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惠誉:尽管资本开支升高,中国联塑的杠杆率将保持较低
March 23, 2017 / 7:13 AM / in 4 months

惠誉:尽管资本开支升高,中国联塑的杠杆率将保持较低

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(The following statement was released by the rating agency) HONG KONG/SHANGHAI, March 23 (Fitch) 本文章英文原文最初于2017年3月13日发布于:<a href="https://www.fitchratings.com/site/pr/1020449">Fitch: China Lesso's Leverage to Stay Low Despite Capex Hike 惠誉评级预计中国联塑集团控股有限公司(BB+/稳定)2017年的净杠杆率将保持较低水平,尽管公司2016年的资本开支高于预期。 2016年,中国联塑的资本开支由2015年的12亿飙升至36亿人民币,远高于我们此前预计的15亿人民币的水平。资本开支主要用于扩大联塑的生产基地及其联塑商城电商 平台。 尽管资本开支升高,公司的净杠杆率保持较低,净债务与经营EBITDA之比低于1倍,此前在2015年取得了1500万人民币的净现金头寸。我们预计中国联塑2017年的 净杠杆率将保持较低水平,因为其销售收入增长强劲、经营EBITDA利润率稳定、2017年资本开支降低。 2016年公司的业绩强劲,受到高质量建筑需求体量大幅增长的推动,其收入同比增长12.8%至17.2万亿人民币,得益于规模经济和高效的采购策,经营EBITDA利润 率由16.6%扩大到17.3%。 中国联塑的评级仍然受到其地域集中度的限制,因为其在华南地区的收入约占其2016年总收入的59.8%。 联系人: Stella Wang(王晓颖) 联席董事 +86 21 5097 3026 惠誉(北京)信用评级有限公司上海分公司 中国上海市浦东新区陆家嘴环路479号 上海中心大厦34层3401室 Roy Zhang(张兴昀) 董事 +852 2263 9979 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 详情参见<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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