of financing platforms, optimizing the debt structure of urban investment companies [1][2][3]. Debt Management Situation in Sichuan Province - The rapid implementation of debt reduction policies has resulted in a significant decrease in the number of local government financing platforms, with a projected reduction of 71% in the number of platforms and 62% in the scale of operating financial debt by September 2025 compared to March 2023 [2]. - The Sichuan government has issued local government bonds totaling 507.92 billion yuan in 2024, with 1,982 billion yuan allocated for replacing existing debts, alleviating some repayment pressure [3]. Financial Indicators of Urban Investment Companies - Investment in urban construction, self-operated assets, and equity and fund investments has been increasing, but the growth rate is declining. By the end of 2024, the proportion of urban construction assets is decreasing, while the share of equity and fund investments is rising [8][9][10]. - By the end of 2024, the total debt scale of urban investment companies in Sichuan Province continues to grow, with a year-on-year growth rate of 9.28%. Chengdu accounts for nearly 70% of the total debt scale [21][25]. Cash Flow and Collection - The scale of accounts receivable for urban investment companies has been expanding, but the growth rate is slowing down. By the end of 2024, the cash income ratio remains high, indicating good cash collection performance [13][14]. - Chengdu's accounts receivable scale exceeds half of the province's total, with a growth rate of 10% in 2024, indicating a need for improved cash collection [14]. Financing Activities - The cash inflow from financing activities for urban investment companies has been shrinking, with most cities experiencing a decline in net inflow. Chengdu's financing activities account for over 60% of the province's total [15][21]. - The financing structure is primarily reliant on bank loans, which account for over 68% of total financing, while bond financing is decreasing [22][27]. Debt Structure and Repayment Capacity - The overall debt structure remains dominated by long-term debt, with a reasonable maturity structure. However, the asset-liability ratio and total debt capitalization ratio have been rising, indicating increasing debt burdens [24][25]. - Different regions exhibit varying refinancing capabilities, with some areas facing significant short-term repayment pressures [25][27].