利柏特(605167):江苏利柏特股份有限公司2025年向不特定对象发行可转换公司债券信用评级报告
????? 45.45% 45.33% 44.42% 46.49% ???????/EBITDA?FFO/????????????????? ??????0755-82872897 ??????? 2022-2024??????????? 2025? 1-3????????呿? ?? ↓↓? ? ?ъ??л⑨???????????????????????????????????????????? ????????????????????????????л⑨???????????????????亶 ?????????????????????????????л⑨?ъ??ъ???????????? ? ?????????ъ???????????а????????????亩???????ㄎ??????у ???ъ???????????ā??-??-???-??ā?EPFC???ъ????а??????????? ???????亩??????????????????уъ????????????????????亩? ?????ъ?????⒋??й???????????ъ????????????????????亩?? ????а?????????? ? ??亩??傼???????а?ъ???????л⑨??????????????ъ????????ъ? ????ъ???亩??傼??????ъ????儈??亩??????????亩???????а???? ф?????????ъ???????ъ??????????????????????????а???? ????????????л⑨?????????ъ?????ъ???ол⑨??????????????? ???????????ъ?????????亩???????????а???? ?? ? л⑨??????儈?ф???????????????????????????????ъ??????ъ? ???????????????? 40%?????????????????????????????亩?? ????????????????н???? ? ??亩???а?亩????????仾???ъ???????亩??????????亩??亩?????亩 ???????????ъ??????????н??????????????????????????? ????????????仈?????????????????????????а??????⌒???? ??⌒????????????????????仾?? ? ??????亩?????н?亴?仾????????亩???????????????ъ????亩?а? ????? 12.95????????????? 7.50????????????????????а?????? ??????亩????????亩??????????ъ???н?亴?????????亩??????н ?亴??仾?? ????? 69.00% 69.41% 40.66% 20.94% 45.33% ????? 9.86 1.44 6.31 8.58 9.38 ????? ???к????? 2024??/???? ?????Wind???呿??? ?????????????? ????/????? ??? ???ъ??????????? cspy_ffmx_2023V1.0 cspy_ffmx_2022V1.0 ????????????? ??к??????????????呿????ㄉ ???????????? ???? ?? ???? ???? ?? ???? ???? 4/5 ?????? 8/9 ?ъ&??仾??? 5/7 ???? 8/9 ъ??? ???? ?ъ仾??? 3/5 ???? ? ???? 5/7 ????? 6/7 ъ??????? 5/7 ???????? 8/9 ESG?? 0 ???? ?????亩 0 ???? 0 ?????? aa ?????? 0 ?????? AA ???1???????儈???????? аа??????? ??????2006?10??????????????????????л??ā?????ā?? ??????к?????????????????2010?9??????к??????????? ?л??ā?????ā??ь????ъ??????л??āь???ā????????? 720.00з?????????????????2017?5???????????2021?9?????к ????????к???????ā605167.SHā???????44,907.00з????2025?3??? ?????44,907.00з????????????????????????????????? 40.85%???????????????????????????ъ?????ъ???????? л??ā????ā?????3.99%???????????????1.67%?????????? ????????46.51%???????2025?3??????????????? ??у???ъ?????????ъ?????????????????????????? 、???а??????????ā??-??-???-??ā?EPFC???ъ????а????? ?????????????亩??????????????????ъ???????????? ??????ъ?≤??????ъ? ????????к??????????????л??ā?????ā??????????? ?????ъ????2024?????????????17.51????????6.29???2024??? ?ъ??28.59?????????⒋??????????????л??ā⒋????ā???? ??ъ???????2024???????5.66????????3.13???2024????ъ??2.99 ????????2024??/??????????ъ?????????????????5%? ??????????о??????????????? ?????????????????а????????????????а???? ????????????????????┑??????а?????????????→? ??????????????????н???????????????????A???? ??????????????????????а??????A??????????????? ?????ь???????????????????????????о??????????? ???? ??????л?↓????????????????A????????й????????? ???????????????????85%????????????????л?↓????? ???ь???????к???享???????ь??????й????к????????ь ????????????????ь??????↓???????н?????ь??????? ???????A?????????а??????A????????????й??????? ????????????????????????????????????????????? ???????????????????????????? ?????????????┑????????????????????????????? ????????ь????????????????????????????????о??? ??????????????????????????A?????й???????????? ???????н?????????130%??130%???????????仍н????3,000з? ?????????????????????????????????????? ????????1???????????????????????????A?????? ??й??????????????????70%?????????????????????? ?????????к??????????????????????????????????? ???????俆?┑????к??????????а????俆?┑???????????? ??????????????????????????????н?????????????? ?н????????????2????????????????????????о???????о???????????????????????????????????ь?????? ????仍????ь?????????????л?????????/???к??????? ????к??????????????仍??????? ?????????????????仍?н??7.50?????????????л? ??1 ??????????????????? 亩??? 亩???? ???????? ?亩?????? ??????????????ъ????亩 12.95 7.50 57.92% ?а? ?? 12.95 7.50 57.92% ????????????呿??? ??????????????ъ????亩??????????????????????? ??48.78з??㊣???????亩????а??????????????????????? ?????????亩??ф??????????????????????а?????????? ??н???亩?????????????а??????ъ???????ъ????????? ??????亩?↓?????????????????????????亩?????????亩 ???? ??????????????????????ъ????亩?????ウ?????л?? ā??????ā????????????????ъ????亩?????2???????仍? 25.14?????????????а????????亩?????12.95????????12.19??? а????????????仍??????????????????2024?????????亩? ?????1.01??? ?2??????亩???????????з?? ?? 亩? ????仍 ?? 1 6,937.75 5.36% ???? 1.1 ????? 5,600.00 4.32% 1.2 ?????? 758.00 0.58% 1.3 ???? 579.75 0.45% ???????у????????? 17.60?????亴??? 3.50????? 21.10???亩?? ????? 6.06??н??????亩??????? 2.23?????????? 13.05%????? ???亩????????亩??????????ъ???н?亴?????????亩????? ?н?亴??仾?? ?????????? 2025?а????????????????????л???????????????? ?????????っ?к????? 2025?а?????????????GDP????5.4%?儈?2024????2024?а????≤ ??а?????????????????????????????????????????? ???ъ?????ъ?????ā???ā?????????ъ????儈?????????丗 ?????亴???????????????????????????????н??????? ???儈???ъっ?????????仾???л?????????????????????? ???????????????????л????ъ???????????????????? н?????????????а?????????????????а???????????? ???а??????????????っ?ъ?っ?ъ?っ???っ亴???儈????????? ???н???????????????????????????????????????っ? ???????????????????、?????????っ??????????????? ???????????????????????????ā??ā?ā??ā亶????у亩?? ?亶????亩????????????????????????????а??仾?????? ???????????→??っ?、?????????亶??????????????????? ????????????????????????????????????????????? ???н????亴????????к???????а???? ?????????????????üü2025???????????? ?????????ъ??а??ъ???????????????????????????????????????ъ???????????????????????????????? ????????ъ?????а???????????????????н儈??ъ?????? ???????????????儈??????????????????????ф?????? ???????儈???ъ???ъа???????????????????????????? ?? ????ъ??学?ъ???????????????????ъ??儈ㄟ??????????? ?????????? ??а?а?????????????ъ???????亩???????????????? ????ъ??????????????ъ????????????????亴???????? ????????亩??????????????????????????????喀????? ???????????????????к??ㄎ??????????????ъ???亩??? ????????亩???н????????????????ъ????а????????? ???ъ?????????????????????ㄎ??????????????????? ?ъ???????????ъ??ь?、????、???? ???????ъ????????????????????????ъ???儈????仍? ????????ъ????????????????????????????????ъ??? ??а???н???????????????????????亶?????????ъ? ??ъ???????о?????ък⑨?????っ???????л⑨???????ф? ????а??? ?ъ???????о?????ъ???к⑨?ъ???????????????????? ???????????????????????????????????????????っ ??????????????ъ????????н??????????????уъ???к⑨ ?ъ?????ㄎ???ъ?н????а????????? ?ъ???????л⑨?ъ????ъ????????????????????????? ъ??????????????ъ??????????????????ъ?≤??????ъ? ?????ъ???????????????????????????儈????????? ????????????????????????????????????????????? ?????????????????亴??????オ???????????ウ??2015???? ?2050?ц?о???????亴?????????2014??2027???????亴???2%?ф ????????????л⑨亶??????????????????????????? ??л⑨?ъ??ъ????????????н????л⑨?????????オ?? ?????оㄎ? ?????ъ?????ъ?????ъ????儈?????а?????仍???????? ???????ъ??????ъ??????ъ?????????????????л⑨?ън ?????ъ???????а? ??у???ъ?????????????????????亩??傼???а??????? ????ъ?????儈???а????仍???????????EPC???????E???? ???P??????F???????C?????????ъ????а???????????? ??????亩??????????????????ъ??????????????????ъ? ≤??????ъ? ?????л⑨???ъ?????????ъ?????2022-2024????????????? ???ъ??????2023??ъ???????ъ???????????YINSON??????? к???亩??????????2024????? MDI 3 Project??????ь?а??亩????亩 ?PAR??亩????????а??????2023?????????????????????? 1 2 3 4 ?????й???亩????? NCF亩?????? EPC亩?????⒋???亩??亩???? ?????????????????ъ???????????????ъ?????????ъ? ?????????2023???????????亩?????????????????ь?а?? 亩????????????亩?????????????????????????2024???? ????????????ь?а??亩?????????????亩????????ъ??????ъ??????л━??????????????????⒋???亩??????????? 1 ????????嗉?????????????????????? 2 ???????????????????????????????????? 3 ??????????????????????、???????????????? 4 ?????????а??????ь??????????????????????????????????? ????????????????????????????????????????????⌒ ??ъ?????а?? ??3?? 2022-2024??ъ?????????????????%? 2024? 2023? 2022?
????????????????????????ъ???????????????ъ?????????ъ? ????????? ?2?2024?????????????????????????亩???仍?л?2023???????ъ???? 23.83з???????? 23.83з??2022???????ъ???? 114.02з???????? 114.02з????????? 2022-2023???ъ????????? 19.47%? 14.39%??????????? 19.74%? 14.53%? ????????????呿??? ?4?? 2023-2024??ъ??????????????????????з?? ?ъ ?? ъ?学? 亩??? ???? ?? ?? ??? MDI 3 Project ??? 35,105.24 48.49% ?????ь?а??亩?? ?????????? 19,441.99 26.86% ??亩? PAR??亩? ??????й???亩? ??? 18,204.99 6.60% ???? ?????????亩??? ?????????? 9,531.08 3.45% ?????? ? ?? 41000?/????? ???? 9,052.46 3.28% EPC亩? - ?? 189,852.71 68.79% 2023? ?ъ????? YINSON???????к? JORD OIL&GAS 20,760.97 41.97% SYSTEMS B.V. ?? ??亩? H.52055 ALFE TSMC F20 3,432.36 6.94% ??オ? Modular ?????ь?а??亩?? ?????????? 3,142.33 6.35% ??亩? PAR??亩? ??亩?????????? ?????????? 3,045.82 6.16% ?????亩? ????? ARCTIC LNG2 PROJECT GYGAZ SNC 2,694.62 5.45% ??? - 33,076.10 66.87% ??????й???亩? ??? 88,129.95 32.16% ???⒋???亩? ??? 63,376.45 23.13% ?????????亩??? ?????????? 33,448.38 12.21% ?????? ? ???? ?? EPC亩? ???? 20,712.31 7.56% ???????ь?а??亩 ?????????? 12,617.61 4.60% ???????????? - ??? 218,284.70 79.66% ??к????????ъ?????????????????? ????????????呿??? ????????????ъ???????????ā??-??-???-??ā?EPFC??? ?ъ????а????????ъ??????????亩?????亩????????а?ъ ???????????⒋??й???????????ъ????????????????? ?????亩?????????????????????????????????????? 6 ??? ????????ъ????????ф??????????儈?儈????????????? ??????а??н??????????н???????????????????????? ━???????к?????????????????????о??????????????? ??????????????????学?????????????????????????й?????ъ?????????????????????????ъ????亩????а??? ?????亩??↓??????亩?亴????25.14?????2024????????1.01???? ????????????????????????????????48.78з??㊣?????? 6 ????ъ????????????ъ?????????????????????ъ???????????? ??????????????????????????亩??????????а??????ъ ???????ъ???????????????????????????? ????ъ??????????ъ???????????ъ??????????????? а???????????ъ????ケ??????????????????????ъ???? ??ъ?????уъ???????ъ???????уъ????????ъ?ъ??????? ???????????????????????а???????ъ??????н??????? ?????????????????????????????????????????? ????????????уъ????????????亩????????????????? ??2024????????2,052????????233?????????1,366?????????? ???????????????2024????????????????395?? 2022-2024???? ???????0.20???0.47???0.78?????2024??????亩???????????? ??????儈??儈ㄟ?????亩?????????????ъ????????ъ????儈 ??????????????????? ??????????????????а?????????????н?????????? ????????????????????????????????????????????? ??????а???≤???????????????????н?????????????? ????а?????????????????а??????⌒??????⌒???????? ???????仾?????????????亩???????????????????????? ?????????????????? ????????????????????????????????ъ??????ъ??? ?????儈??????????????????ъ????????????????????????????????????????????????????????л⑨?????? ??0-90?? ?????ъ??????ъ???????????傼???ъ???а??????а??? ???фл⑨????????????????????????っ?????????????? 7 ???ъ??????ъ?????????????????????????世??、???? ?、????????オ?????????ъ?2022?????????????50.00%?2023?? 2024?????????й???亩?????⒋???亩??????仍???????????? ??????70.00%?к? ????????????й???亩????仍13.22????亩????俆???????? ?????亩?????2024???????????????ь?а??亩??????????? ??ㄉ????????????????仍??19.78-24.78?????2025?3????????? 21.24?????亴???2025???????????????亩??????????????? ???н???? ??5?? 2022-2024????????????з?? ?? ???? ?ъ?? ??ъ????? 163,567.12 46.83% ??? ?????????? 46,274.17 13.25% 8 Albemarle Corporation 28,537.26 8.17% 2024? ??? 19,047.88 5.45% ???? 11,913.04 3.41% ?? 269,339.46 77.11% ??? 91,619.06 28.26% ??? 66,380.12 20.47% Albemarle Corporation 38,969.85 12.02% 2023? ???? 21,300.83 6.57% JORD OIL & GAS SYSTEMS B.V. 20,760.97 6.40% ?? 239,030.82 73.72% ?????????????ъ????????2025?2????????????????? ?????? 5BDA?7BUG ???????????????亩?????仍2.67???????? 7 、???、??????????????、?????????? 8 Albemarle Corporation???????????????????ъ??????????ъ????? ?л⑨?????ъ???ケ????2025?3????????????20.00?????????? ??????????ъ??????????亴?ъ?????????っ?? ???????????????ъ???????????????亩??????????? ?н儈?????????ъ??????????ф????????亩?????儈?ъ???? ?????ъ????????????ъ??????????????????а??⌒???? ???????????????⌒?????????? ??6?? 2022-2024???ъ??????????????з?? 2024? 2023? 2022? 亩? ?仍 ?? ?仍 ?? ?仍 ?? ?? 308,259.18 88.48% 297,338.51 91.92% 152,513.07 89.00% 40,147.30 11.52% 26,137.57 8.08% 18,842.06 11.00% ?? ?? 348,406.48 100.00% 323,476.08 100.00% 171,355.13 100.00% ????????????呿??? ???????????亩??傼??????а??????л⑨??????儈?????? ?っ???????????????к???????????????亶??????л⑨?ъ? н????亴??????????а??????????????ъㄎ???????????? ??儈???л?????н????っ??????????????????а?ъ?л━仾?? ?????????????????????????????????????????? ???????????????????????????????????????????? ??уъ???н??????????? ??????????????????????????????????????????? н?ъ?????????????????????о?????????????о??????????????????????????????????????????????????? ???????ъ????????????????????????????????????й ???????????????????н??30%?к⑨?????????ㄎ???ъ???н ????????????? ?????????ок⑨????????????????????????????а?? ??7?? 2022-2024?????????????仍?????????з?? 2024?? 2023?? 2022?? 亩? ?仍 ?? ?仍 ?? ?仍 ?? ???? 99,567.80 44.31% 100,788.05 49.05% 48,503.00 53.66% 125,143.89 55.69% 104,704.90 50.95% 41,883.25 46.34% ???? ?? 224,711.69 100.00% 205,492.95 100.00% 90,386.25 100.00% ????????????呿??? ????????оъ??????????2023????????????????????? ????????????????????????????????????????????? ????????????????????????????????????????????? ???????????уъ????????????????? ??????ъ????????????????????????????儈??????? ??????????????????????????????????ъ???ъ?????? ??????????????????????????????????????????2022- 2024???????????仍????仍??????1%? ?????? ???????? ?л???????????????????????????????????????2022- 2024??????2025?1-3???????????????????????2022??????? ????????2023?9????????????????????2023?11????????? ?JOYEC SOLUTIONS PTE. LTD.?2024?4?????к??????????????2025?3???2023??????????????????????????2025?3??????????? ?????????????2025?3???????????????????????2021??? ??????????????? ??1?????? ?22025?3??????????? 2022 2023 2024 2025.03 ??????? 2022-2024??????????? 2025 ???????????? 2025? 1-3??????? ? 1-3????????呿??? ?呿??? ????????????????????????????????о??????????? ??????IPO??亩?⒋????????亴??????уъ????????к?????? ???????2022?????????????????????2023????????????? ?????????亩?2024???????????????????????????????亩 ????????????????????а?????????????????????? ??ъ?????????????????????н???????????????2024? ????????????????????仍???66.73%?????儈???????а???? ??ь?????????????????っ??????2025?а?????????????? ??ъ?????????????????????????????????????????? ??????⌒??亴??亩????亴????????????2022????2023??亴??亩????????????? ??????????????????ф??????оъ??????????????ъ? ????????????????????????к?????????????????? ??8????????????????? 2025?? 3?? 2024?? 2023?? 2022?? 亩? ?仍 ?? ?仍 ?? ?仍 ?? ?仍 ?? 8.14 23.70% 8.10 24.10% 5.06 17.25% 5.66 20.71% ???? ??????? 0.75 2.18% 0.64 1.89% 2.53 8.62% 0.02 0.07% ???? 2.05 5.98% 4.12 12.26% 3.33 11.35% 2.53 9.25% 0.70 2.03% 0.61 1.81% 2.02 6.89% 1.93 7.04% 亴??亩 ?? 1.44 4.18% 1.38 4.10% 1.81 6.17% 1.90 6.93% ???? 4.09 11.91% 2.67 7.94% 1.76 6.00% 2.20 8.05% ?????? 18.30 53.26% 19.39 57.70% 17.04 58.08% 15.41 56.32% ???? 9.21 26.80% 9.33 27.78% 9.75 33.21% 7.14 26.10% ???? 3.27 9.52% 1.05 3.13% 0.02 0.09% 2.31 8.44% 2.30 6.71% 2.27 6.74% 1.78 6.06% 1.84 6.74% ???? ??????? 16.06 46.74% 14.22 42.30% 12.30 41.92% 11.95 43.68% ???? 34.37 100.00% 33.61 100.00% 29.35 100.00% 27.35 100.00% ??????? 2022-2024??????????? 2025? 1-3????????呿??? ???? ??????????????ъ?????а??ф?????????????????? ????а????????????????ㄎ??????≤??????????????亩 ???????????????????????≤?????? 2022-2024??2025?1-3?????????ъ??17.21???32.42???34.93???6.68??? ????ъ???????ъ???????????????????????ъ???????ъ?????????????????????????????а??????????ф2022- 2024???????????-252.24з??-580.86з??-22.75з??????????????а?????????????????????????????????а?????????2023? ?ъ??????儈???????????н???????????????学ъ???????? ??学亩?????????2024?????????????ㄟ?????????????? ?????к?????EBITDA?????⌒??ъ?????а??????????????? ???????а????ㄎ???????????っ?????????????亩?????? ????а?л???????????????亩?????????????????????? ?≤??????? ?? 3 ??????????????%? 2022 2023 2024 ??????? 2022-2024????????呿??? ???о???? ?????????н????????????????ъ??????????????? ?????????????????????????????????≤???????仾? ???????н????????????亩?????????????????????? ????????』??????? ?????????????????1?????????????????????????0.76 4.86% 0.40 2.61% 0.00 0.00% 0.00 0.00% ???? ???? 1.58 10.11% 2.45 16.10% 1.35 10.34% 0.22 1.70% ???? 7.30 46.74% 7.17 47.06% 5.49 42.13% 4.01 31.54% 1.55 9.92% 1.59 10.44% 2.84 21.77% 5.22 41.03% ???? а?????????? 0.12 0.78% 0.12 0.80% 0.29 2.21% 0.17 1.31% ?????? 12.05 77.15% 13.18 86.51% 11.57 88.75% 11.34 89.17% ???? 3.37 21.55% 1.84 12.05% 1.33 10.19% 1.20 9.45% 』??? 0.08 0.52% 0.09 0.62% 0.01 0.08% 0.04 0.32% ???????? 3.57 22.85% 2.05 13.49% 1.47 11.25% 1.38 10.83% ???? 15.62 100.00% 15.23 100.00% 13.03 100.00% 12.72 100.00% ??? 5.91 37.81% 4.90 32.18% 2.97 22.81% 1.63 12.78% ??????? 2.46 41.64% 2.97 60.61% 1.64 55.01% 0.38 23.55% ??????? 2022-2024??????????? 2025? 1-3????????呿??? ????????л⑨???????ъ????????2022-2024??????????仍?? ?↓?2025?а?????????????????????????????????????? ????仍????????????????IPO??亩????????仍??ф??????亩 ?2024????????????2022-2024????????????????????????亩 ???????????????????????? ????????????????????45%??⌒??????≤?а????????? ???н???????????/EBITDA?EBITDA???????FFO/????????????? ????????????????1????????ф??学???????????????? ???????????7.50???????????????≤???к?? ?10???????? ???? 2025?? 3?? 2024?? 2023?? 2022?? ????????仍???? -0.99 4.15 3.51 4.19 FFO???? -- 2.33 1.11 1.01 ????? 45.45% 45.33% 44.42% 46.49% ???/EBITDA -- -0.98 -1.44 -2.00 EBITDA?????? -- 61.72 38.84 53.00 ???/??? -- 21.06% 15.42% 10.00% 2022 2023 2024 ??????亩?? ESG仾??? ??呿??????ESG?????????≤?????????????а??????仾 ? ???? ??????????????????????????????????????л??ā? ???ā??????а??н???オ????????????≤?????????????? ???????? ???? ??????????????????????л???????仍н?????ъ????? ???????н???????????????????????????н????????? ????仈?????????????н?????????????????????????? ?ъ??????????????????儈??????????а??????????н?? ????к???к???????????????????????????????? ?112022-2024?? 2025? 1-3???????????????????????????з?? ???? ???? ???? ???? ???仍 ???????? ?????ъ???????????? ?? 2022-02-28 5.00 ??? ?ъ?????ъ? ?? ????? ??????????н? 2022-06-09 0.80 ?????????????2021?1?1????????2024?5?19?????呿????? ???????????????? ??????? ????????????????????????????????????????????? ???????????н????????????????????????????????? ???????????????????????????仾????????????????? ?????????????а??? ????????????呿????????????????????????????享??? ????????????????????????????????????????????? ????????????????????????????????????????????? ???? ????????????????????????????????亩???????????? ???????????????????????????о????????????????? ???н?????????????????亩????????????????????? ?????н???????????????н??????????????????????? ????????????????????????????????→??? ???????????????ㄉ?www.cspengyuan.com?????????????ъ???ㄉ? ???????????ㄉ????????????????????????????????? н??к?????? ???а??????????????????? ??????????? 2025?? 3?? 2024?? 2023?? 2022?? 8.14 8.10 5.06 5.66 ???? 2.05 4.12 3.33 2.53 ???? 亴??亩 0.70 0.61 2.02 1.93 ?? 1.44 1.38 1.81 1.90 4.09 2.67 1.76 2.20 ???? ?????? 18.30 19.39 17.04 15.41 ???? 9.21 9.33 9.75 7.14 3.27 1.05 0.02 2.31 ???? ???? 2.30 2.27 1.78 1.84 ??????? 16.06 14.22 12.30 11.95 ???? 34.37 33.61 29.35 27.35 ???? 0.76 0.40 0.00 0.00 ???? 7.30 7.17 5.49 4.01 ???? 1.55 1.59 2.84 5.22 а?????????? 0.12 0.12 0.29 0.17 ?????? 12.05 13.18 11.57 11.34 ???? 3.37 1.84 1.33 1.20 』??? 0.08 0.09 0.01 0.04 ??????? 3.57 2.05 1.47 1.38 ???? 15.62 15.23 13.03 12.72 ??? 5.91 4.90 2.97 1.63 ????? 18.75 18.37 16.31 14.64 ?ъ?? 6.68 34.93 32.42 17.21 FFO???? -- 2.33 1.11 1.01 ??????? -- -3.74 -4.14 -4.33 ????? 12.33% 16.09% 14.54% 19.80% EBITDA??? -- 10.91% 8.85% 12.56% ?????? -- 9.61% 8.28% 7.23% ????? 45.45% 45.33% 44.42% 46.49% EBITDA?????? -- 61.72 38.84 53.00 ???/??? -- 21.06% 15.42% 10.00% FFO/??? -- -62.20% -26.85% -23.36% ????????仍/??? -- -110.72% -84.77% -96.79% ???? 1.40 1.37 1.32 1.19 ??????? -- 3.22 4.89 16.75 ??????? 2022-2024??????????? 2025? 1-3????????呿??? ?????????????? 2025? 3??? ????????????呿??? ???й 2025? 3??????????????????????з?? ???? ???? ???? ??ъ? 30,000.00 100% к???????????? ?????????? 1,000.00 100% к?????ъ?????? ???? ⒋???????????? 28,600.00 100% ?ъ???? ??????????? 20,000.00 100% ?ъ???? JOYEC SOLUTIONS PTE. LTD. 100% 400з???? ?????? к??????????? 2,000.00 100% ???? ????????????呿??? ?????????????? ???? ???? ???? ????+????+1??????????+????????亩 ???? ????+????+????????亩 ??? ????+???? ???????+???????+????+???亩????????+? ??学?? ???学????亩 ??? ???-???? ??? ???+????? ?ъ???-?ъ??-?????-????-????-????+????? EBITDA ??????????????????+???????+??????+? ???????+??????? EBITDA?????? EBITDA /????????????+???????? FFO EBITDA-?????-????亩?? ??????FCF? ???????????OCF?-???? ??? ??ъ??-?ъ??? /?ъ??×100% EBITDA ??? EBITDA /?ъ??×100% ????仍+????????????/[??????仍+к????仍? ?????? /2]×100% ???? ???/???????*100% ????? ???/???*100% ???? ?????-???/???? ??????? ??学??/???? ????????????? ?????????????? ?? ?? AAA ??????儈???仾???? AA ??????儈???仾???? ??????儈???仾???? A BBB ?????а????仾?а?? BB ??????????仾??儈? B ?????????仾?儈? CCC ??????????仾??儈? CC ??????????仾??儈? C ????????? ??? AAA??CCC?????л?????а???????“+”?“ˉ”??????????儈???????? ?????????????? ?? ?? AAA ????????????н?н???????????仾???? AA ???????????н????????н????仾???? A ????????????н???????????仾???? BBB ??????а???н????????????仾?а?? BB ??????????н????????????仾??儈? B ???????????????????????仾??儈? CCC ??????????????????????仾??儈? CC ?????????????????н???????? C н?????? ??? AAA??CCC?????л?????а???????“+”?“ˉ”??????????儈???????? ?????????????? ?? ?? aaa ?н???????????л?????????????н?н???????????仾???? ??????? 学? ?? ↓? ?????????????????? っ? ??っ??????????н?? ?? ??н??????????????? 中财网
 |