Securities code: 300680 securities abbreviation: Wuxi Longsheng Technology Co.Ltd(300680) Wuxi Longsheng Technology Co.Ltd(300680)
Issue A-Shares to specific objects in 2021
Feasibility analysis report on the use of raised funds
(Revised Version)
February, 2002
Like issuing a shares, the total amount of funds to be raised shall not exceed RMB 716211000. According to the provisions of the measures for the administration of securities issuance and registration of companies listed on the gem (for Trial Implementation) issued by the China Securities Regulatory Commission, the feasibility statement of the company on the use of funds raised by issuing A-Shares to specific objects is as follows:
1、 Use plan of the raised funds
The total amount of funds raised from the issuance of shares to specific objects does not exceed 716.211 million yuan (inclusive). The net amount of funds raised after deducting the issuance expenses is planned to be invested in the following projects:
Unit: 10000 yuan
No. project name total project investment amount of funds to be raised
1 new energy high efficiency and high density drive motor system core parts 70838.96 53621.10 R & D and manufacturing project (phase I)
2. Supplementary working capital 18000.00 18000.00
Total 88838.96 71621.10
Before the raised funds are in place, the company will invest in advance through 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 net amount raised by the company is less than the above-mentioned funds, the company plans to solve the shortage.
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、 Necessity and feasibility analysis of the use of the raised funds
(I) R & D and manufacturing project of core components of new energy efficient and high-density drive motor system (phase I)
1. Project overview
The total investment of the project is expected to be 708389600 yuan, and 536211000 yuan will be invested with the raised funds to invest in the construction of new energy vehicle drive motor iron core production facilities. The implementation unit is proposed to be Wuxi Longsheng New Energy Technology Co., Ltd., a wholly-owned subsidiary of the company, and the proposed construction period is 3 years. The project mainly produces permanent magnet synchronous motor iron core and AC asynchronous motor iron core products to meet the needs of new energy vehicles for high-efficiency, high-density and high-performance drive motor iron core products.
2. Feasibility of project implementation
(1) The implementation of the project conforms to the policy direction supported by the state
As an important device for electromechanical energy conversion, the driving motor is one of the three core components (battery, motor and electronic control) of new energy vehicles. Its driving characteristics determine the main performance indicators of new energy vehicles. Whether the technical route of new energy vehicle batteries is lithium battery, solid-state battery or hydrogen fuel cell, motor electronic control is also required. As the core component of the drive motor, the iron core of the drive motor is strongly supported by the national industrial policy. The new energy vehicle industry development plan (2021-2035) proposes to implement the basic technology improvement project of new energy vehicles and break through key technologies and products such as high-efficiency and high-density drive motor system; The 14th five year plan for national economic and social development of the people's Republic of China and the outline of long-term objectives for 2035 point out that it is necessary to enhance the core competitiveness of the manufacturing industry and break through the key technologies such as high-safety power battery, high-efficiency drive motor and high-performance power system of new energy vehicles. The project actively carries out the R & D and production of high-efficiency, high-density and high-performance drive motor iron core products, which is in line with the policy direction supported by the state.
(2) The penetration rate of new energy vehicles has gradually increased, and the market demand for high-efficiency, high-density and high-performance drive motor iron core products is strong
Many countries around the world regard the development of new energy vehicles as an important strategic measure to deal with climate change and optimize the energy structure, and promote the development of new energy vehicle industry from the aspects of strategic planning, scientific and technological innovation, promotion and application. According to the data in the annual report on the development of China's automobile industry (2021), the global new energy vehicle market has entered a period of rapid growth, and the market scale has increased year by year. It exceeded 1 million vehicles for the first time in 2017 and 2 million vehicles in 2018. In 2020, against the background of the sharp decline of the global automobile market, the new energy vehicle market has a strong development momentum, with the sales volume increasing by 41.6% year-on-year to 3.07 million vehicles, and the penetration rate increasing to 4.0%, 1.6 percentage points higher than that in 2019. In 2020, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 1.367 million, with a year-on-year increase of 10.9%, and the penetration rate increased to 5.4%. The sales volume of new energy vehicles in China ranked first for six consecutive years. With the accelerated implementation of new energy industrial policies and the improvement of the penetration rate of new energy vehicles, it is expected that the demand for new energy vehicles will maintain a high growth rate in the future.
Drive motor is an essential core component of new energy vehicles. The rapid development of new energy vehicles has brought great development opportunities to the drive motor and its core parts market. New energy vehicles are divided into single drive and double drive. The single drive type requires one drive motor and the double drive type requires two drive motors. Driven by the growth of new energy vehicles and the increase of the share of dual motor models, the total installed capacity of drive motors gradually exceeds the sales volume of new energy vehicles. As the core component of drive motor, with the rapid development of new energy vehicles, the demand for high-efficiency, high-density and high-performance drive motor iron core will increase sharply.
Figure global new energy vehicle sales and penetration figure Shanxi Guoxin Energy Corporation Limited(600617) vehicle sales and penetration
The company's drive motor core products have been certified by liandian, Weilai automobile and a foreign electric vehicle and energy company. With the increasing demand of end customers for drive motor products, the market demand for drive motor iron core, an important core component of drive motor, has also emerged.
(3) The project has mature technical conditions, and the company has mastered the key technology of producing high-efficiency, high-density and high-performance drive motor iron core
The company has rich manufacturing experience in precision molds and precision auto parts. It has long been engaged in the R & D, manufacturing and sales of precision stamping parts and other core parts, and is positioned at the localization of high-end auto precision parts. After years of technological R & D and accumulation, the company has formed a relatively mature design and development ability of high-precision parts. The company's motor iron core products have been mass produced and certified by liandian, Weilai automobile and a foreign electric vehicle and energy company. The product performance, energy efficiency and stability have been recognized by customers.
The company has mastered high-speed stamping, on-line monitoring, laser welding and other technological processes, and has sufficient technical reserves. The proposed drive iron core production line can realize clean room dust-free production, automatic production and on-line quality control, so as to achieve low cost, short delivery period and high quality. The products of this raised investment project are mainly large-size and high-performance drive iron core products, which can effectively meet the needs of medium and high-end electric vehicles.
(4) The company has sufficient talent reserves to provide talent guarantee for project implementation
The company has rich manufacturing experience in precision molds and precision auto parts. It has long been engaged in the R & D, manufacturing and sales of precision stamping parts and other core parts, and is positioned at the localization of high-end auto precision parts. In recent years, the company has continuously increased R & D investment and introduced high-level production technicians. At present, the company has a professional technical team, which can have a keen insight into the technical development trend of the industry, quickly respond to the market demand and carry out new product development and improvement. On the one hand, the company pays attention to the cultivation of internal excellent talents and encourages employees to innovate; On the other hand, the company vigorously introduces external high-end talents to enrich talent reserves. By establishing an efficient incentive mechanism and competition mechanism, the company has the talent reserve required for project implementation.
3. Necessity of project implementation
(1) The need to seize the development opportunity of new energy vehicles and expand China's market share
With the accelerated development of new energy vehicles, new energy vehicle manufacturers and drive motor manufacturers have an increasing demand for high-efficiency and high-density iron core products. The new energy vehicle industry development plan (2021-2035) proposes that by 2025, the sales of new energy vehicles will reach about 20% of the total sales of new vehicles; By 2035, pure electric vehicles will become the mainstream of newly sold vehicles, vehicles in the public domain will be fully electrified, and fuel cell vehicles will be commercialized. According to EV tank data, it is estimated that the global sales volume of new energy vehicles will reach 18 million by 2025 and 40 million by 2030. The new energy vehicle industry and related supply chain industries have broad market prospects. Assuming that double drive motor and single drive motor account for 50% respectively, the demand for drive motor is 1.5 times that of new energy vehicles. The drive motor is one of the core components of new energy vehicles, and the drive motor core is the core component of the drive motor. Therefore, the market prospect of the drive motor core is very broad.
In order to seize the development opportunity of new energy vehicles, comply with the development trend of the industry and promote the implementation of the company's development strategy, the company needs to further increase the drive motor iron core production line, improve the production capacity of iron core products and expand the market share.
(2) Optimize the layout of production line and improve the production capacity and efficiency of iron core
Due to the performance requirements and design differences of new energy vehicles, different customers have different requirements for the design and model of drive motor iron core. By issuing shares to specific objects in 2020 to raise funds for the implementation of the "new energy vehicle drive motor iron core project", the company has mass produced motor iron core products. With the gradual increase of market demand, the company needs to build more production lines to meet the needs of customers. At the same time, the production of different types of iron cores requires the replacement of molds and commissioning equipment. The conversion process of different types of iron cores will consume a lot of time and affect the production efficiency of the company. The raised investment project plans to build 10 new production lines to carry out special line production for iron core products with high demand, further optimize the layout of production lines, improve the operation efficiency of a single production line, improve the production capacity of the company's iron core products, and better meet the needs of downstream industries for iron core products.
(3) Enhance the company's R & D strength and promote the improvement of production process
Compared with the drive motors of general industrial applications, the drive motors of new energy vehicles require wide speed regulation range, high power density, safety and reliability, light weight, strong overload capacity and higher performance requirements. Among them, the stator and rotor are the core components of the driving motor, and the speed of the rotor is always consistent with the current frequency of the stator winding, which is the key to the stable operation of the motor and the realization of high-efficiency and high-density energy conversion. With the development of new energy vehicles, downstream customers have higher and higher requirements for the dimensional accuracy, surface treatment and stability of iron core.
Through the implementation of this project, the company will strengthen the construction of drive motor iron core engineering technology R & D center and promote the improvement of production process to enhance its core competitiveness. The company will focus on the research on the influence of the core parameters on the motor performance, the technological improvement of the material composition difference affecting the core performance, the new generation of gel welding technology research and other key research areas, and carry out the research and development of large-scale production and production process improvement.
4. Project economic evaluation
After the completion and full delivery of the project, the core capacity of the company's new energy vehicle drive motor will be further improved, which is expected to have good economic benefits.
5. Items involved in the project for approval
As of the announcement date of this report, the project has obtained the registration certificate of investment projects in Jiangsu Province (Registration Certificate No.: xibinxing Shentou Bei [2022] No. 31) issued by Binhu District administrative examination and approval Bureau of Wuxi City, and the land use and environmental impact assessment approval procedures of raised investment projects are being handled.
(II) supplementary working capital
1. Project details
The company plans to use 180 million yuan of the raised funds to supplement working capital, meet the company's daily production and operation capital needs, further ensure the company's financial safety and enhance the company's market competitiveness.
2. Feasibility of project implementation
The company will establish a management system for the special storage and use of raised funds in strict accordance with the relevant regulations issued by the China Securities Regulatory Commission and Shenzhen Stock Exchange and the management system for raised funds, and reasonably arrange the direction, progress and amount of this part of funds on the basis of scientific calculation and reasonable scheduling according to the needs of business development, so as to ensure the safe and efficient use of raised funds. In the process of fund payment, the company will use it in strict accordance with the financial management system and the authority of fund approval.
3. Necessity of project implementation
(1) The company's business development needs to maintain a high level of capital investment
With the rapid development of the company's business, the gradual implementation of the company's orders on hand, and considering the impact of the implementation of raised investment projects and other factors, the growth of the company's future operating revenue will have a great demand for working capital. The 180 million yuan of the raised funds is used to supplement the working capital, provide a stable source of funds for the company's working capital and enhance the company's sustainable profitability.
(2) Provide financial guarantee for promoting the company's strategic transformation
Since its listing, the company has steadily implemented various development strategies and business plans, effectively promoted the upgrading and optimization of the company's R & D, production and sales, and realized the rapid development of its main business. In terms of business, the company seized the development opportunities of new energy and clean energy vehicles, increased R & D investment, and successively successfully developed a variety of new products such as drive motor iron core of new energy vehicles and injection gas rail assembly of natural gas vehicles, realizing the strategic transformation to "gasoline and diesel, fuel substitution and new energy". In terms of market development, the company continues to strengthen the in-depth development and horizontal expansion of the market, and helps the development of the company through the development of new customers.
In the future, the company will continue to invest more resources, promote the strategic layout of various businesses, continuously improve the core competitiveness of the company and promote the sustainable development of the company. The issuance of shares to supplement working capital will provide a strong financial guarantee for the smooth implementation and steady progress of the company's business strategic layout.
In short, the company plans to raise 180 million yuan to supplement working capital, which is in line with relevant policies, laws and regulations, the current actual situation and business development needs of the company, and is conducive to
