【粤开宏观】城投正在起变化：从3300家城投财报看转型进程及隐性债务测算

Financial Analysis - The total assets of urban investment companies reached 184.5 trillion yuan in 2023, growing by 8.7%, significantly lower than the 11.1% growth in 2022[69] - The total liabilities of urban investment companies reached 105.7 trillion yuan in 2023, growing by 10.1%, exceeding the total asset growth by 1.4 percentage points[77] - The median debt-to-asset ratio of urban investment companies rose to 59.4% in 2023, an increase of 1.3 percentage points from the previous year[77] Debt and Liquidity - The net financing scale of urban investment bonds was -2096.1 billion yuan from January to May 2024, a decrease of 7740.4 billion yuan compared to the same period last year[3] - The median cash-to-short-term debt ratio of urban investment companies was 0.4 in 2023, with 85.6% of companies having a ratio below 1[30] - The weighted average issuance coupon rate of urban investment bonds fell to 2.8% in May 2024, a decrease of 219.5 basis points from the end of 2022[87] Business Transformation - The land assets of urban investment companies decreased by 34.5% in 2023, with the proportion of land assets to total assets dropping to 2.2%, down 1.3 percentage points from the previous year[45] - The proportion of non-standard debt in the interest-bearing debt of urban investment companies fell to 1.3% in 2023, a decrease of 5.2 percentage points from 2022[28] - The median return on equity (ROE) and return on assets (ROA) of urban investment companies dropped to 1.1% and 0.5% in 2023, respectively, down 0.2 and 0.1 percentage points from the previous year[49]