China International Capital Corporation Limited 03908 13.10B 2022 2022928
2022 CCXI-20223039D-01
2022 AAA A AAA 50 50 12~18 2019H202011A 2021 2021 2020A chqi01@ccxi.com.cn jqtan@ccxi.com.cn qjfan@ccxi.com.cn 2
2022 (010)66428877 (010)66426100 2022 9 19 3
2022 2019 2020 2021 2022.06 3,449.71 5,216.20 6,497.95 6,799.94 485.32 718.15 847.31 910.90 287.02 466.02 482.29 475.82 157.55 236.60 301.31 121.32 42.48 72.62 108.10 38.50 % 9.35 12.07 13.81 -- % 63.08 58.42 57.84 62.61 % 132.49 162.87 151.62 162.83 % 10.47 14.36 12.81 11.73 % 251.91 248.55 316.68 497.48 % 128.85 124.96 136.45 149.92 EBITDA X 2.08 2.50 2.78 2.28 /EBITDAX 14.73 15.87 13.11 -- [1] 2019-2021 2022 2019 2020 2020 2021 2021 / [2] -- 2021 % % 6,497.95 482.29 108.10 13.81 151.62 4,527.91 669.32 102.35 13.82 282.07 5,972.21 727.35 116.58 10.67 265.66 4
2022 BCA aaa -- AAA C230400_2022_02 aaa 5
2022 www.ccxi.com.cn 6 6
2022 2015 6 1995 7 1 2015 6 16.67 2015 11 23.07 2017 4 1,678,461,809 100% 39.85 2018 3 Tencent Mobility Limited 207,537,059 H 41.93 2019 10 14.40 1.76 H 43.69 2020 11 A 28.78 4.59 A A 48.27 2022 6 40.17% 2022 9 13 2022 A H 10 3 A 10 3 H 270 2022 9 13 A H 1 2022 6 40.11% 39.42% 6.32% 2.64% 0.60% 2232 0.43% 2265 0.43% 2231 0.43% 2266 0.39% 0.30% A+H 8.94% 100.00% H Tencent Mobility Limited Des Voeux Investment Company Limited A Des Voeux Investment Company Limited 202,844,235 H 7
2022 13,757,670 A Tencent Mobility Limited 216,249,059 H 2022 6 30 200 2 6 2 2022 6 100.00 100.00 100.00 100.00 100.00 100.00 100.00 50 50 5 5 6 5 5 5 www.chinabond.com.cn 5 0.01% 6 300 6 10 5 www.chinabond.com.cn 5 0.01% 5 300 300 5 8
2022 10 12 12 12 2022 W 2022 https://www.ccxi.com.cn/coreditresearch/detail/8778?type=1 2022 2022 2022 2022 6 https://www.ccxi.com.cn/coreditresearch/detail/8689?type=1 9
2022 3 4% 2019 2020 2021 2022.1-6 36.16 22.95 56.27 23.78 62.95 20.89 14.44 11.91 32.29 20.49 55.29 23.37 84.89 28.17 34.34 28.31 25.09 15.92 31.20 13.19 32.16 10.67 18.66 15.38 5.71 3.62 11.76 4.97 14.15 4.70 6.36 5.24 13.86 8.80 19.01 8.04 24.44 8.11 6.39 5.27 32.86 20.86 56.18 23.74 75.38 25.02 34.48 28.43 11.58 7.35 6.89 2.91 7.34 2.44 6.63 5.47 157.55 100.00 236.60 100.00 301.31 100.00 121.32 100.00 (0.03) -- (0.01) -- (0.01) -- (0.00) -- 157.52 -- 236.59 -- 301.30 -- 121.31 -- 2022 2021 62.95 11.87% 20.89% 2.89 2022 14.44 2021 22.95% 10
2022 A 2021 A IPO A IPO 23 1,005.38 A 37 813.14 IPO 31 59.81 IPO 38 56.51 IPO 41 40.00 21 53.07 IPO 8 12.56 2021 1 0.60 2021 IPO 600 1,323.07 IPO A H 2022 A IPO 14 222.25 A IPO A 21 480.66 2022 IPO 9 6.44 IPO 12 5.77 IPO 12 2.27 6 3.18 2019 2020 2021 2022.1-6 A IPO 402.62 18 624.17 32 1,005.38 23 222.25 14 78.30 6 404.33 19 813.14 37 480.66 21 381.25 5 0.00 0 0.00 0 0.00 0 IPO 42.01 30 40.06 33 40.00 41 2.27 12 13.73 10 28.21 22 53.07 21 3.18 6 IPO 4.22 10 13.03 7 12.56 8 0.00 0 3.16 1 30.01 6 0.60 1 0.00 0 2021 1,062 29.4% 850 7,296.84 11
2022 212 125.09 2021 REITs 2021 REITs 6 2022 4,947.42 36.87 2022 ESG 6 2021 Dealogic 2021 Dealogic 116 1,170.23 95 1,078.76 21 91.47 Dealogic 2022 2022 49 667.88 42 638.31 7 29.57 2021 84.89 53.54% 28.17% 4.81 2022 34.34 2021 40.45% 2021 2021 (WFOE) 2022 QFII 55% 19 12
2022 (WFOE) 20 2021 32.16 3.10% 10.67% 2.51 2022 18.66 2021 58.03% 2021 REITs REITs 2022 13
2022 2022 2021 14.15 20.26% 4.70% 0.28 2022 6.36 2021 44.95% 2021 2021 11,283.47 2020 120.0% 5,683.21 5,600.26 747 2020 24.9% 2022 6 8,248.51 3,145.61 5,102.90 788 490.46 1,690.21 5,726.35 3,191.16 2,713.85 3,808.58 6,074.45 5,596.35 1,529.59 2,099.66 1,719.63 1,642.79 2021 9 14
2022 ETF REITs REITs FoF ETF 2021 851.91 298.93 813.07 50.6% 38.84 2022 6 967.22 115.31 13.54% 914.35 12.46% 2021 2021 3,278.18 2021 550 2022 6 3,317 2022 2022 2021 75.38 34.17% 25.02% 1.27 2022 34.48 2021 45.75% 2021 2021 15
2022 3,000 90% 50 50 2021 800 180% 2.24% 2021 453.51 22.9% 3.00 16.2% 3.49 36.2% 8,204.35 22.0%2021 20 2022 2022 547 2.70 2021 502.11 13.95% 284.9% 12.8 2022 6 435.75 13.22% 279.8% 1,219.22 2022 0.16 2022 6 1.47 9.49% 2021 82.69 14.62% 357.4% 21.2 2022 6 68.44 17.23% 363.2% 248.58 2022 0.07 2022 6 0.62 10.32% 2021 300 40 1,300 16
2022 2021 16,000 2022 6 300 40 1,400 2022 9,000 2022 2021 2022 2021 2021 301.31 27.35% 2021 168.28 23.51% 55.85% 2020 1.74 2021 60.31 30.81% 2021 70.36 18.14% 2021 15.33 34.93%2021 15.11 6.08% 2021 17
2022 13.14% 148.51 6.19 49.29% 7% 2019 2020 2021 2022.1-6 9,546.72 60.59 13,625.62 57.59 16,828.40 55.85 7,097.57 58.50 2,978.60 18.91 4,610.47 19.49 6,030.82 20.02 2,582.28 21.29 4,247.59 26.96 5,956.14 25.17 7,036.29 23.35 2,681.02 22.10 1,866.41 11.85 2,560.45 10.82 3,043.85 10.10 1,445.52 11.92 7,019.05 44.55 13,125.85 55.48 14,851.02 49.29 5,060.50 41.71 (1,095.33) (6.95) (1,068.88) (4.52) (990.22) (3.29) (371.36) (3.06) 22.03 0.14 15.68 0.07 21.33 0.07 7.19 0.06 128.16 0.81 (2,182.26) (9.22) (740.35) (2.46) 214.03 1.76 0.02 0.00 8.57 0.04 3.85 0.01 3.93 0.03 134.62 0.85 134.94 0.57 157.02 0.52 119.73 0.99 15,755.27 100.00 23,659.53 100.00 30,131.05 100.00 12,131.59 100.00 2021 72.76 28.90% 40.17% 28.57 29.89% 21.31 2021 82.67 23.13% 2021 9.90 7.36% 2021 7.40 2020 21.82 2021 2021 26.08% 174.27 0.59 57.84% 2021 4.08 2021 129.77 18
2022 48.36% 108.10 48.85% 105.76 65.44% 2021 2.16% 13.81% 2020 0.21 1.74 2021 34.90% 2022 121.32 2021 40.26% 70.98 2021 42.18% 25.82 26.81 2022 3.71 2021 37.50% 50.61 2021 34.08%2022 75.96 2021 43.59% 62.61%2022 38.50 2021 35.61% 2022 44.34 2021 41.92% 8 2019 2020 2021 2022.1-6 157.52 236.59 301.30 121.31 (99.39) (138.23) (174.27) (75.96) 55.69 87.47 129.77 45.38 42.48 72.62 108.10 38.50 45.62 63.93 105.76 44.34 % 63.08 58.42 57.84 62.61 % 1.61 1.95 2.16 -- % 9.35 12.07 13.81 -- % 15.69 30.34 34.90 -- 2022 6 717.37 7.62% 475.82 1.34% 11.21 162.83% 1.08 11.73%/ 66.33% 6.02 2022 6 / 26.86% 0.33 2022 9 13 2022 270 19
2022 2022 6 7.79 7.88% 4.54 1.47 0.62 0.89 4.93 2022 9% 2019 2020 2021 2022.06 -- 287.02 466.02 482.29 475.82 -- 408.85 603.20 666.57 717.37 132.49 162.87 151.62 162.83 10.47 14.36 12.81 11.73 251.91 248.55 316.68 497.48 128.85 124.96 136.45 149.92 / 70.20 77.26 72.35 66.33 / 24.65 22.73 19.67 17.82 / 35.11 29.42 27.19 26.86 / 44.94 45.62 58.01 43.24 / 290.10 278.46 306.44 347.00 2021 2022 2022 6 3,151.85 8.58% 2,139.31 30.03% 11.20 67.87% 2022 6 84.12% 0.45 2021 EBITDA 36.67% 221.33 EBITDA 2021 /EBITDA 13.11 2.75 EBITDA 2.78 0.28 2021 20
2022 319.50 2022 EBITDA 94.05 2021 42.49%EBITDA 2.28 0.50 2022 239.65 55.31 2021 2021 10 2019 2020 2021 2022.06 (%) 83.39 84.08 84.57 84.12 (171.04) (212.51) 319.50 239.65 EBITDA 119.46 161.95 221.33 94.05 EBITDA (X) 2.08 2.50 2.78 2.28 /EBITDA(X) 14.73 15.87 13.11 -- EBITDA 2022 6 805.37 2022 6 11.84% 2022 6 2022 8 2022 6 689.72 4.28% 12.02% 0.02 2022 6 497.48% 180.79 149.92% 13.47 ESG ESG ESG 21
2022 2012 2021 2022 6 8 1 3 4 6 ESG 3 IPO 2021 24% 22
2022 2022 20% 2022 2022 3 8,282.09 6.31 5.87 2022 1,257.72 1,222.66 A+H AAA 2022 AAA 23
2022 2022 40.11% 39.42% 6.32% 2.64% 0.60% 2232 0.43% 2265 0.43% 2231 0.43% 2266 0.39% 0.30% A+H 8.94% 100.00% 2021 12 1 24
2022 2019 2020 2021 2022.06 72,417.73 108,111.79 157,180.49 163,437.58 14,298.94 18,430.70 25,858.49 38,509.75 168,191.89 247,605.70 301,174.22 296,686.46 28,985.82 37,212.19 43,009.97 47,955.75 1,168.48 1,188.85 1,086.94 1,092.90 23,189.95 33,884.81 39,479.06 35,147.75 344,971.24 521,620.50 649,795.49 679,994.37 48,337.87 70,655.18 93,445.17 105,975.16 118,407.38 152,388.06 164,523.25 213,931.34 57,585.27 104,614.52 125,755.30 101,253.67 175,992.65 257,002.58 290,278.54 315,185.01 296,439.71 449,805.37 565,064.65 588,904.73 48,531.54 71,815.13 84,730.84 91,089.63 28,702.02 46,601.69 48,228.68 47,582.05 9,546.72 13,625.62 16,828.40 7,097.57 2,978.60 4,610.47 6,030.82 2,582.28 4,247.59 5,956.14 7,036.29 2,681.02 1,866.41 2,560.45 3,043.85 1,445.52 (1,095.33) (1,068.88) (990.22) (371.36) 7,019.05 13,125.85 14,851.02 5,060.50 15,755.27 23,659.53 30,131.05 12,131.59 (9,938.77) (13,822.99) (17,427.43) (7,595.89) 5,569.16 8,747.23 12,977.12 4,537.69 4,247.83 7,262.14 10,809.92 3,849.53 4,562.17 6,392.61 10,575.88 4,433.57 11,946.09 16,194.67 22,133.39 9,404.56 25
2022 2019 2020 2021 2022.06 1.61 1.95 2.16 -- 9.35 12.07 13.81 -- 63.08 58.42 57.84 62.61 132.49 162.87 151.62 162.83 10.47 14.36 12.81 11.73 251.91 248.55 316.68 497.48 128.85 124.96 136.45 149.92 70.20 77.26 72.35 66.33 24.65 22.73 19.67 17.82 35.11 29.42 27.19 26.86 44.94 45.62 58.01 43.24 290.10 278.46 306.44 347.00 83.39 84.08 84.57 84.12 2.08 2.50 2.78 2.28 14.73 15.87 13.11 -- 26
2022 EBITDA EBITDA /100% /100% / 30 100% /100% - /[(--+- -)/2] /[(+)/2] /100% -+++ ++ / +-+ EBITDA/- ++++ + (-) /-- 27
2022 AAA AA A BBB BB B CCC CC C AAA CCC AAA AA A BBB BB B CCC CC C AAA CCC A-1 A-2 A-3 B C D 28
2022 2 SOHO5 100010 +86106642 8877 +86106642 6100 www.ccxi.com.cn Address: Building 5, Galaxy SOHO, No.2 Nanzhugan Lane, Chaoyangmennei Avenue, Dongcheng District, Beijing Postal Code100010 Tel: +86106642 8877 Fax: +86106642 6100 Web: www.ccxi.com.cn 29