Securities code: 300390 securities abbreviation: Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390)
(registered address: No. 99, Shuangma street, Suzhou Industrial Park)
Issue shares to specific objects
Scheme demonstration analysis report
February, 2002
Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) (hereinafter referred to as " Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) ", "company" or "the company") is a company listed on the gem of Shenzhen Stock Exchange. In order to meet the needs of business development and further enhance its capital strength and profitability, the company plans to issue shares to specific objects in accordance with the provisions of relevant laws, regulations and normative documents such as the company law, the securities law, the articles of association and the measures for the administration of securities issuance and registration of companies listed on the gem (for Trial Implementation), The total amount of the raised funds shall not exceed 460 million yuan (including this amount), and the net amount of the raised funds after deducting the issuance expenses will be used for the following projects:
Unit: 10000 yuan
Project name total investment amount of the project proposed investment amount of raised funds
Construction project of 250000.00 240000.00 lithium hydroxide with an annual output of 60000 tons of batteries of Sichuan Tianhua times lithium energy Co., Ltd
Yibin Weineng lithium industry science and Innovation Co., Ltd. phase I battery grade lithium hydroxide project with an annual output of 259697334.82 million tons
Acquisition of 7% equity of Yibin Tianyi lithium industry science and Innovation Co., Ltd. 98000.00 98000.00
Supplementary working capital 40000.00 40000.00
Total 484973.34 460000.00
The part of the total investment amount of the project higher than the use amount of the raised funds shall be raised by the company itself; If the actual net amount of raised funds after deducting the issuance expenses is lower than the total amount of raised funds to be invested, the insufficient part shall be raised by the company itself. Before the funds raised from this stock issue are in place, the company will make early investment with self raised funds according to the needs of the project, and replace the early investment funds in accordance with the requirements and procedures of relevant laws and regulations after the raised funds are in place.
(unless otherwise specified in this report, relevant terms have the same meaning as that in the plan for Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) issuing shares to specific objects)
1、 Background and purpose of this issuance of shares to specific objects
(I) background of this issuance of shares to specific objects
1. Lithium products are widely used and in great demand
Lithium products play a very important role in modern industry and are widely used in new energy and new materials such as battery industry, aluminum industry, lubricant, medicine, refrigerant, nuclear industry and photoelectric industry. With the progress of technology, the application scope of lithium products continues to expand, the demand maintains rapid growth, and the development prospect of the industry is very broad.
In recent years, with the progress of technology, more and more diversified application chains have evolved with lithium chemical products such as lithium carbonate and lithium hydroxide as the core, forming a strong downstream market demand. On the one hand, the development of hybrid and pure electric vehicles has driven the explosive demand for battery grade lithium carbonate, battery grade lithium hydroxide and other products all over the world; On the other hand, the demand of digital 3C products for lithium batteries is still strong, and the traditional application fields such as glass ceramics remain stable for a long time.
China International Capital Corporation Limited(601995) according to the research, the global energy transformation is the general trend, and the demand for lithium has entered a new round of growth cycle. With the establishment of carbon neutralization goals in major countries around the world, the energy transformation has become a trend. It is expected that lithium metal, as a key raw material in the battery field, its demand in the power field and energy storage field is expected to continue to benefit from the clean energy transformation.
2. The development of new energy vehicles will drive the rapid increase of lithium hydroxide demand
In November 2020, the State Council issued the new energy vehicle industry development plan (2021-2035). As a programmatic policy for the development of new energy vehicles, the plan points out the development direction and development objectives of new energy vehicles in the next 15 years. The plan points out that from 2021, the proportion of new energy vehicles in the public areas of the national ecological civilization pilot zone and key areas of air pollution prevention and control will not be less than 80% of the new or updated buses, taxis, logistics distribution and other vehicles; By 2025, the market competitiveness of Shanxi Guoxin Energy Corporation Limited(600617) vehicles will be significantly enhanced, and the sales of new energy vehicles will reach about 20% of the total sales of new vehicles; After 15 years of continuous efforts, the core technology of Shanxi Guoxin Energy Corporation Limited(600617) automobile has reached the international advanced level, and the quality brand has strong international competitiveness. Pure electric vehicles have become the mainstream of newly sold vehicles, and vehicles in the public domain are fully electrified.
According to the data released by the China passenger car market information joint meeting, in December 2021, the wholesale sales volume of new energy passenger cars reached 505000, with a month on month increase of 18% and a year-on-year increase of 139%, showing a good growth performance, especially the continuous and stable monthly growth, reflecting the relatively strong market demand for new energy passenger cars, Drive the pace of the transformation of the automobile market to new energy. The China passenger car market information joint meeting also raised its forecast for new energy passenger vehicles. It is expected that the sales volume of new energy passenger vehicles will reach more than 5.5 million in 2022, and the penetration rate of new energy passenger vehicles can reach about 25%.
At present, new energy vehicles are the key factor for the development of the lithium industry. Based on the broad development prospects of the new energy vehicle industry, the lithium industry will also have great development space in the future. Lithium hydroxide is one of the most important lithium compounds. Lithium hydroxide can reduce the sintering temperature and optimize the electrochemical properties of materials. In the sintering process, the molten lithium hydroxide can be more evenly and fully mixed with the ternary precursor, so as to reduce the residual lithium on the surface and improve the specific discharge capacity of the material. The use of lithium hydroxide and low sintering temperature can also reduce the mixed discharge of cations and improve the cycle stability. Therefore, with the improvement of the requirements for the energy density of the battery system and the endurance capacity of electric vehicles, the application of ternary batteries in new energy vehicles has become a trend, while the high nickel NCM and NCA in ternary materials can only be roasted with lithium hydroxide. With the higher and higher requirements for the energy density of batteries in the future, high nickel is an inevitable trend, and the corresponding demand for lithium hydroxide will increase rapidly, In the future, the demand growth rate and absolute demand of lithium hydroxide will exceed that of lithium carbonate.
3. "Carbon peaking" and "carbon neutralization" promote the development of new energy vehicles
In September 2020, the president of Xi Jinping proposed at the 75th UN General Assembly that China's carbon dioxide emissions should reach the peak by 2030 and strive to achieve the goal of carbon neutrality by 2060. According to the Guosen Securities Co.Ltd(002736) study, China, Europe and the United States are the largest carbon emitting economies, accounting for 52% of the global total greenhouse gas emissions. China is the world's largest carbon emitting economy, with greenhouse gas emissions accounting for more than 25% and per capita emissions about 40% higher than the global average; The United States accounts for 13% of global greenhouse gas emissions, and its per capita emissions are three times the global average. Climate issues are receiving increasing global attention. Fuel vehicle emissions are an important source of global greenhouse gases. The development of new energy vehicles is a necessary part of emission reduction. It is estimated that the emission of carbon dioxide from traditional vehicles will be significantly improved to about twice that of new vehicles. At present, Germany, Britain, France, Canada, Australia and other countries have put the ban on the sale of fuel vehicles on the agenda.
4. National industrial policy support
According to the provisions of the Guiding Catalogue for industrial structure adjustment (2019 Edition), the policies related to lithium industry are listed in the following table:
Category industry clause content of the project
9、 Nonferrous Metals 2. High efficiency, low consumption, low pollution and new processing technology. New equipment shall be adopted to encourage the development of smelting technology with high efficiency, low consumption and low pollution
Class 2. Shortage of sulfur, potassium, boron, lithium, bromine and other lithium and shortage of chemical mineral resources 11. Exploration, development and comprehensive utilization of petrochemical mineral resources
utilize
Limitation IV. petrochemical industry 6. The single line production capacity is less than 5000 tons / year, and the annual output of carbonate single line is more than 5000 tons / year. Non lithium and lithium hydroxide belong to the restricted category
Elimination I. backward production process installation 5. The single line production capacity is less than 3000 tons / year, and the annual output of carbonate single line is more than 3000 tons / year. It is not classified as preparation / (Ⅳ) Petrochemical lithium and lithium hydroxide belong to the elimination category
It can be seen from the table that this project belongs to the project encouraged by national policies.
Lithium chemical industry is a capital and technology intensive industry, with large investment amount, long investment cycle and strong scale effect. Before this issuance, the company has completed the 45000 ton lithium hydroxide project of Tianyi lithium industry phase I and phase II. The existing capacity scale of the company still lags behind that of leading enterprises in the industry such as Yabao and Ganfeng Lithium Co.Ltd(002460) in the United States, and can not meet the growing demand for lithium products in the market. The company plans to further expand lithium hydroxide production capacity by issuing shares to specific objects, seize the opportunity of rapid development of new energy industry, and expand and strengthen lithium chemical business.
The raised funds are proposed to invest in the "60000 ton / year battery grade lithium hydroxide construction project of Sichuan Tianhua times lithium energy Co., Ltd." and the "25000 ton / year battery grade lithium hydroxide project of Yibin Weineng lithium industry science and Innovation Co., Ltd." after the completion of the above projects, the company will increase the annual capacity of battery grade lithium hydroxide by 85000 tons, which will greatly increase the capacity of the company's lithium hydroxide products, It is conducive to the company to continue to improve the scale effect on lithium hydroxide products, enhance the company's market share, and enhance the company's comprehensive competitive strength and anti risk ability.
At the same time, the fund raised this time intends to acquire 7% equity of Tianyi lithium. Lithium battery products have become the most important business segment of the company. Tianyi lithium has become a subsidiary that contributes the most revenue and profit. Its wholly-owned subsidiary, Weineng lithium, will build a capacity of 50000 tons of lithium hydroxide in the future. By further increasing the shareholding ratio of Tianyi lithium, the company can better share the growing income and profits of Tianyi lithium, and the dividends implemented by Tianyi lithium in the future will also belong to listed companies.
2、 The necessity of this issuance of securities and its variety selection
(I) type and par value of the shares issued this time
The type of securities issued by the company this time is to issue shares to specific objects. The type of shares issued is domestic listed RMB ordinary shares (A shares), with a par value of RMB 1.00 per share.
(II) necessity of equity financing
1. Meet the capital needs of the investment project with the raised funds
It is estimated that the total amount of funds raised in this issuance of shares will not exceed 460000.00 (including this amount). The net amount of funds raised after deducting the issuance expenses is intended to be used for "60000 ton battery grade lithium hydroxide construction project of Sichuan Tianhua times lithium energy Co., Ltd." and "25000 ton battery grade lithium hydroxide project of Yibin Weineng lithium industry science and Innovation Co., Ltd." "Acquisition of 7% equity of Yibin Tianyi lithium industry science and Innovation Co., Ltd." and "supplement of working capital". The investment amount of raised investment projects is large. On the one hand, if all the self owned funds are used for project construction, it will bring great pressure on the capital situation of the company. On the other hand, the company also needs to reserve some funds for daily operation turnover. Therefore, the company needs to support project construction through external equity financing.
2. Limitations of bank loan financing
The financing amount of bank loans, especially long-term capital loans such as project construction, is relatively limited, and will produce high financial costs. The company needs to invest a lot of money in the initial stage and implementation process of the project, but according to the bank loan policy, the company is difficult to meet the conditions for bank loans in the initial stage and implementation process of the project, so it is difficult for the company to obtain the funds required in the process of project development and implementation through bank loans.
In addition, even if the funds required in the process of project development and implementation can be obtained through bank loans, the full use of bank loans in this raised investment project will lead to the high asset liability ratio of the company, increase the financial risk of the company, damage the stable financial structure of the company, increase the business risk and financial risk, and the higher interest expenditure will also erode the profit level of the company.
3. Equity financing can improve the ability to resist risks and meet the long-term capital needs of the company in the process of sustainable development
The "60000 T / a battery grade lithium hydroxide construction project of Sichuan Tianhua Shidai lithium energy Co., Ltd." and "25000 T / a battery grade lithium hydroxide project of Yibin Weineng lithium industry science and Innovation Co., Ltd." to be invested by the company's raised funds this time have a long cycle of capital use, which needs to be matched by long-term capital sources to avoid the risk of capital term mismatch. Equity financing has no repayment pressure, which can avoid the repayment pressure caused by time mismatch.
Tianyi lithium has made a great contribution to the company's performance growth in 2021. Its wholly-owned subsidiary, Weineng lithium, will build a capacity of 50000 tons of lithium hydroxide in the future. After the completion of this acquisition, the company's shareholding in Tianyi lithium will rise from 68% to 75%, further increasing
