Securities code: 688567 securities abbreviation: Farasis Energy (Gan Zhou) Co.Ltd(688567) Farasis Energy (Gan Zhou) Co.Ltd(688567) (Ganzhou) Co., Ltd
Farasis Energy (Gan Zhou) Co., Ltd.
(north of Jinling West Road and west of Caidie Road, Ganzhou economic and Technological Development Zone, Jiangxi Province)
Issue A-Shares to specific objects in 2021
Issuance scheme demonstration and Analysis Report
(Revised Version)
February, 2002
Farasis Energy (Gan Zhou) Co.Ltd(688567) (Ganzhou) Co., Ltd. (hereinafter referred to as " Farasis Energy (Gan Zhou) Co.Ltd(688567) " or "the company") is a company listed on the science and Innovation Board of Shanghai Stock Exchange. In order to meet the capital needs of the company's business development and enhance the company's capital strength and profitability, in accordance with the company law of the people's Republic of China, the securities law of the people's Republic of China, the measures for the administration of securities issuance and registration of companies listed on the science and Innovation Board (for Trial Implementation) (hereinafter referred to as the "administrative measures") and other relevant laws and administrative regulations According to the provisions of departmental rules or normative documents and the articles of association, the company has prepared the demonstration and analysis report on the issuance scheme of A-Shares to specific objects in 2021 (Revised Version). Unless otherwise specified in this demonstration and analysis report, relevant terms have the same meaning as in the 2021 plan for issuing A-Shares to specific objects by Farasis Energy (Gan Zhou) Co.Ltd(688567) (Ganzhou) Co., Ltd. (Revised Draft). 1、 Background, feasibility and necessity of issuing shares to specific objects
(I) background of this issuance
1. Under the wave of carbon neutralization, the global new energy vehicle market has huge growth space
After the Paris agreement was reached in 2015, more than 30 countries and regions, including the European Union, Canada, Japan and China, have successively introduced the policy goal of carbon peaking or carbon neutralization. The core of carbon neutralization is to control global carbon emissions. The key measure to control carbon emissions is to change the current supply and consumption mode that mainly depends on fossil energy. Generally speaking, the energy intensity is negatively correlated with the level of electrification, and the improvement of the level of electrification can effectively reduce carbon dioxide emissions. From the consumption side, one of the main consumption areas of fossil energy is the transportation sector. According to the statistics of the International Energy Agency (IEA), the global carbon dioxide emissions in 2018 were about 33.5 billion tons, and the carbon dioxide emissions of the transportation sector were 8.3 billion tons, accounting for about 25%, of which land transportation accounted for about 18% of the global carbon dioxide emissions. The electrification degree of the global transport sector was only 1% in 2018. Under the goal of carbon neutrality, the electrification process of the global transport sector needs to be further accelerated. According to the plan of the International Renewable Energy Agency (Irena), by 2050, the proportion of electricity in global end energy consumption will increase from 21% in 2018 to 51%, of which the electrification rate of the transportation sector will increase to 43%. In order to achieve the above objectives, major economies such as the European Union and the United States have introduced strict fuel vehicle restriction policies, set electrification targets for the automotive industry and increased support for the new energy vehicle industry.
In September 2020, the European Commission launched the 2030 climate target plan, which clearly increased the independent contribution of EU countries under the Paris agreement from the previous target of reducing emissions by 40% compared with 1990 to at least 55%. In the context of stricter carbon emission assessment, European governments (especially Germany and France) frequently issued policies to support the development of new energy vehicle industry. In 2020, the German government adopted a support plan with a total value of 2 billion euros to promote the upgrading of German local auto enterprises to new energy smart vehicles; France aims to produce 1 million new energy vehicles by 2025, and there will be no vehicles using fossil fuels by 2040.
In February 2021, the United States returned to the Paris Agreement and promised to reduce its carbon emissions by 50% from 2005 by 2030 and achieve carbon neutrality by 2050 at the latest. In the $2.25 trillion infrastructure investment plan announced by the new US government in 2021, it is mentioned that $174 billion will be invested in the electric vehicle market to strengthen the electric vehicle supply chain, charging pile construction, tax incentives, etc; By 2026, the share of new energy vehicles in the United States will reach 25%, and by 2030, 95% - 100% of the sales of light vehicles in the United States will reach the zero emission standard; Achieve a net zero emission target and a 100% clean energy economy by 2050. The U.S. government has set a target that electric vehicles will account for 50% of new car sales by 2030.
In 2020, Chinese leaders promised the world at the United Nations General Assembly that China will strive to peak carbon dioxide emissions by 2030 and achieve the goal of carbon neutrality by 2060. In order to achieve the above objectives faster and better, the state has increased the promotion of new energy vehicles, and put forward further relevant measures on adjusting emission standards, purchasing new energy vehicles, eliminating old diesel trains, circulation of second-hand cars, automobile consumption and financial policies. Under the wave of carbon neutralization, the electrification process of the global automobile industry will be further accelerated. According to the prediction of IEA, in order to achieve the global emission reduction target in 2050, the global ownership of new energy vehicles needs to increase from 7.2 million in 2019 to 1.1 billion in 2050. The global new energy vehicle market has huge growth space in the future.
2. China has issued a number of policies to promote the completion of the "double carbon" task, with the promotion of new energy vehicles as the main focus. In December 2020, China's central economic work conference set the goal of "China's carbon dioxide emissions strive to reach the peak by 2030 and achieve carbon neutralization by 2060", and listed "doing a good job in carbon peak and carbon neutralization" as one of the eight key tasks in 2021, "Carbon peaking and carbon neutralization" has become the core issue of China's modernization drive.
Green transportation is an important link to achieve the "double carbon" goal. Advocating green travel and promoting new energy vehicles are the main policy directions of green transportation at present. The substitution of new energy vehicles for traditional fuel vehicles can effectively reduce the carbon emissions of the transportation industry. China's relevant industrial policies mainly drive the development of the new energy vehicle industry from both sides of supply and demand. On the supply side, implement the double credit policy to promote car enterprises to layout new energy vehicles and complete the credit requirements, so as to promote the rapid development of the new energy vehicle market; On the consumer side, the Ministry of Finance and others guide consumers to buy new energy vehicles through tax policies.
In November 2020, the general office of the State Council issued the new energy vehicle industry development plan (2021-2035), which plans that the sales of new energy vehicles will reach about 25% of the total sales of new vehicles by 2025; It is planned that 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. Under the guidance of the policies of various ministries and commissions, various regions have successively launched the development plan of new energy vehicles. Local development plans have set targets for the ownership of new energy vehicles. At the same time, policies for the construction of charging piles and hydrogen stations have been strengthened to optimize the infrastructure of new energy vehicles.
3. Adhere to the mission of "providing green energy and building a smart world"
Farasis Energy (Gan Zhou) Co.Ltd(688567) as an overall energy solution provider, since its establishment, it has always adhered to the mission of "providing green energy and building a smart world", integrated sustainable development into daily work, processes and details, and actively assumed China's and global economic, ecological and social responsibilities. Through its own R & D and manufacturing capabilities, the company has created clean energy solutions that meet the needs of consumers and lead the development of the industry. Together with foreign partners, the company has jointly promoted the realization of sustainable development goals, and helped the country achieve the goals of "carbon peak" and "carbon neutralization" through carbon neutralization in mobile travel and energy use.
In order to achieve the global goal of "carbon neutrality", Farasis Energy (Gan Zhou) Co.Ltd(688567) customers have put forward the implementation plan of electrification strategy:
In the overseas market, Daimler clearly announced the specific time of stopping the sale or shutdown of fuel vehicles. Among them, Daimler plans to provide pure electric vehicles for all market segments by 2022; From 2025, all newly released vehicle architectures will be pure electric platforms. Three pure electric vehicle architecture platforms will be released in 2025, and comprehensive pure electric preparations will be made before 2030; Daimler also plans to build more than 200 gigawatt hours of battery cell capacity with partners. In the Chinese market, Guangzhou Automobile Group Co.Ltd(601238) released the "glass green net plan", which will adhere to the support of scientific and technological innovation. In addition to the implementation of various measures of electrification, it will systematically promote green procurement, green manufacturing and green recycling, form a new green and low-carbon ecosystem in the whole chain from R & D to production and from purchase to use, realize sustainable development and help carbon peak Carbon neutralization makes the world cleaner and more beautiful. At the same time, Geely, Dongfeng, great wall, Tianji, Jiangling and other customers have also put forward their own electrification strategy.
According to the electrification strategy of customers at home and abroad, the company will not only continue to customize high-quality battery products for customers, but also actively expand production to prepare for the rapid growth of customers' demand.
(II) necessity and feasibility of this issuance
1. In the context of carbon neutrality, the government has taken a number of policies and measures to vigorously support the healthy development of the power battery industry
China's "14th five year plan" mentioned the need to implement the goal of national independent contribution to climate change in 2030 and anchor efforts to achieve carbon neutrality by 2060. Based on the national strategic planning, the national development and Reform Commission formulated the Guiding Catalogue of green industry (2019 version) and the Guiding Catalogue of industrial structure adjustment (2019 version) in 2019, clarifying the boundary of green industry. Under a series of policy arrangements, China has formed a path to realize energy conservation and emission reduction with energy revolution and adjustment of high energy consuming industrial structure on the supply side and promotion of new energy vehicles on the demand side.
On December 3, 2019, the development plan for new energy vehicle industry (2021-2035) (Draft for comments) issued by the Ministry of industry and information technology specifically mentioned to encourage the development and innovation of vehicle operating system and power cell, and strengthen the key technologies of power cell and fuel cell system with lightweight, high safety, low cost and long service life, Accelerate the R & D and industrialization of solid-state power battery technology. In February 2020, the guiding opinions on orderly promoting the resumption of work and production of industrial communication enterprises issued by the Ministry of industry and information technology pointed out that it is necessary to continue to support intelligent photovoltaic, lithium-ion battery and other industries as well as individual champion enterprises in the manufacturing industry, so as to consolidate the competitive advantage of the industrial chain.
At present, the power battery industry driven by China's Shanxi Guoxin Energy Corporation Limited(600617) automobile industry has a good scale effect advantage and development environment. In the future, it will continue to maintain a good development momentum driven by the national strategy.
2. It is conducive to enhance the company's core competitiveness and strengthen its competitive advantage
The performance of power battery directly determines the performance of new energy vehicles. Continuous technological progress can drive the continuous improvement of power battery energy density, continuous optimization of product performance, continuous reduction of production cost and continuous improvement of comprehensive cost performance. Therefore, the core competitiveness of power battery industry is material development ability, product design ability, process manufacturing ability and management quality control ability. The company needs to establish higher technical and technological barriers in the field of core technology and production process to maintain its competitive advantage.
The implementation of this raised investment project will further improve the technical level and production process of the company's power battery and expand high-end production capacity. After the implementation of the project, it can provide financial guarantee for the stable growth of the company's business, enhance the company's sustainable operation ability and strengthen the company's competitive advantage in the field of power battery.
3. Profound customer resources and supply chain accumulation provide a good foundation for project implementation
The company is not only a provider of overall technical solutions for power battery system of new energy vehicles, but also a manufacturer of high-performance power battery system. After years of development, the high-quality battery products with high energy density, long life, high rate, fast charging capacity and high safety performance independently developed by the company have been widely introduced to the market. Since 2016, the company's shipments, installed capacity and corresponding market share have increased rapidly, and has established long-term and stable strategic cooperative relations with multiple customers.
On the basis of win-win cooperation, focusing on the market strategy of "taking passenger cars as the core, stimulating other power battery markets and providing products with different attributes according to the market", the company has formulated a short-term plus medium and long-term marketing strategy. In the short term, the company makes every effort to ensure the quality and quantity delivery of existing projects of Daimler customers, and continues to develop other new platform projects of Daimler customers; The company continues to deepen its cooperation with GAC, Geely, lutes, togg, Dongfeng, great wall, Jiangling and other existing customers, strive to increase market share and strive for more projects; The company will also focus on expanding and actively developing high-quality vehicle enterprises in Europe, the United States, Japan and South Korea, as well as new forces of vehicle manufacturing enterprises in China, and constantly expand the company's new energy vehicle enterprise customers. In the medium and long term, the company will carry out diversified market development and actively layout in power battery, energy storage and emerging businesses; On the one hand, focusing on the key customers of the whole vehicle, we will focus on developing customers with high potential in the era of intelligent electric, and actively layout the power exchange mode and shared travel field; On the other hand, relying on strong technical reserves and accumulation of resources and channels, the company will expand its layout in household energy storage, industrial and commercial energy storage and power grid side energy storage, and focus on developing central enterprise customers to form a demonstration effect; At the same time, actively expand the head customers of electric motorcycles, electric aircraft, ships, construction machinery and other markets. Good customer resource accumulation and forward-looking marketing strategy provide a good market foundation for the digestion of the production capacity of this raised investment project.
The company signed a framework agreement with major raw material suppliers to lock the quantity. The company reached a consensus with Ningbo Ronbay New Energy Technology Co.Ltd(688005) on the purchase of cathode materials, and signed a framework agreement with Ningbo Shanshan Co.Ltd(600884) to ensure the supply of graphite; Sign a long-term strategic partnership with Xinlun technology. Under the same conditions, Xinlun technology gives priority to the supply of aluminum-plastic film to Farasis Energy (Gan Zhou) Co.Ltd(688567) . At the same time, the company is also actively conducting business negotiations with other material and equipment suppliers to escort the company's production and R & D. By strengthening industrial cooperation and maintaining the stability of the supply chain, the company has laid a good cooperation foundation for the implementation of this raised investment project.
4. The location advantage of the project helps the company further consolidate its strategic layout
The implementation address of this high-performance power lithium battery project is Wuhu City, Anhui Province. During the "13th five year plan" period, Anhui Province initially became the development pattern of "key parts - complete vehicle - industrial chain - Industrial Cluster" of new energy vehicles. The cumulative output of new energy vehicles is 495000, ranking first in the central region and in the forefront of the country. In 2020, the output of Anhui Province is 105000, ranking first in the central region Fourth in China, accounting for 7.7% of the country.
The action plan for the development of new energy vehicle industry in Anhui Province (2021-2023) issued by Anhui government in 2021 proposed to build new energy vehicle and intelligent networked vehicle industry demonstration bases focusing on Hefei, Wuhu, Anqing and other cities. Wuhu, as a national innovative pilot city and a national independent innovation demonstration zone, will complete the production of new energy vehicle industry base in 2020
