来源：金融界 6月30日，联合资信公布评级报告，2019年第一期宁德市交通投资集团有限公司公司债券获"AA+"评 级。 联合资信评级报告认为，跟踪期内，公司仍是宁德市重要的交通设施投资建设和运营管理主体，随着宁 德市产业布局的逐步完善，锂电新能源、新能源汽车、不锈钢新材料、铜材料四大主导产业推动区域经 济良性发展，宁德市经济及财政实力均持续增强。公司取消监事会并设立董事会审计委员会，外部董事 正常更换，未对公司经营及管理产生重大不利影响。跟踪期内，公司交通运输收入稳定增长；由于销售 业务、工程施工业务以及房地产业务收入较上年大幅下降，主营业务收入相应大幅下降。公司承担宁德 市高速公路项目投资建设以及铁路项目投融资职能，控股高速公路均已进入运营期且2024年通行费收入 和车流量保持增长。公司汽运交通及公交运输业务具备区域专营优势，公益属性较强，可获得一定财政 补贴。由于给予下游客户一定账期，供应链贸易销售业务需关注下游客户回款情况。公司尚存一定在建 及尚未销售房地产项目，需关注未来去化情况。公司自营项目在建及拟建规模较大，面临较大的资金支 出压力，自营项目建成运营后有望为公司贡献新的收入来源，但收益实现情况有待 ...

Core Viewpoint - Zhejiang Provincial Transportation Investment Group Co., Ltd. received an "AAA" credit rating for its 2020 public bond issuance, indicating strong financial health and industry position [1][2]. Group 1: Company Overview - The company is the largest entity in Zhejiang Province for transportation infrastructure investment, construction, and operation, highlighting its prominent industry position [2]. - The economic strength of Zhejiang Province, a major economic hub in southeastern China, continues to enhance the company's operational environment, with significant growth potential in the transportation infrastructure sector [2]. Group 2: Business Operations - As the largest operator of expressways in Zhejiang, the company manages high-quality road assets and has substantial operational scale, also overseeing railway investment and management in the province [2]. - The company is engaged in multiple construction projects with high-level qualifications, maintaining a large backlog of contracts and stable revenue from goods sales, although it faces low profit margins [2]. Group 3: Financial Performance - The company has experienced a decline in securities income due to reduced futures business revenue, which is sensitive to economic cycles and regulatory changes [2]. - With the inclusion of Nantong Jianghai Capacitor Co., Ltd., the company has expanded into electronic components, which is expected to significantly contribute to future revenue and profits [2]. - The company's asset scale is growing, with ample cash reserves and stable income from toll roads and financial assets, indicating strong overall asset quality and profitability [2]. - Although the debt scale has increased, it remains manageable, primarily consisting of bank loans, bond financing, and government special bonds, with strong debt repayment indicators and accessible financing channels [2].