CCXI-20243410D-012024 09 24AAA/
AAA
A 49 49
66
56
A+H
xma@ccxi.com.cn
lbwang@ccxi.com.cn
(010)66428877
(010)664261002021202220232024.6/2024.1~6
4000.334090.164152.504187.99
1509.501579.331653.041682.59
2490.832510.832499.462505.40
2158.282123.882139.332125.02
806.79828.22825.49393.77
157.24152.42170.46108.49
EBIT 254.86 253.05 263.51 157.36
EBITDA 369.92 360.15 385.96 219.38
349.11313.68331.20127.89
(%)33.2033.2535.9738.56
(%)6.446.266.397.55*
EBIT (%) 31.59 30.55 31.92 39.96
(%)62.2761.3960.1959.82
(%)58.8457.3556.4155.81
/EBITDA(X) 5.83 5.90 5.54 4.84*
EBITDA (X) 4.18 4.36 5.43 6.60
FFO/ (%) 11.80 10.54 12.59 13.01*
(%)(%)
4226.591974.495392.6769.81749.57194.1144.62
3056.802141.464152.5060.19825.49170.4635.97
2375.001851.59
65.101744.58
2385.4
1670.72C150000_2024_051
2
12
202462023
75.00%123.6968.9375.6134.82
100.00%122.8175.3054.8812.66
59.00%716.43256.33180.0851.78
*46.00%443.35176.68114.5628.66
61.00%714.37157.5488.7125.38
222023
12~18
2024 1 https://www.ccxi.com.cn/coreditResearch/detail/10938type=1
3
2023
GDP 4.8% 135673.16
34
45
6
20246
382.1795.0552027
5
662028
240.00240.00382.1795.05--
2024
2023
587.0944.34581.0546.10625.1745.85303.7448.73
199.491.82226.970.91178.981.9179.980.91
10.0223.7811.0029.8414.5731.565.8828.38
5.7112.274.3134.724.7541.443.5134.60
4.4817.904.8914.382.0114.020.6632.93
/806.7933.20828.2233.25825.4935.97393.7738.567
2021202220232024.6
158.28148.41157.40190.41
108.52149.38118.2790.64
16.9917.2417.5317.96
2397.822327.642466.842653.81
575.62682.99563.24380.43
52.0352.0554.4652.78
4000.334090.164152.504187.99
40.7667.5747.0690.43
478.91412.09450.44469.14
1679.371711.781688.891655.88
2158.282123.882139.332125.02
22.1919.4021.0622.08
504.99504.99504.99504.99
341.56390.38444.32467.94
500.08509.07520.68525.92
1509.501579.331653.041682.59
62.2761.3960.1959.82
58.8457.3556.4155.81
320246420246
78
2021202220232024/6/2024.1~6
349.11313.68331.20127.89
-145.69-143.79-125.13-49.87
-174.91-208.96-190.88-31.37
4.184.365.436.60
11.8010.5412.59
5.835.905.544.84*
A
A
89
202220232024
(%)57.3556.4153.32~54.41
/EBITDA(X) 5.90 5.54 5.11~5.32
10
9
10AAA2024 6
10.00%81.00%9.00%
BlackRockInc.
3.32%6.79%58.89%18.37%1.44%20232024.6/2024.1~6
1582772.981484077.541574002.281904095.42
1085181.601493756.111182658.85906356.02
5332.0233492.757256.576176.38
1524847.571777545.832057251.441968292.85
1308534.081427594.511510677.151637715.57
23978181.4223276351.6124668358.6726538068.95
5756162.126829940.545632389.973804341.10
520283.11520532.03544584.71527839.14
40003287.3140901591.7741525035.6841879933.13
407560.99675658.30470647.46904308.72
4789097.104120943.604504425.164691374.55
16793685.8917117818.3416888900.6616558848.83
21582782.9921238761.9421393325.8221250223.38
20010462.2519754684.4019835771.4619362597.81
24908257.6225108296.5824994640.9925054005.61
15095029.6915793295.1916530394.6916825927.53
885679.75825157.21710928.74332565.09
8067874.488282240.368254864.323937673.65
1721261.411725694.481933049.571177375.62
140677.69167808.45160420.15106961.22
1572381.031524153.781704577.161084927.94
2548553.582530519.372635055.461573560.40
3699236.533601454.623859596.122193825.42
3491110.133136840.853311989.431278900.47
-1456891.30-1437936.56-1251261.37-498738.65
-1749099.07-2089639.52-1908823.80-313735.31
20232024.6/2024.1~6
33.2033.2535.9738.56
13.2113.2013.0710.11
31.5930.5531.9239.96
6.446.266.397.55*
0.880.930.940.93
0.680.690.670.68
3.563.352.762.40*
8.226.426.177.54*
62.2761.3960.1959.82
58.8457.3556.4155.81
22.1919.4021.0622.08
0.120.110.120.09*
0.550.570.590.41*
3.943.804.663.85
5.835.905.544.84*
0.770.870.860.94*
4.184.365.436.60
2.883.073.714.73
11.8010.5412.5913.01*
120242
3*+/++
+
+++
+
-
/
/(+
-
++
/+
/
+360/+360/
+360/-360/+
-
(-)/
+++
/
------
----+-
EBIT + -
EBITDA
EBIT+ + +
EBIT/
EBIT EBIT/
/
-
-
(+
FFO
+)
EBIT EBIT/
EBITDA EBITDA/
/
1
22018[2018]15
=++31
[2008]43BCA
aaa
aa
a
bbb
bb
b
ccc
cc
c
AAA
AA
A
BBB
BB
B
CCC
CC
C
AAA
AA
A
BBB
BB
B
CCC
CC
C2 SOHO5
100010
+861066428877
+861066426100
www.ccxi.com.cn
Address: Building 5 Galaxy SOHO No.2 Nanzhugan Lane Chaoyangmennei Avenue Dongcheng District
Beijing
Postal Code 100010
Tel: +86 10 6642 8877
Fax: +86 10 6642 6100
Web: www.ccxi.com.cn



