盛泰集团：公开发行A股可转换公司债券信用评级报告.PDF

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1、?2022?3915?A?AA?A?AA?6-10-1? 1?A?AA?AA?85000.00?6?6?48000?22MWp?2022?7?1?V3.1.202204?V3.1.202204?2021?6?85000.00?EBITDA?AA?AA?1.?2.?Lacoste?Calvin Klein?Tommy Hilfiger?FILA?3.?2021?6-10-2? 2?aa-?AA?2?3?4?3?2?F2?2?2?2?4?2?A?B?C?D?E?F?6?6?1?6?F1?F7?7?7?1?7?010-85679696?010-85679228?2?17?100022?4.63?0.

2、56?4.07?2021?11.11%?197.56%?1.?2020?2.?2019?2021?55.28%?53.33%?52.92%?3.?2021?11.93?43.92%?4.?2021?26.10?8.98%?98.91%?1.09%?2021?12.56?46.88%?5.?2021?50.18%?2021?51.43%?6.?8.50?2022?3?244.48%?28.49%?2022?3?69.02%?63.56%?35.27%?6-10-3? 3?2019?2020?2021?2022?3?(?)4.38 5.04 6.54 7.43?(?)48.51 48.21 59.

3、77 62.43?(?)13.54 14.78 21.22 21.98?(?)23.03 23.62 25.81 26.35?(?)1.10 0.33 0.28 3.48?(?)24.13 23.95 26.10 29.83?(?)55.70 47.02 51.57 13.73?(?)3.29 3.59 3.34 0.76 EBITDA(?)6.88 6.92 7.06-?(?)6.61 7.56 4.16 0.95?(%)19.47 19.39 15.27 17.51?(%)20.37 20.11 14.16-?(%)72.08 69.35 64.50 64.80?(%)64.05 61.8

4、4 55.16 57.58?(%)67.65 66.68 73.98 80.19?(%)19.81 23.55 11.32-?(?)0.19 0.21 0.25 0.28 EBITDA?(?)5.84 7.09 7.11-?/EBITDA(?)3.51 3.46 3.70-?2019?2020?2021?2022?3?(?)24.43 23.41 28.60-?(?)10.04 9.30 14.23-?(?)11.42 12.62 12.56-?(?)8.21 5.17 5.52-?(?)2.05 0.54 0.85-?(%)58.88 60.27 50.25-?(%)53.20 57.57

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6、20?/?20?6-10-6? 6?1?=?1?/?P1?P0/?1+n?P1?P0+Ak?/?1+k?P1?P0+Ak?/?1+n+k?P1?P0-D?P1?P0-D+Ak?/?1+n+k?P1?P0?n?A?k?D?30?15?85%?20?1?30?2?5?30?15?130%?130%?3000?30?3?2?30?70%?2?6-10-7? 7?2.?85000.00?1?%?1?48000?30266.67 22000.00 11.40 2?40188.70 30000.00 10.50 3?22MWp?8767.54 5500.00-4?2506.43 2000.00-5?255

7、00.00 25500.00-?107229.34 85000.00-?48000?6071?4692?4140?22MWp?22.00MWp?100.00%?1.?2022?2022?27.02?4.80%?5.19%?1.30%?0.50%?2019?1.70%?2022?6.00%?5.80%?3?4.00%?4.57%?2019?7.20%?2 2021?2022?2021?2021?2021?2021?2022?GDP?24.80 28.15 28.99 32.42 27.02 6-10-8? 8GDP?%?18.30(4.95)7.90(5.47)4.90(4.85)4.00(5.

8、19)4.80?%?24.50(6.79)15.90(6.95)11.80(6.37)9.60(6.15)6.50?%?25.60(2.90)12.60(4.40)7.30(3.80)4.90(3.90)9.30?%?25.60(7.60)15.00(8.20)8.80(7.20)4.40(5.69)0.70?%?29.70(2.30)7.80(2.40)1.50(0.40)0.40(0.65)8.50?%?29.80(-2.0)19.20(2.00)14.80(3.30)13.50(4.80)15.60?%?33.90(4.14)23.00(4.39)16.40(3.93)12.50(3.9

9、8)3.27?%?48.78 38.51 32.88 29.87 15.80?%?29.40 36.79 32.52 30.04 9.60 CPI?%?0.00 0.50 0.60 0.90 1.10 PPI?%?2.10 5.10 6.70 8.10 8.70?%?12.30 11.00 10.00 10.30 10.60?%?24.20 21.80 16.30 10.70 8.60?%?6.20 4.50 2.30 0.30 8.30?%?5.30 5.00 4.90 5.10 5.80?%?13.70(4.53)12.00(5.14)9.70(5.05)8.10(5.06)5.10?1.

10、GDP?2.GDP?3.?4.?5.?6.2021?Wind?2022?10.87?3.27%?4.14%?3?2022?10.49?9.30%?3?2022?1.48?13.00%?8209.20?15.80%?6579.80?9.60%?1629.40?CPI?PPI?2022?CPI?1.10%?PPI?8.70%?PPI?2022?12.06?1.77?3?10.60%?0.30?9238?4258?4050?2022?6.20?8.60%?5.25?7.70%?2022?6.36?8.30%?23.80%?0.30?22.40%?8.50%?8.40%?6.80%?6.20%?202

11、2?5.53%?6-10-9? 9?1?2?5.30%?5.50%?3?5.80%?0.50?2022?1.03?5.10%?2.?2022?4?IMF?5.50%?1.?1?2014?2017?2019?15900?/?2019?2020?4?2020?2021?2014?3?9?10?12?1?Wind 6-10-10? 10?USDA?2020?10?2020/2021?593.30?816.47?2021?3028.1?141.8?1892.6?/?27.4?/?573.1?3.0%?85%?2021?2506.1?0.2%?2021?2?2018?2019?2021?2018?201

12、9?2020?2018?2020?9.58%?6.53%?2021?51749?12.3%?2677?25.4%?8%30%?2021?2021?3?50%70%?2008?6-10-11? 11?2021?2021?3154.66?8.38%?1452.03?5.58%?1702.63?24.01%?2014?10?2020?3.90%?6.60%?3.50%?2021?440823?12.5%?3.9%?13842?12.7%?2?3?1?2?6-10-12? 12?3?4?4?1.?2022?3?55556.00?30.33%?43.3%?2.?Lacoste?Calvin Klein?

13、Tommy Hilfiger?FILA?Hugo Boss?Charles Tyrwhitt?T.M.Lewin?Burberry?ELAND?Jack Jones?Peace Bird?3.?2021?14?1?5?3?3?2?1968?7?2004?6-10-13? 13?1966?10?2021?3?2021?%?92.32?1.71?2.65?0.82?2.50?0.01?0.28?6.58?9.06?84.07?4.?913306006617396382?2022?4?14?/?1?1.?9?3?3?3?1?1/3?1?3?1?1?2.?6-10-14? 14?30?1.?2019?

14、2021?2019?2021?3.77%?2020?15.57%?2021?9.68%?2019?2021?3.29?3.59?3.34?2020?4.03%?2021?34.05%?2019?2021?2021?56%?2019?2021?2021?38.09%?2019?2021?2021?6.54?2.01?4?2019?2020?2021?2022?1?3?%?%?%?%?%?%?%?%?18.48 34.31 23.65 17.03 37.12 22.89 22.83 45.36 16.35 6.38 47.89 18.70?22.71 42.15 17.74 14.57 31.77

15、 17.98 14.88 29.56 15.97 4.45 33.41 17.58?4.44 8.24 19.91 4.30 9.37 19.41 5.52 10.97 10.82 1.14 8.56 12.26?4.47 8.29 25.98 3.84 8.36 26.06 4.29 8.53 17.38 0.72 5.41 17.10?3.78 7.01 8.21 3.18 6.94 7.70 2.62 5.21 13.74 0.63 4.73 15.47 6-10-15? 15?-2.95 6.44 16.49 0.19 0.37-4.10-0.002-?53.88 100.00 19.

16、96 45.87 100.00 19.80 50.33 100.00 15.51 13.32 100.00 17.43?&?2022?1?3?13.73?30.50%?0.76?40.85%?2.?1?2019?2021?5?2019?2020?2021?2022?1?3?19038.52 13965.62 9475.09 2100.70?/?1.54 1.36 1.75 2.89?29331.59 23969.57 38455.76 6789.97?/?2.98 3.00 3.68 4.31?1453.77 839.35 1278.32 277.18?/?21.71 20.63 21.98

17、24.26?806.91 941.15 1374.53 149.07?/?26.39 24.48 24.35 28.34?2019?2021?29.45%?2019?2021?6.60%?11.13%?0.62%?2019?2021?5%?6-10-16? 16?6?%?2019?21429.83 6.06?11698.17 3.31?10848.48 3.07?-9533.67 2.70?9121.79 2.58?-62631.94 17.72 2020?13514.67 4.35?9855.26 3.17?9362.23 3.01?-6963.79 2.24?6209.52 2.00?-4

18、5905.47 14.77 2021?18286.29 3.84?12752.09 2.68?11038.90 2.32?9717.02 2.04?8717.32 1.83?-60511.62 12.71?2?2019?2021?7?2019?2020?2021?2022?1?3?2613.00 3143.40 3468.19 1050.13?2776.20 2429.51 3541.92 910.11?%?106.25 77.29 102.13 86.67?3042.00 2850.38 2684.73 765.76?3452.09 2234.08 2170.05 663.73?%?113.

19、48 78.38 80.83 86.68?14850.00 18800.00 23400.00 6100.00?14633.82 12431.10 19183.38 4635.89 6-10-17? 17?%?98.54 66.12 81.98 76.00?6250.00 6400.00 6400.00 1600.00?6022.01 5077.74 5328.46 1430.40?%?96.35 79.34 83.26 89.40?7000.00 8400.00 6600.00 1200.00?7113.88 6912.64 5193.77 1243.84?%?101.63 82.29 78

20、.69 103.65?2022?2019?2021?2019?2021?2020?12.49%?15.05%?2021?45.79%?54.32%?2019?2021?100.00%?2019?2021?3?3?FILA?Lacoste?Hugo Boss?Nordstrom?Tommy?CK?2021?50.18%?8?2019?2020?2021?2022?1?3?2821.82 2369.25 3527.97 914.22?%?101.64 97.52 99.61 100.45?/?65.50 71.87 64.72 69.82?3411.16 2286.79 2170.16 661.9

21、1?%?98.81 102.36 100.01 99.73?/?66.58 63.73 68.57 67.15?14542.79 12708.95 18877.14 4592.47 6-10-18? 18?2019?2020?2021?2022?1?3?%?99.38 102.24 98.40 99.06?/?82.97 81.75 78.19 83.52?5917.10 4935.54 5299.32 1224.65?%?98.26 97.20 99.45 85.62?/?21.28 20.33 17.54 18.14?36799.77 28834.43 13152.66 2138.82?%

22、?517.30 417.13 253.24 171.95?/?28501.57 25098.76 42463.83 53402.33?2019?2021?11.81%?13.93%?20.24%?5.36%?2019?2021?9.21%?4560?90?2019?2021?9?%?2019?Ralph Lauren Corporation?111322.15 19.99 Uniqlo Co.Ltd.?74144.22 13.31 Devanlay S.A.?Lacoste?46362.50 8.32?42563.49 7.64?33505.44 6.02?-307897.80 55.28 2

23、020?Uniqlo Co.Ltd.?66220.32 14.08 Ralph Lauren Corporation?55498.73 11.80 Devanlay S.A.?Lacoste?52763.95 11.22?50092.29 10.65?26218.48 5.58?-250793.76 53.33 2021?Ralph Lauren Corporation?78937.79 15.31 Uniqlo Co.Ltd.?56492.81 10.95 Devanlay S.A.?Lacoste?54529.18 10.57?51542.24 9.99 HUGO BOSS AG?3145

24、2.28 6.10?-272954.30 52.92?3.?6-10-19? 19?2019?2021?7%?2019?2021?10%?10?%?2019?2020?2021?33015.49 7.40 32530.75 8.65 32090.89 7.40?75864.89 13.62 89893.42 19.12 59656.36 11.57?4.?2019?2021?2019?2021?6.37?5.30?6.42?4.50?4.49?4.54?1.16?0.97?0.96?11 2021?(?)?(?)?(?)?3.14 5.89 0.67?6.26 7.61 1.11?7.17 6

25、.18 1.27?A 1.70 9.16 0.40?4.10 11.07 0.83?5.21 11.00 0.46?1.41 6.17 0.49?3.92 7.43 0.58?4.01 7.52 0.63?4.49 6.46 0.97?Wind?Wind 5.?1.?2019?2021?2022?2020?4?3?1?2?1?1?2021?11?8?3?4?1?3?6-10-20? 20?2021?59.77?21.22?0.70?2021?51.57?3.34?2022?3?62.43?21.98?0.72?2022?1?3?13.73?0.76?2.?2019?2021?2019?2021

26、?11.00%?2021?23.98%?12?%?2019?2020?2021?2022?3?22.58 46.56 21.42 44.43 27.16 45.44 27.74 44.44?2.10 9.32 3.04 14.18 4.55 16.77 5.70 20.53?7.07 31.33 7.47 34.89 6.46 23.80 6.20 22.35?9.57 42.37 7.19 33.56 11.93 43.92 11.82 42.61?25.92 53.44 26.79 55.57 32.61 54.56 34.69 55.56?20.54 79.24 19.41 72.46

27、21.56 66.13 21.78 62.79?0.65 2.50 0.81 3.04 2.39 7.34 2.42 6.99?1.62 6.26 2.58 9.64 3.86 11.84 4.18 12.04?48.51 100.00 48.21 100.00 59.77 100.00 62.43 100.00?=?/?=?/?1?2019?2021?9.67%?2021?26.82%?2019?2021?47.13%?2021?49.96%?0.24?5.27%?2019?2021?4.41%?2021?13.49%?1?99.41%?0.37?3.58?52.43%?2019?2021?

28、11.65%?2020?24.89%?2021?65.98%?36.49%?39.42%?15.36%?0.95?7.38%?6-10-21? 21?2?2019?2021?12.15%?2021?21.71%?2019?2021?2.46%?2020?5.49%?2021?11.08%?42.28%?52.70%?4.26%?16.59?71.14%?2019?2021?92.33%?2021?193.95%?2019?2021?54.23%?2021?49.35%?“DTXT”?94.67%?0.59?2021?13?2021?%?0.24 0.40?1.07 1.79?2.66 4.46

29、?4.54 7.60?0.86 1.44?0.94 1.58?10.31 17.27-?2022?3?4.45%?3.?1?2019?2021?2019?2021?25.17%?2021?21.22?43.58%?96.70%?3.30%?27.08%?29.90%?-8.23%?48.34%?2021?4.63?0.56?4.07?2021?11.11%?197.56%?2021?51.43%?2019?2021?-0.48?-0.94?-1.69?2022?3?21.98?3.58%?2?2019?2021?2019?2021?5.00%?2021?15.31%?6-10-22? 22?1

30、4?%?2019?2020?2021?2022?3?33.38 95.47 32.12 96.08 36.72 95.24 34.60 85.53?22.62 67.76 23.13 71.99 24.31 66.22 25.20 72.82?5.61 16.81 4.87 15.17 6.23 16.98 4.78 13.82?1.58 4.53 1.31 3.92 1.84 4.76 5.85 14.47?0.00 0.00 0.00 0.00 0.21 11.58 0.18 3.10?0.19 11.87 0.16 11.94 0.14 7.72 0.15 2.54?0.18 11.07

31、 0.79 60.13 1.23 67.02 2.05 35.00?0.03 1.65 0.04 3.05 0.18 9.75 0.18 3.07?34.97 100.00 33.43 100.00 38.55 100.00 40.45 100.00?=?/?=?/?2019?2021?4.87%?2021?14.30%?2019?2021?3.67%?2021?5.13%?2019?2021?5.40%?2021?27.88%?1?2021?1?1?2021?0.21?2019?2021?13.16%?2021?9.43%?2019?2021?165.00%?2021?56.15%?2019

32、?2021?161.72%?2021?0.14?DTXT?2022?3?4.94%?2022?3?3.22?1?21.49%?3?78.51%?2?%?3?%?6-10-23? 23?2019?2021?4.00%?2021?26.10?8.98%?98.91%?1.09%?25.81?9.27%?0.28?12.60%?2019?2021?72.08%?69.35%?64.50%?64.05%?61.84%?55.16%?7.50%?2.16%?1.32%?2022?3?29.83?14.30%?88.34%?11.66%?2022?3?64.80%?57.58%?13.66%?0.30?2

33、.42?12.34?4.?2019?2021?2019?2021?3.77%?1.37%?2019?2021?19.47%?19.39%?15.27%?3.29?3.59?3.34?2019?2021?12.36%?2021?5.72?0.18%?26.86%?43.82%?12.34%?16.97%?1.54?1.62%?2.51?7.79%?0.71?30.87%?0.97?1.07%?2019?2021?13.37%?12.19%?11.09%?2021?0.84?506.84%?8032.HK?Natural Fiber Welding Inc.?Simple Agreement fo

34、r Future Equity?25.77%?2019?2021?0.32?0.30?0.41?9.57%?8.20%?12.59%?4?%?2019?2021?10.45%?10.20%?8.45%?20.37%?20.11%?14.16%?15 2021?%?%?%?238.77 24.28 9.48 12.25?23.57 19.12 10.25 13.30?7.97 15.54 3.61 5.78?A 52.38 20.72 3.09 4.44?38.97 15.82 4.42 4.87 6-10-24? 24?34.98 19.41 8.36 10.66?53.03 13.30 2.

35、13 1.14?13.02 15.84 5.41 9.14?36.98 17.48 4.92 7.46?51.57 15.87 7.91 16.72?Wind?Wind 2022?1?3?13.73?30.50%?0.76?40.85%?5.?2019?2021?2021?16?2019?2020?2021?2022?1?3?54.85 47.14 54.42 15.67?48.24 39.58 50.26 14.72?6.61 7.56 4.16 0.95?0.62 0.84 1.38 0.06?3.42 5.00 7.98 3.41?-2.81-4.16-6.60-3.35?3.81 3.

36、40-2.44-2.40?60.70 49.25 55.94 19.88?63.79 50.96 51.83 16.28?-3.09-1.72 4.11 3.60?%?95.84 96.30 101.02 101.36?2019?2021?0.40%?2.07%?2019?2021?20.71%?2021?45.03%?2019?2021?95.84%?96.30%?101.02%?2019?2021?49.78%?52.70%?2019?2021?53.34%?2019?2021?2021?2019?2021?4.00%?9.86%?2019?2021?2021?2022?1?3?0.95?

37、-3.35?3.60?6.?17?2019?2020?2021?%?67.65 66.68 73.98?%?38.99 44.30 41.49?/?%?19.81 23.55 11.32?/?0.29 0.32 0.16?/?0.19 0.21 0.25?EBITDA?6.88 6.92 7.06?/EBITDA?3.51 3.46 3.70?/?0.27 0.32 0.16 EBITDA/?5.84 7.09 7.11?/?5.62 7.75 4.19?2019?2021?6-10-25? 25?2019?2021?2019?2021?EBITDA?2021?EBITDA?34.49%?14

38、.06%?47.40%?2019?2021?EBITDA?EBITDA?/EBITDA?EBITDA?2022?3?2022?3?2022?3?40.94?1.71?10.82?7.?2021?28.60?22.21%?8.27?28.92%?20.33?71.08%?16.14%?8.65%?60.64%?10.87%?55.37%?11.33%?24.97%?2021?1.33?2021?14.37?1.89%?14.17?98.59%?0.20?1.41%?88.11%?2021?50.25%?10.02?12.56?2021?46.88%?2021?14.23?53.03%?5.56?

39、39.04%?7.18?50.44%?1.07?7.52%?0.43?3.01%?2021?5.52?1.06?0.85?2021?2.19?-0.80?-1.22?EBITDA?1.?8.50?2022?3?244.48%?28.49%?2022?3?64.80%?57.58%?13.66%?69.02%?63.56%?35.27%?2.?EBITDA?6-10-26? 26?18?2021?*?8.78?/?6.19?/?0.47?/EBITDA?1.24?30?15?85%?30?15?130%?130%?3000?AA?AA?6-10-27? 27?1-1?2022?3?1-2?202

40、2?3?6-10-28? 28?1-3?2022?3?%?1?2379.10?/281.24?-100.00?2?110475.13?/10464.97?100.00-?3?13779.19?/1776.67?-100.00?4?(?)?13508.93?/1741.99?-100.00?5?56700000.00?/4050.33?-100.00?6?(?)?1600.00?/1600.00?-100.00?6-10-29? 29?2-1?2019?2020?2021?2022?3?4.38 5.04 6.54 7.43?48.51 48.21 59.77 62.43?13.54 14.78

41、 21.22 21.98?23.03 23.62 25.81 26.35?1.10 0.33 0.28 3.48?24.13 23.95 26.10 29.83?55.70 47.02 51.57 13.73?3.29 3.59 3.34 0.76 EBITDA?6.88 6.92 7.06-?6.61 7.56 4.16 0.95?6.37 5.30 6.42-?4.50 4.49 4.54-?1.16 0.97 0.96-?%?95.84 96.30 101.02 101.36?%?19.47 19.39 15.27 17.51?%?10.45 10.20 8.45-?%?20.37 20

42、.11 14.16-?%?7.50 2.16 1.32 13.66?%?64.05 61.84 55.16 57.58?%?72.08 69.35 64.50 64.80?%?67.65 66.68 73.98 80.19?%?38.99 44.30 41.49 46.02?%?19.81 23.55 11.32-?0.19 0.21 0.25 0.28 EBITDA?5.84 7.09 7.11-?/EBITDA?3.51 3.46 3.70-?1.?2022?2.?6-10-30? 30?2-2?2019?2020?2021?2022?3?1.46 1.30 1.54-?24.43 23.

43、41 28.60-?10.04 9.30 14.23-?11.42 12.62 12.56-?0.00 0.00 0.00-?11.42 12.62 12.56-?8.21 5.17 5.52-?2.05 0.54 0.85-EBITDA?-?2.46-0.04 2.19-?4.46 3.14 4.30-?6.21 5.68 5.75-?0.35 0.22 0.21-?%?105.01 68.42 79.14-?%?22.39 18.40 20.61-?%?9.09 2.53 3.38-?%?19.42 5.97 6.36-?%?0.00 0.00 0.00-?%?53.20 57.57 46

44、.88-?%?58.88 60.27 50.25-?%?38.11 33.78 58.37-?%?32.01 29.70 52.03-?%?17.41-0.29 15.45-?0.13 0.10 0.12-EBITDA?-?/EBITDA?-?1.?2022?2.?6-10-31? 31?3?1?2?=?-?/?100%?2?n?=(?/?n?)?1/(n-1)?-1100%?/?+?+?/?/?/?100%?+?/?+?+?100%?/?100%?-?-?/?100%?/?100%?/?+?+?100%?/?+?100%?/?100%?EBITDA?EBITDA/?/EBITDA?/EBITDA?/?100%?-?/?100%?/?100%?/?=?+?+?+?=?+?+?+?+?=?+?+?+?=?+?EBITDA=?+?+?+?+?=?+?6-10-32? 32?4-1?AAA?AA?A?BBB?BB?B?CCC?CC?C?AAA?CCC?+?-?AAA?AA?A?BBB?BB?B?CCC?CC?C?4-2?4-3?6-10-33? 33?A?6-10-346-10-356-10-366-10-376-10-386-10-396-10-406-10-416-10-42