利柏特: 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_股票频道

⊕???????????? ?
?у??????????????
?????????
?咅??????? =???
????????

???????亩?????о???????????????????????ъ??о????н?
????????????????????↓????????
?????о???ъ??????????????????????????????????????
?↓??????н??????????????????↓?????????????????????????
????????
??????????????????????????????????н????????????
?????????????????????????????н???????????????
????????н????????????????????????????????
?????????????????????????????????????????????
?????????亩?????????????????????????????????????
???????????????ㄉ??????????????????
????????????????????н??????????????????????????
??????????????????????н?????????????ъ?????????

??呿???????????????
?呿??????
?????
??????
⊕??????????????у???????????????
????????
???? ????
? ???
? ??????????????????????????л????
??
???
? ?
????
????
?????? AA
A
??ā??????ā??????605167.SHā??????????ъ?
??
? ?ā?
ā?????
????ā
? ā?
???? っ?
? ????????????а?????????????亩??傼?
??
? ???
????
?????
?????
?????? AA
A ??????????亩???????ㄎ?????ъ????
??????
????
?? ???
???? 2025-06-122 ??儈????呿?????????????ол⑨?????????
??儈???
???呿
呿???
???????????????儈???????亩???????
???
?? ????
??????
????
???ф?????亩??????????н?????а????

?仾???????????????????????ъ????亩
?а???л?????????亩?ā???????亴???
????????????????н?亴??仾??
???? ????
? ??呿?????????っ???????????????????ъ??
?????н????? 7.50???????
??????ъ???????а???????????ол⑨
?????6 ?
????????????????????亩??????????????
???????????а???????
?а????????л⑨?ъ????????
????а???
?????7.50 ?????????????
?????????ъ????亩???
??????????????????????
亩? 2025.3 2024 2023 2022
??? 34.37 33.61 29.35 27.35
??????? 18.75 18.37 16.31 14.64
??? 5.91 4.90 2.97 1.63
?ъ???? 6.68 34.93 32.42 17.21
??? 0.36 2.40 1.90 1.37
???? ????????仍 -0.99 4.15 3.51 4.19
???/EBITDA -- -0.98 -1.44 -2.00
亩??????? EBITDA ?????????? -- 61.72 38.84 53.00
mengm@cspengyuan.com ???/??? -- 21.06% 15.42% 10.00%
FFO/??? -- -62.20% -26.85% -23.36%
EBITDA ??? -- 10.91% 8.85% 12.56%
亩???????
?????? -- 9.61% 8.28% 7.23%
bil@cspengyuan.com
???? 1.40 1.37 1.32 1.19
??????? -- 3.22 4.89 16.75
????? ????? 12.33% 16.09% 14.54% 19.80%
????? 45.45% 45.33% 44.42% 46.49%
?????????/EBITDA?FFO/?????????????????
?????0755-82872897
????????? 2022-2024 ??????????? 2025 ? 1-3 ????????呿???
??
1
↓?
? ?ъ??л⑨??????????????????????????????????????????????
??????????????????????????????л⑨???????????????????亶
???????????????????????????????л⑨?ъ??ъ????????????
? ?????????????ъ?????????????а????????????亩???????ㄎ????????у
???ъ??????????????-??-???-??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??
?ъ???????????
?? ь?、? ???? ??、 й??? ????
??? 161.00 87.09 54.32 36.27 33.61
?ъ???? 88.62 28.38 26.40 25.54 34.93
??? 3.97 0.98 1.01 2.64 2.40
????? 12.07% 17.60% 16.23% 21.56% 16.09%
????? 69.00% 69.41% 40.66% 20.94% 45.33%
?????
?????
???к????? 2024 ??/????
?????Wind???呿?????
2
?????????????
????/?
???? ???
???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????????
3
а? ??????
????????2006?10??????????????????????????л????????ā??
??????к?????????????????????2010?9??????к?????????????
?л????????ā??ь??????ъ????????л???ь?????ā?????????
????????к????????605167.SHā???????44,907.00з??????2025?3???
???????44,907.00з?????????????????????????????????????
л?????????ā???????3.99%?????????????????1.67%??????????
????у???ъ?????????ъ??????????????????????????
、???а??????????????-??-???-??ā?EPFC?????ъ????а?????
???????????????亩????????????????????ъ????????????
??????ъ?≤??????ъ?
????????????к????????????????л????????ā???????????
?????ъ????2024?????????????17.51??????????6.29?????2024???
?ъ????28.59?????????????⒋????????????????л???⒋????ā????
??ъ???????2024???????5.66??????????3.13?????2024????ъ????2.99
????????????2024??/??????????ъ???????????????????5%?
?? ?????????????
?????????????????? 2025 ??н????????????????
?????н?? 7.50 ????????
????????????????????? 6 ?????????????????а???
??????≤????????ь?????????????????????????????????
?????????????????а????????????????а????
????????????????????┑????????а?????????????→?
??????????????????н???????????????????????A????
4
??????????????????????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???????
??????????????????ф????????к???????????????????
?????????????а?????к?????????????????????????????
????????????????????┑????????????????????????
??н??????н??????????
????ь??????????????????ь????????????ь????????????
????ь?????????????ь????????????????????????????
??о???????????????????????????????????????ь????????
????仍????ь???????????????л?????????/???к???????
?????????????????仍?н??7.50???????????????л?
5
?1 ?????????????????????
亩??? 亩???? ???????? ?亩??????
????????????????ъ????亩
?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??????????????????ъ????亩?????2???????仍?
а????????????仍??????????????????2024?????????亩?
?????1.01?????
?2??????亩???????????з????
?? 亩? ????仍 ??
- ?? 129,481.04 100.00%
????????????????呿?????
???????????????亩????????у?????????????????????亴??
???????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??
й? ????
6
?????????
?????????っ?к?????
??а??????????????????????????????????????????
???ъ?????ъ?????????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亶????у亩??
?亶????亩????????????????????????????а??仾????????
???????????→??っ?、?????????亶???????????????????
?????????????????????????????????????????????????
???н????亴??????????к???????а????
?????????????????????üü2025????????????
?????????ъ??а??ъ???????????????????????????????
??????????????????????????儈?????????????????
??ъ??????ъㄎ?????
?????????????????????????????????ъ亶??????????
????????亶??????????кц?60????????????????????????
???????????????ъ亶?????????????ъ??а??ъ????????
??????????????????????亩??????????????????????
????????????ъ??????????????????????????????????????
??????????ъ?????а???????????????????н儈??ъ??????
?????????????????儈??????????????????????ф??????
???????儈???ъ???ъа????????????????????????????
??
????????????????ъ???а??????у???????????????
7
????ъ????ъ???????????????????ъ??儈ㄟ???????????
??????????
??а?а?????????????ъ???????亩????????????????
????ъ????????????????ъ????????????????亴????????
?????????????????????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??????ъ????????????????????????????????
????????????????????????便??亩???????????亴?????
??????????н??????????????????????????????????
??????????ъ???仍?1,249.44???????????????ъ???46.51%??????ц
????????????亴??а????а????
?????ъ???????????????????????????儈???????????
???????????????????????????????????????????????
?????????????????亴??????オ???????????ウ??2015????
?2050?ц?о???????亴?????????2014??2027???????亴???2%?ф
8
????????????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???й???亩?????2NCF亩??????3EPC亩?????4⒋???亩??亩????
?????????????????????ъ???????????????ъ?????????ъ?
???????????2023?????????????亩?????????????????ь?а??
亩????????????亩?????????????????????????????2024????
??????????????ь?а??亩?????????????亩??????????ъ??????
???????????????』????????????
??????????ъ??????????????儈?????????????ъ???????
ъ??????亩????????????????????????????????ъ????
????????????2022??????ъ?????ADN亩?ISBL??A6000????亩???
??儈?????????ъ???????儈?2023??????≤??????2023????????
??ъ??????л━????????????????????⒋???亩???????????
?????????а??????ь?????????????????????????????????????????
???????????BASF CORPORATION???????????к?????????
9
??????????????????????????????????????????????⌒
??ъ?????а??
?3???? 2022-2024 ??ъ?????????????????????%?
亩?
?仍 ?? ??? ?仍 ?? ??? ?仍 ?? ???
??ъ????? 34.84 99.77 15.97 32.35 99.77 14.40 17.14 99.56 19.54
?ъ??????? 7.24 20.73 26.58 4.95 15.26 26.04 3.88 22.54 20.10
???? 27.60 79.04 13.18 27.40 84.51 12.29 13.26 77.02 19.37
???????? 15.76 45.12 13.18 16.90 52.12 10.46 5.89 34.24 15.46
???? 9.73 27.87 11.87 8.78 27.08 13.76 5.21 30.27 23.53
?????? 1.72 4.91 17.65 1.07 3.29 20.22 1.13 6.55 17.04
???? 0.34 0.97 27.01 0.36 1.11 27.81 0.40 2.32 25.18
???? 0.06 0.17 20.01 0.30 0.91 26.24 0.63 3.65 20.42
??ъ????? 0.08 0.23 65.76 0.08 0.23 75.29 0.08 0.44 79.44
?? 34.93 100.00 16.09 32.42 100.00 14.54 17.21 100.00 19.80
???1?????????ъ??????????????????????????亩?????????????
????????????????????????????ъ???????????????ъ?????????ъ?
???????????
?2?2024 ???????????????????????????亩???仍?л?2023 ???????ъ??
?? 23.83 з?????????? 23.83 з????2022 ???????ъ???? 114.02 з?????????? 114.02 з????
????????? 2022-2023 ???ъ????????? 19.47%? 14.39%??????????? 19.74%? 14.53%?
????????????????呿?????
?4 ???? 2023-2024 ??ъ????????????????????????з????
?ъ
?? ъ??? 亩??? ???? ??
????
??? MDI 3 Project ??? 35,105.24 48.49%
?????ь?а??亩??
???????????? 19,441.99 26.86%
??亩? PAR ??亩?
H.52055 ALFE TSMC F20
?ъ????? ??オ?5 3,523.09 4.87%
Modular
??
S-OIL SHAHEEN Project FIVES CRYO 2,312.52 3.19%
H.61091 Heartwell SMR ??オ? 1,560.03 2.15%
- ?? 61,942.87 85.56%
???????ь?а??亩
???????????? 26,572.55 9.63%
????????????
??????й???亩? ??? 18,204.99 6.60%
???? ???????????亩??? ??????????????
?? 41000 ?/???????
???? 9,052.46 3.28%
EPC 亩?
- ?? 189,852.71 68.79%
??オ????オ??????????????オ???????????
10
?? ??亩? SYSTEMS B.V.
H.52055 ALFE TSMC F20
??オ? 3,432.36 6.94%
Modular
?????ь?а??亩??
???????????? 3,142.33 6.35%
??亩? PAR ??亩?
??亩?????????? ????????????
?????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??? ??????????????
????
?? 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?EPFC?????
?ъ????а????????ъ??????????亩?????亩????????а?ъ
???????????⒋??й?????????????ъ?????????????????????
?????亩????????????????????????????????????????????
?6??
??????????ъ????????ф??????????儈?儈?????????????
??????а??н??????????н????????????????????????
━???????к???????????????????????о???????????????
??????????????????????????????????????????????й
????????????亴????????????????????????????
???????????⒋???й??????????????ъ????????????????????
??????????????????????????????????15.00з??㊣??????
????????70㊣*50㊣*35㊣??*?*儈????8,000???????????????10.50з??
㊣????????????????????????????????????⒋???????
⒋????????ь?????ъ??????13.30з??㊣??????┑?????ъ???
?????ъ???????????????????????????ъ????亩????а???
?????亩??↓??????亩?亴????25.14???????2024????????1.01??????
??????????????????????????????????48.78з??㊣??????
??????ъ????????????ъ?????????????????????ъ????????????
н???????????????????????????????
11
????????????????????????????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???????????????????????
?ъ?亴?л⑨??????オ????????????亩????????????????????н
???
????ъ????????????????????????????????????????????
???????????????????????亩???????????????????ъ?????
??????????????????????????????????亩????а???亴???
???????????????????????????????????????????л⑨??????
??0-90??
???????ъ??????ъ???????????傼???ъ???а??????а???
???фл⑨??????????????????????????っ????????????????
12
???ъ??????ъ???????????????????????????世??、?? 7??
?、????????オ?????????ъ?2022???????????????50.00%?2023??
??????70.00%?к?
????????????й???亩????仍13.22??????亩??????俆????????
?????亩?????2024?????????????????ь?а??亩???????????
??ㄉ????????????????仍??19.78-24.78???????2025?3???????????
???н????
?5???? 2022-2024 ????????????з????
?? ???? ?ъ???? ??ъ???????
??? 163,567.12 46.83%
???????????? 46,274.17 13.25%
Albemarle Corporation 8 28,537.26 8.17%
??? 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%
???? 21,300.83 6.57%
JORD OIL & GAS SYSTEMS B.V. 20,760.97 6.40%
?? 239,030.82 73.72%
??? 27,676.76 16.08%
???? 18,024.44 10.47%
???й9 15,271.03 8.87%
??? 12,622.39 7.33%
???? 9,028.29 5.25%
?? 82,622.91 48.01%
???а????????????
????????????????呿?????
???????????????ъ????????2025?2?????????????????????
?????? 5BDA?7BUG ???????????????亩?????仍2.67????????????
???й?????ъ?й?????????????? 2025 ? 3 ??????й?????? 3.68%???
13
?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????
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?????????????????????к??????????????
???????????????????????????≤???????????ㄎ??????????
?????????????????????????????????????????????????????
??
?????ъ???????ъ????????????ъ???????????????????
?????????????????????????????????????????????
???????ъ??????????????????????????????????????й
???????????????????????н??30%?к⑨???????????ㄎ???ъ???н
?????????????????
???????????ок⑨????????????????????????????????а??
14
?7???? 2022-2024 ?????????????仍?????????з????
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-
?? ????
????????
?л?????????????????????????????????????????????2022-
??????????2023?9??????????????????????????2023?11?????????????
?JOYEC SOLUTIONS PTE. LTD.?2024?4???????к????????????????2025?3???
???????????????????????й?
????о????
????????????????????IPO???????亩?????????????????
???????????????к???????????????????
???????????????2025?3?????????????????????????2021?????
?????????????????
15
?1???????? ?22025?3?????????????
??? ????? ???????
??
????????? 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?
仍?????????????2022???????????й???亩?????⒋???亩???仍?
????????儈亩???????????????????亴??????????к????????
??2024????????????????????ъ????????????????????2024
????к379.03з???????????????????????????
????????????????????????????????????????仾?????
R210??????2024??????л???????????????????????????ъ????
????????????
????????????????????ф????????оъ??????????????ъ?
????????????????????????к????????????????????
R2???仾??????仾????????⌒??????
16
?8?????????????????????
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%
亴??亩 0.70 2.03% 0.61 1.81% 2.02 6.89% 1.93 7.04%
?? 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
?????????????????????????≤??????
????ъ?????????ъ???????????????????????????ъ???????ъ
?????????н????????????ъ?????????????????????』??????????
?????????????????????ъ???????ъ???????儈???????
??????????????????????????亩???н??????ъ??????⌒??
ъ???????а??
???????????????????????????????????????????????
???????????????????????????ъ???????⌒?н??о?????ъ????
???????????????????????????????а??????????ф 2022-
????????????????????????????????????а?????????????2023?
?ъ????????儈???????????н????????????????ъ??????????
???亩?????????2024???????????????ㄟ??????????????
17
?????к?????EBITDA?????⌒??ъ?????а?????????????????
?????????а????ㄎ???????????っ?????????????亩??????
????а?л?????????????????亩????????????????????????
?≤???????
? 3 ????????????????%?
EBITDA??? ??????
????????? 2022-2024 ????????呿?????
???о??????
???????????н????????????????ъ???????????????
?????????????????????????????????????≤???????仾?
?????????н????????????亩??????????????????????????
????????』???????
???????????????????1?????????????????????????
??亴?????2022???????????????????????????й???亩?????
⒋???亩?????????仍??????2022??????????亩??亩????????
??????????2023?????亩?????????????????
?9?????????????????????
亩?
?仍 ?? ?仍 ?? ?仍 ?? ?仍 ??
???? 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%
18
』??? 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?????????????????????
?????????????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%
FFO/??? -- -62.20% -26.85% -23.36%
????????仍/??? -- -110.72% -84.77% -96.79%
?????/??? -- -48.74% -52.46% -22.61%
????????? 2022-2024 ??????????? 2025 ? 1-3 ????????呿?????
? 4 ???????????
???? ???????
????????? 2022-2024 ????????呿?????
19
???? ???亩??
ESG 仾???
??呿??????????ESG?????????≤?????????????а????????仾
?
????
??????????????????????????????????????????л????
???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
???? ???????? ????н?????????? 2022-07-20 0.50
???? ???????? 亩??????? 2023-09-04 0.34
????????????????呿?????
????????
????????????ъ??????2022?1?1???????2025?4?21??????????????
?????н?????н???????????????н?????
???????????????2021?1?1????????2024?5?19?????呿?????????
??????????????????
20
??????

?????????????????????????????????????????????
???????????н???????????????????????????????????
???????????????????????????????仾?????????????????
?????????????а???
????????????呿??????????????????????????????享???
???????????????????????????????????????????????????
?????????????????????????????????????????????????
????
????????????????????????????????亩????????????
?????????????????????????????????о???????????????????
???н???????????????????亩?????????????????????
?????н???????????????н???????????????????????????
??????????????????????????????????→???
???????????????ㄉ?www.cspengyuan.com?????????????ъ???ㄉ?
???????????ㄉ???????????????????????????????????
н????к??????
21
??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
?ъ?? 0.44 2.96 2.33 1.78
??? 0.36 2.40 1.90 1.37
????????????仍 -0.99 4.15 3.51 4.19
????????????仍 -0.82 -1.19 -4.05 -3.53
????????????仍 1.85 0.07 0.03 0.47
???? 2025 ? 3 ? 2024 ? 2023 ? 2022 ?
EBITDA?????? -- 3.81 2.87 2.16
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 -- -0.98 -1.44 -2.00
22
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?????
23
??? ???????????? 2025 ? 3 ???
????????????????呿?????
24
??й 2025 ? 3 ??????????????????????????з????
?????? ???? ???? ??ъ?
к?????????????? 30,000.00 100% ??????????
к?????ъ???????? 1,000.00 100% ????
⒋?????????????? 28,600.00 100% ?ъ????
????????????? 20,000.00 100% ?ъ????
JOYEC SOLUTIONS PTE. LTD. 400 з?????? 100% ??????
к????????????? 2,000.00 100% ????
????????????????呿?????
www.cspengyuan.com
??? ????????????
???? ??????
???? ????+????+1 ??????????+????????亩
???? ????+????+????????亩
??? ????+????
???????+???????+????+???亩????????+?
?????
????????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%
???? ?????-???/????
??????? ?????/????

??? ?????????
??????????????
?? ??
AAA ????????儈???仾????
AA ????????儈???仾????
A ????????儈???仾????
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????
aa ?н???????????л??????????????н????????н????仾????
a ?н???????????л???????????????н???????????仾????
bbb ?н???????????л?????????а???н????????????仾?а??
bb ?н???????????л?????????????н????????????仾??儈?
b ?н???????????л????????????????????????????仾??儈?
ccc ?н???????????л???????????????????????????仾??儈?
cc ?н???????????л????????????????????н????????????
c ?н???????????л?н????????
??? aaa ??ccc ?????л?????а???????“+”?“ˉ”??????????儈????????
???????
?? ??
↓? ??????????????????
っ? ??っ??????????н??
?? ??н???????????????

证券之星微信

扫描二维码

关注

证券之星微信