Securities code: 688680 securities abbreviation: Shanghai Hiuv New Materials Co.Ltd(688680) Shanghai Hiuv New Materials Co.Ltd(688680)
(room 909a, building a, No. 3000, Longdong Avenue, China (Shanghai) pilot Free Trade Zone)
Issue convertible corporate bonds to unspecified objects
Feasibility analysis report on the use of raised funds
(Revised Version)
February, 2002
1、 Use plan of raised funds
The company plans to issue convertible corporate bonds (hereinafter referred to as "convertible bonds") to unspecified objects, and the total amount of funds raised shall not exceed 694 million yuan (including 694 million yuan). After deducting the issuance expenses, the funds raised are intended to be used for the following projects:
Unit: 10000 yuan
No. project name total investment amount proposed to be invested in raised funds
1 photovoltaic packaging film project with an annual output of 200 million square meters (phase I) 45913.86 31900.00
2 Shangrao haiyouwei application Film Co., Ltd. has an annual output of 150 million square meters 36157.51 25500.00
Photovoltaic packaging material project (phase I)
3. Supplementary working capital 12000.00 12000.00
Total 94071.37 69400.00
Before the funds raised from the issuance of convertible corporate bonds are in place, the company will invest in advance through its own or self raised funds according to the actual situation of the implementation progress of the investment project with raised funds, and replace them in accordance with the procedures specified in relevant laws and regulations after the raised funds are in place. If the actual funds raised in this offering (after deducting the issuance expenses) are less than the total amount of funds to be invested in this offering, the board of directors of the company will arrange the specific use of the raised funds according to the importance and urgency of the purpose of the raised funds, and the insufficient part will be solved by self owned funds or self financing. On the premise of not changing the investment project of the raised funds, the board of directors of the company can appropriately adjust the investment sequence and amount of the raised funds of the above projects according to the actual needs of the project.
2、 Background of the project invested by the raised funds
(I) national policies support the development of photovoltaic industry
Photovoltaic power generation is a process of directly converting light energy into electric energy by using the photovoltaic effect generated by the semiconductor interface. On September 22, 2020, the Chinese government proposed at the 75th UN General Assembly: "China will enhance its national independent contribution, adopt more powerful policies and measures, strive to reach the peak of carbon dioxide emissions by 2030 and strive to achieve carbon neutrality by 2060." In the context of striving to achieve the goals of carbon peak and carbon neutralization, photovoltaic energy has become the backbone of China's energy transformation because of its infinite sustainability, universality, flexibility of installation location and green environmental protection.
The photovoltaic industry is greatly affected by national policies. In recent years, the state has promulgated a series of policies to vigorously support the development and utilization of renewable energy, including photovoltaic and wind power. On the one hand, China's photovoltaic power generation industry is guided to develop in a healthy, orderly and scientific innovation direction through guiding the installed capacity and formulating industry standards, on the other hand, through green power trading Policies such as the promotion of distributed photovoltaic in the whole county support the growth and development of new energy power generation industry, and finally achieve the goal of affordable Internet access. With the support of relevant industrial policies in China, the photovoltaic power generation industry has great development potential. (II) China's photovoltaic industry is in a leading position in the world
Since 2013, driven by the support of national policies and the improvement of industrial technology, China has gradually developed into one of the most important Cecep Solar Energy Co.Ltd(000591) photovoltaic application markets in the world. According to the data of China Photovoltaic Industry Association, in 2013, China's new installed capacity was 10.95gw, surpassing Germany as the world's largest photovoltaic application market for the first time, and has maintained continuous growth since then. Despite the late introduction of the "May 31 policy" in 2018 and the bidding policy in 2019, China's new installed capacity decreased year-on-year in 2018 and 2019, However, it still reaches 44.26gw and 30.11gw respectively. According to the data released by the national energy administration, China will add 48.20gw of installed capacity in 2020. From 2013 to 2020, China's newly installed photovoltaic capacity ranked first in the world for eight consecutive years. By the end of 2020, the cumulative installed capacity had steadily ranked first in the world.
(III) the global market scale of photovoltaic industry is growing
Affected by global warming and the continuous consumption of non renewable fossil energy, the global energy consumption structure is accelerating the transformation to low-carbon. The international community has paid more and more attention to issues such as ensuring energy security, protecting the ecological environment and coping with climate change. Many countries have taken renewable energy as the strategic commanding height of the new generation of energy technology and an important new field of economic development. Cecep Solar Energy Co.Ltd(000591) as an important part of renewable energy utilization, photovoltaic power generation has a growing market scale.
In the future, with the increasing policy support of various countries, the further strengthening of clean energy structure and low-carbon transformation, the continuous emergence of technological innovation in the photovoltaic industry, the continuous reduction of photovoltaic cost, the proportion of photovoltaic power generation in the energy structure will gradually increase, and the scale of photovoltaic market will continue to grow. According to the prediction of China Photovoltaic Industry Association (CPIA), under optimistic circumstances, the global installed capacity of new photovoltaic will reach 330gw by 2025. The International Energy Agency (IEA) predicts that the cumulative installed capacity of global PV is expected to reach 1721gw in 2030, further increase to 4670gw by 2050, and the compound growth rate from 2030 to 2050 will reach about 5%.
Scale and forecast of global photovoltaic new installed capacity from 2013 to 2025
Unit: GW
three hundred and fifty
three hundred
two hundred and fifty
two hundred
one hundred and fifty
one hundred
fifty
0
Conservative and optimistic
Data source: CPIA
3、 Feasibility and necessity analysis of the project invested by the raised funds
The raised funds are invested in the photovoltaic packaging film expansion project (including the photovoltaic packaging film project with an annual output of 200 million square meters (phase I) (hereinafter referred to as "Yancheng expansion project"), the photovoltaic packaging material project with an annual output of 150 million square meters (phase I) (hereinafter referred to as "Shangrao expansion project") of Shangrao haiyouwei application Film Co., Ltd.) and supplementary working capital.
(I) photovoltaic packaging film expansion project
1. Feasibility analysis of the project
(1) National policies provide support for the development of photovoltaic industry
In the context of striving to achieve the goals of "carbon peak, carbon neutralization" and "affordable Internet access", the state has issued a series of policies to support the development of photovoltaic industry. In the notice on guiding and increasing financial support to promote the healthy and orderly development of wind power, photovoltaic power generation and other industries issued by the national development and Reform Commission in March 2021, it was proposed that for renewable energy enterprises, nine measures should be taken to increase financial support to promote the healthy and orderly development of wind power, photovoltaic power generation and other industries. In the notice on printing and distributing the carbon peak action plan before 2030 issued by the State Council on October 26, 2021, it is clear to comprehensively promote the large-scale development and high-quality development of wind power and Cecep Solar Energy Co.Ltd(000591) power generation, adhere to both centralized and distributed development, and accelerate the construction of wind power and photovoltaic power generation bases. By 2030, the total installed capacity of wind power and Cecep Solar Energy Co.Ltd(000591) power generation will reach more than 1.2 billion kw.
With the help of national policies, the photovoltaic industry has become a strategic emerging industry with international competitive advantages in China. With the guidance of long-term mechanism policies such as improving quality and efficiency, the photovoltaic industry will enter the fast lane of sustainable and healthy development, and the photovoltaic packaging materials will also be upgraded and developed rapidly. The feasibility of the project is in line with the national and local policies for the development of the film packaging industry.
(2) The broad market supports the digestion of project capacity
In 2020, the world's new PV installed capacity reached 127gw, and the new PV installed capacity in China was 48.2gw, a year-on-year increase of more than 60%. According to the prediction of China Photovoltaic Industry Association, the scale of the global photovoltaic market in the 14th five year plan will continue to expand. It is expected that by 2025, the new installed capacity of global photovoltaic will reach 270gw and 330gw respectively under conservative and optimistic conditions, and the new installed capacity of Chinese photovoltaic will reach 90gw and 110gw respectively under conservative and optimistic conditions. With the increasing installed capacity of photovoltaic, the output of photovoltaic modules in China is also increasing. According to the data of China Photovoltaic Industry Association, the output of photovoltaic modules in China reached 124.6gw in 2020, a year-on-year increase of 26.4% compared with 98.6gw in 2019, accounting for about 76% of the global output of photovoltaic modules.
The "14th five year plan" parity era opens a new stage of the photovoltaic market. With the explosion of terminal demand under the background of carbon neutralization, the competition among photovoltaic module enterprises is becoming increasingly fierce. Seizing the cost advantage and market share by scale has become the common choice of photovoltaic module enterprises. Since 2020, photovoltaic module enterprises have released information on production expansion. Most of these enterprises are corporate customers and have formed a long-term and stable cooperative relationship with the company. Therefore, the broad downstream market demand will provide good support for the capacity digestion of this raised investment project.
(3) The company has rich experience in production and R & D to ensure the smooth implementation of raised investment projects
The company is a high-tech enterprise engaged in the R & D, production and sales of special polymer films. In the field of adhesive film for photovoltaic module packaging, relying on a high-quality R & D team, the company has built a single / multi-layer polymer functional film material preparation technology system covering the whole process. At the same time, by adhering to the independent innovation route and taking technological innovation as the core driving force of business upgrading, the company has had a deep technological precipitation in raising and investing related products. In the field of white synergistic EVA adhesive film, multi-layer coextrusion Poe adhesive film and other films, the company has independently developed a number of core technologies, such as electron beam irradiation pre crosslinking technology, multi-layer coextrusion adhesive film technology and so on.
At present, the company has the technical conditions for mass production of the above products, and has been widely recognized by downstream customers, which has laid a solid foundation for the implementation of the fund-raising project.
2. Necessity analysis of the project
(1) Solve the bottleneck of the company's insufficient production capacity and adapt to the continuous growth demand of the market in the future
The PV adhesive film products produced in this PV packaging adhesive film expansion project are located in the middle of the PV industry chain and are the key materials for PV module packaging. After more than 20 years of development, the supply chain of China's photovoltaic industry has basically realized autonomy and controllability. At present, China's photovoltaic module production capacity ranks first in the world, and the newly added photovoltaic installed capacity ranks first in the world for eight consecutive years, with international competitiveness. From the perspective of international influence, China's photovoltaic products have been exported to nearly 200 countries or regions, Chinese photovoltaic enterprises have established photovoltaic product manufacturing plants in more than 20 countries or regions, and have directly participated in more than 60 overseas power station construction projects. 1.
At present, with the sharp decline in the cost of photovoltaic power generation, the photovoltaic industry has gradually got rid of the dependence on subsidies and moved towards the stage of market-oriented development. At the same time, during the "14th five year plan" period, under the goal of carbon peak and carbon neutralization, the photovoltaic power generation industry will enter a new stage of large-scale, high-proportion, market-oriented and high-quality leap development. The photovoltaic industry is facing favorable development opportunities. In order to fully grasp the industrial opportunities and expand the company's business scale, the company urgently needs to solve the current capacity bottleneck. From January to September 2018 to 2021, the company's capacity utilization rate continued to remain high. In the future, with the continuous expansion of market demand, it is necessary for the company to further expand its capacity and consolidate and enhance the company's existing market leading position. (2) Realize nearby supporting production to meet the production needs of photovoltaic module factory
① Yancheng production expansion project
Jiangsu Province is one of the provinces with the highest degree of completeness of China's photovoltaic industry. Its industrial technological innovation level has leapt to the forefront of the world. It has formed a complete industrial chain from single crystal pulling and polycrystalline ingot casting, silicon wafer cutting, crystalline silicon cell manufacturing, cell module packaging, photovoltaic power station construction and installation and Cecep Solar Energy Co.Ltd(000591) photovoltaic equipment manufacturing, Photovoltaic industry has become the most important new energy pillar industry in Jiangsu Province. In 2020, the output of Cecep Solar Energy Co.Ltd(000591) batteries in Jiangsu was 53.834 million KW, accounting for 34.23% of the total output of Cecep Solar Energy Co.Ltd(000591) batteries in China, ranking first in China. Jiangsu has a number of international and Chinese leading enterprises, including Trina Solar Co.Ltd(688599) and other Cecep Solar Energy Co.Ltd(000591) key battery module enterprises, which are distributed in Changzhou, Taizhou, Suqian, Yancheng, Qidong, Yangzhou and other places. 1 "China's photovoltaic industry looks forward to further acceleration of international development", China Electronics News
Production and proportion of Cecep Solar Energy Co.Ltd(000591) batteries in China and Jiangsu from 2015 to 2020
18,000 50%
16,000 45.36% 45%
14,000 38.15%
