基于对2390家城投企业2024年年报的分析：从财务视角看化债与转型背景下的城投企业

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" period will be a new turning point for the urban investment industry. Urban investment enterprises need to seize development opportunities, use relevant policies, and address long - standing issues such as low profitability, poor asset quality, high debt pressure, and heavy reliance on local government resources [3][4]. - In 2024, under the "package debt resolution" policy, urban investment enterprises showed some positive changes, but the substantial improvement of the overall fundamentals still needs further observation. Key provinces achieved certain debt - resolution results, but their profitability, investment, and financing capabilities were weaker than other regions, and the debt - repayment pressure was prominent [2][15]. - Urban investment enterprises in the process of transformation need to pay attention to issues such as insufficient profitability in the initial stage, low asset quality, and high debt pressure, and promote the smooth transition between old and new businesses [5][6]. 3. Summary by Relevant Catalogs Asset Side - The expansion speed of urban investment enterprises was lower than the growth rate of social financing, and assets were concentrated towards the top. The asset growth rate of urban investment enterprises in key provinces slowed down significantly. By the end of 2024, the total asset scale of urban investment enterprises reached 162.70 trillion yuan, with a year - on - year growth of 5.31%, lower than the social financing growth rate of 8% in 2024 [8][17]. - The liquidity of urban investment assets weakened. The scale of monetary funds decreased significantly, and the scale and proportion of accounts receivable increased. By the end of 2024, the total scale of monetary funds of urban investment enterprises was 7.59 trillion yuan, a year - on - year decrease of 8.65% [24]. - Due to investment constraints, infrastructure business was restricted, and the growth rate of inventory slowed down. The scale of construction - in - progress projects of urban investment enterprises in key provinces decreased. In 2024, the inventory growth rate of urban investment enterprises was only 3.24%, a significant decrease of 5.46 percentage points [30][33]. Liability Side - The growth rate of debt scale slowed down. The asset - liability ratio and the scale of interest - bearing debt of urban investment enterprises in key provinces decreased for the first time. By the end of 2024, the total liability scale of urban investment enterprises reached 101.13 trillion yuan, with a year - on - year growth of 6.33%, and the growth rate decreased by 5.19 percentage points compared with 2023 [38][40]. - The financing cost of urban investment enterprises increased slightly but was still in a downward channel. The cost in key provinces decreased more significantly but was still relatively high. In 2024, the median financing cost of urban investment enterprises was 5.16%, a slight increase of 9BP compared with 2023 [46]. - The scale and proportion of non - standard financing of urban investment enterprises "double - dropped", and the debt structure of urban investment enterprises in key provinces improved significantly. In 2024, the proportion of non - standard financing of urban investment enterprises dropped to 8.57%, a decrease of 1.19 percentage points [49]. Cash Flow - The net cash flow from operating activities turned positive for the first time in five years, and nearly 80% of urban investment enterprises in key provinces had positive cash flow net. In 2024, the net cash flow from operating activities of urban investment enterprises was 0.81 trillion yuan, turning positive for the first time in five years [12][53]. - The cash outflow from investment activities slowed down. Urban investment in key provinces was more restricted, but long - term equity investment improved. In 2024, the cash outflow from investment activities of urban investment enterprises was 8.72 trillion yuan, a year - on - year decrease of 4.49% [12][56]. - The cash inflow from financing activities was under pressure, and the net amount decreased. Urban investment financing in key provinces was more restricted. In 2024, the cash inflow from financing activities of urban investment enterprises was 29.98 trillion yuan, with a year - on - year growth of 5.27%, and the growth rate decreased significantly by 6.53 percentage points [13][61]. Debt - Repayment Ability - The debt - repayment ability of urban investment enterprises continued to decline, and urban investment enterprises in key provinces faced greater debt - repayment pressure. In 2024, the current ratio, the coverage ratio of monetary funds to short - term debt, and the EBITDA interest coverage ratio of all urban investment enterprises were 2.41, 0.30, and 2.72 respectively [65]. - The debt - repayment ability of entities facing the maturity or put - back of urban investment bonds in 2025 tended to weaken. From May to December 2025, the entities facing the maturity or put - back of urban investment bonds were mainly AAA - rated and municipal - level. The maturity pressure in key provinces such as Heilongjiang and Gansu was relatively large [69].