泉峰汽车：南京泉峰汽车精密技术股份有限公司2021年度公开发行可转换公司债券信用评级报告.PDF

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1、6-10-16-10-26-10-3? 6.2 ? ? ? 6.2 ?6 ? AA-? 2021 ? AA-?201820192020?18.94 21.18 22.31 ?9.26 14.65 15.60 ?9.68 6.54 6.72 ?6.77 2.98 1.95 ?12.02 12.51 13.86 ?0.92 0.86 1.21 EBIT?1.31 1.23 1.48 EBITDA?2.11 2.33 2.68 ?0.19 2.85 2.12 ?(%)24.38 25.13 26.06 ?(%)8.05 6.14 6.81 ?(%)51.09 30.86 30.10 ?(%)42.2

2、2 16.91 11.12 ?/EBITDA(X)3.20 1.28 0.73 EBITDA ?(X)6.44 7.61 18.62 ? 20182020 ? ? ? ?2019 ? 5 ? 22 ? 2020 ?14.10 ? 12.00 ? ? ? ? ? 1218 ?2020 ? 9 ?2020 ? 9 ?2020 ? 9 ?(%)2019 ?2019 ?2019 ?2020?22.3115.6030.1013.861.212.12?90.6550.9143.8449.180.734.33?80.2126.4866.9954.901.021.69?12.458.4132.454.620.

3、631.08? ? ? ?6-10-4? ?2012?3?19? ?1,000? ? ? ? ? ?2019 ? 5 ? 22 ? 5,000 ? ?A? ? 9.79 ? 48,950 ? ? 45,243.58 ?603982? ? 2020 ? 20,153.24? ? 20,149.42 ? ? 2020 ? 11 ? 13 ? 2020 ? 1 ? 3.82 ? ? 2020 ? 35.73%? 5,090 ? 70.69%? 23.10%? ? 37.84%? ? ? 1?2020 ?100%?100%? 2? 2021 ? 6.2 ? 6.2 ?6 ? 100 ? 10.49 ?

4、 8 ?8.31 ? 2,040 ?6-10-5? 130%? 130%? ? ? 3,000 ? 70%? ? ?2020 ? GDP ?2.3%?2021 ? 2020 ?2020 ? ? ? ? GDP ? ? ? ? CPI ? PPI ? GDP ? 2021 ? ? ?6-10-6?2020 ?2021 ?2020?2021 ?2020 ? 12 ? ? ? ? ? ? ? 2020 ? 2021 ? 2021 ? 2020 ? ? 2021 ?2020 ? 3 ?20062019 ? 10.2%? 2006 ? 10.6%? 2019 ? 28.5%?2020 ? 3 ? ?4

5、? 5 ?2020 ? 2,522.5 ? 2,531.1 ?2.0%? 1.9%? 2%?6-10-7? 1? 2020 ?2020 ? 2020 ? 12 ? 163.1 ? 183.1 ? ? 48.1%? 43.6%? 3 ? 5 ?2020 ? 1,999.4 ? 2,017.8 ? 6.5%? 6.0%?2020 ?3 ? ? ? 2020 ? 20.0%?18.7%?20152019 ? 19.7%?2020 ? 4 ?2020 ? 160 ? 37.9%? ? ? 2020 ? ? 219.8? 16.7%?43%?2020 ? ?2020 ? 7 ? 24 ? ? ? 202

6、0 ? 7 ? 2021 ? 5 ? ? ? ? 2020 ? 7 ? 1 ? ? 2020? 9 ? 56.1%? 3.9 ? ? 2020 ? 4 ? 23 ? 5?6-10-8? ? 2020 ? 3 ? ? ? ? ? ? 3%? ? ? ? ? ? DCT ?6-10-9? 3?%?201820192020?3.914.324.15?2.042.463.00?1.961.801.70?1.141.482.26?1.061.131.51?0.120.130.08?1.651.131.10?0.090.040.04?0.040.000.02?12.0212.5113.86?2018201

7、92020?32.4934.5529.98?17.0019.6821.65?16.3014.3812.27?9.5111.8216.30?8.839.0510.87?1.031.010.56?13.759.027.97?0.720.350.25?0.370.130.14?100.00100.00100.00? ERP ? ? 2018 ?2020 ? 13.65 ?/?12.85?/? 13.06 ?/?8.64 ?/?8.59 ?/? 8.65 ?/? ?2019 ? ? 2019 ? 4?201820192020?2.222.282.43?1.581.591.76?0.320.310.27

8、?0.220.160.12?1.981.672.41?1.070.981.06?0.570.240.24?0.250.180.21?0.030.020.03?6.115.376.38?1?2? ? ? 90 ? ?2020 ? 3.34 ?0.06 ?2020 ?6-10-10?50.94%? 5?2018 ?2020 ?2020?11,333.1415.39%?7,321.049.94%?6,936.899.42%?2,838.673.85%?2,667.743.62%?31,097.4942.22%-2019?10,069.45 13.42%?9,108.92 12.14%?6,767.8

9、1 9.02%?2,545.18 3.39%?2,481.49 3.31%?30,972.86 41.28%-2018?6,864.5217.99%?4,499.6411.79%?2,481.236.50%?2,193.125.75%?1,692.464.44%?17,730.9846.47%-? ? ?2018 ?2020 ?13.50%?11.70%? 11.81%? 6?2018 ?2020 ?201820192020?277,300293,385313,956?229,398245,349302,600?82.73%83.63%96.38%6-10-11?3,846,627 4,295

10、,050 4,935,330 ?2,904,230 3,182,380 3,800,237 ?75.50%74.09%77.00%?163,100 166,320166,320?146,640 152,545149,838?89.91%91.72%90.09%? 7?%?201820192020?5.7055.324.64?49.655.40?50.95?1.27?12.341.06?11.381.11?10.50?3.33?32.333.64?38.974.09?38.55?10.29? ?100.009.34? ?100.0010.60? ?100.00?20182020 ? 0.82 ?

11、 0.80 ? 0.84 ? ? 6.85%?6.36%? 5.96%? ? 2020 ? ? 6 ? 89 ? 1 ? 1 ? EDI? EDI? EDI? ? ? ? 90 ? 120 ? ?2020 ? 5.67 ?2019 ? 22.96%? 2020 ?10.81%? 8?2018 ?2020 ?2020? 4.05 29.26%? 2.75 19.86%? 1.73 12.49%? 1.20 8.68%? 1.05 7.55%6-10-12?10.79 77.84%2019? 4.10 32.77%? 2.13 17.05%? 1.55 12.37%? 1.00 8.01%? 0.

12、87 7.00%? 9.65 77.21%2018? 3.39 28.24%? 2.20 18.30%? 1.97 16.39%? 1.16 9.68%? 0.71 5.94%? 9.44 78.55%?2018 ?2020 ? 10.24 ?11.32 ? 12.70 ? 26.28%?26.31%? 27.23%? 1.65 ? 1.13 ? 1.10 ? ? 12.79%?13.56%? 13.19%? ?2020 ? ? 2.97 ? ? 1.15? 9?2018 ?2020 ?201820192020?746.30624.14714.96?272.18319.95292.01?998

13、.01928.31959.09?97.99%98.33%95.25%?907.17746.10808.71?8.340.4948.89?816.06760.72836.42?89.14%101.89%97.53%?2,055.611,914.552,144.86?100.72297.21242.83?2,043.482,132.712,331.47?94.77%96.43%97.65%?628.12773.62752.48?0.530.000.00?571.18736.55772.02?90.86%95.21%102.60%?121.86175.02239.15?0.000.0015.22?1

14、09.98142.70209.09?90.25%81.53%82.20%?1,740.051,451.131,377.25?282.42219.07187.67?2,025.391,656.051,583.60?100.14%99.15%101.19%6-10-13?=?/?+? ? 2020 ? 2020 ? ? 20.50 ? 10.49 ? 3.11? 230 ? 4 ?6,000? ?25,800 ? ? ? 200 ?7.24 ? ? ? 9 ? ? 3 ? 3 ? 1? ? 1 ? 1 ?1 ? 3 ?1 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 20182020

15、 ?6-10-14?20182020 ? 10?(%)?201820192020?27.6528.3729.53?23.9222.8823.03?24.1123.2922.16?28.0228.6530.07?27.8427.6530.72?26.5926.1626.78?26.2826.3127.23?12.7913.5613.19?21.1023.7626.92?24.38 25.13 26.06 ?2019 ?2020 ? EBIT ? EBIT ? ?EBITDA? EBITDA ? 11?201820192020?0.32 0.38 0.41 ?0.47 0.75 0.84 ?0.8

16、2 0.80 0.83 ?0.30 0.30 0.16 ?1.91 2.23 2.23 ?15.91 17.81 16.09 ?1.05 0.90 1.34 ?0.06 -0.01 0.04 ?0.98 0.92 1.34 EBIT ?(%)10.919.8510.69EBITDA ?(%)17.5818.6619.33?(%)8.056.146.81?1300T ?6-10-15?2020 ? 49.04%?20182020 ?2.97? 4.64?5.61? 0.03 ?0.05 ? 0.04 ? ? 12? 2020 ?%?0.7519.13?0.5514.01?0.5413.81?0.

17、4110.50?0.389.80?2.6367.25-? 13?201820192020?3.923.013.71?-1.601.96?2.63 2.59 2.97 ?1.19 1.95 2.71 ?8.30 10.64 11.56 ?8.56 9.09 9.02 ?0.77 0.76 0.81 ?0.73 0.43 0.46 ?0.39 0.16 0.35 ?10.64 10.55 10.75 ?18.94 21.18 22.31 ?2020? 0.35 ? 0.12 ? ? ? ?2019 ? 2020 ? 0.30 ? 0.15 ? ? 14?X?%?201820192020?3.080

18、.951.78?0.000.190.18?0.510.0030.00?3.60 1.15 1.95 ?3.171.830.00?3.171.830.00?/?1.14 0.63 -?6.77 2.98 1.95 ?2.04 2.61 3.34 ?0.40 0.31 0.60 ?0.28 0.29 0.34 ?9.68 6.54 6.72 ?5.769.799.94?1.802.573.36?1.502.002.016-10-16?0.210.290.41?9.26 14.65 15.60 ?42.22 16.91 11.12 ?51.09 30.86 30.10 ?2018 ? 2019 ?

19、2020 ? ? 2018 ?2019 ?2020 ?EBITDA ? EBIT ? 2020 ? 15?X?201820192020?0.19 2.85 2.12 ?-3.56 -2.42 0.06 ?3.561.121.27?3.45 0.25 -1.33 ?/?0.030.961.09?/?0.589.3014.75?/?(%)-1.9885.7886.11EBITDA ?6.447.6118.62EBIT ?4.004.0110.30?/EBITDA3.201.280.73?/?0.33 1.70 1.39 ? ? 2020 ? ? 14.10 ? 12.00 ? A ? ? 2020

20、 ? ? 0.26 ? ? 1.17%? ? ? 0.02 ? 0.24 ? ? 2020 ? ? ?2018 ?2021 ? 3 ? 5? ? ? 2018 ? EGO? DEVON ?FLEX?SKIL?X-TRON ?HAMMERHEAD? 65 ? 30,000 ?6-10-17? AA-? 2021 ? AA-?6-10-186-10-19? ? ? ? ? 2020?6-10-20?6-10-21?201820192020?11,935.0319,529.3627,066.33?+?39,244.5146,127.2056,718.72?536.95444.85519.91?+?2

21、6,275.9425,867.3929,657.71?0.000.000.00?85,612.9290,887.8790,227.48?7,306.794,256.254,643.82?7,656.827,606.098,060.11?189,431.62211,839.22223,139.63?4,042.623,084.636,008.63?35,989.0811,483.8219,512.41?31,698.6818,324.370.00?67,687.7529,808.1919,512.41?55,752.7310,278.84-7,553.93?96,784.6665,373.736

22、7,164.64?3,281.863,068.181,438.43?0.000.000.00?92,646.96146,465.49155,974.98?120,227.15125,052.03138,575.68?10,483.708,980.1513,413.46?0.000.00147.11?9,163.438,589.0812,094.88EBIT13,111.1912,312.3614,809.33EBITDA21,134.7523,334.5226,784.03?1,895.3028,548.6821,221.09?-35,636.44-24,224.86592.90?34,522

23、.942,524.37-13,331.33?35,646.1611,225.6212,667.82?201820192020?(%)24.3825.1326.06?(%)15.9117.8116.09EBITDA ?(%)17.5818.6619.33?(%)8.056.146.81?(%)10.417.188.00?(X)1.282.321.78?(X)0.871.761.33?(X)4.483.593.69?(X)3.472.932.69?(%)51.0930.8630.10?(%)42.2216.9111.12?/?(%)53.1738.53100.00?/?(X)0.030.961.0

24、9?/?(X)0.052.491.09?/?(X)0.589.3014.75?/?(%)-1.9885.7886.11?/EBITDA(X)3.201.280.73EBITDA/?(X)0.592.031.37EBITDA ?(X)6.447.6118.62EBIT ?(X)4.004.0110.30?6-10-22?=?=?=?/?=?=?=?=?/?=?/?=?/?=?/?=?360 ?/?360 ?/?360 ?/?=?)/?=?/?=?EBIT?=?EBITDA?=EBIT?=EBIT/?=?/?EBIT ?=EBIT/?EBITDA ?=EBITDA/?=?CFO-?=?CFO?FC

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26、南南南南南南南南南南京京京精精精精精密密密密密密密密密密密密密密密密密密技技技技技技术术术术术股股股股股份份份份份份份份份份份份份有限限限限限限限限限限限限公公公公公公公司司司司司年年年年年度度度度度度度度度度度度公公公开发行可可可可可转转转转转转转转转转转转转换换换换换换换换换换换换换公信用用用用用评评评评评评评评级级级级级级级级报报报报报告告告告告告告告告告告告告告告告使用使用使用使用使用使用使用使用使使使使，再效6-10-25此件与原件一致，仅限南京泉峰汽车精密技术股份有限公司2021年度公开发行可转换公司债券信用评级报告使用，再次复印无效。一一一一一一一致致致致致致致致致致致致致致，仅仅仅仅仅限限限限限南南南南南南南南南南南南南南南南南南南京京京京京京京股股股股股股股份份份份份份份份份份份有有有有有限限限限限限限限公公公公公公公司司司司司司司司司司司2 2 2 2 2 2 2 2转转转转转换换换换换换换换换换换公司债债债债债券券券券券券券券券券券券券券券券券信信信信信再次复复复复复复复复复印印印印印印印印印印印印印无无无无无无无无无无无无无无效效效效效效效效效。6-10-266-10-286-10-296-10-30