中证鹏元国际授予漳州高新区永顺物业管理有限公司“BBB-”国际评级，展望稳定

Positive Factors - The government of Zhangzhou High-tech Zone provides strong ongoing support to Yongshun Property, which is fully controlled by Jingyuan Development[2] - In 2025, Jingyuan Development will transfer operating rights and assets worth 2.43 billion yuan to the company, significantly enhancing its capital strength[2] - The Zhangzhou High-tech Zone government has effectively managed its budget, maintaining a favorable budget surplus outlook despite a small revenue scale[3] Negative Factors - The company's interest-bearing debt is projected to reach approximately 150 million yuan in 2024, a significant increase due to financing needs[4] - The company's EBITDA is weak, with a projected weighted average debt to EBITDA ratio of 49.0 times from 2023 to 2027, indicating difficulty in debt repayment[4] - The estimated weighted average EBITDA margin is only 4.7% from 2023 to 2027, reflecting low profitability levels[5] - The liquidity ratios are poor, with a projected cash flow liquidity ratio of 0.03 times and a quick ratio of 0.9 times in 2026, indicating short-term asset pressure[5]