Securities code: 002986 securities abbreviation: Hunan Yussen Energy Technology Co.Ltd(002986) Announcement No.: 2022-022
Hunan Yussen Energy Technology Co.Ltd(002986)
Feasibility analysis report on the use of funds raised by non-public issuance of A-Shares in 2022
In order to promote the rapid development of Hunan Yussen Energy Technology Co.Ltd(002986) (hereinafter referred to as "the company") business, improve the company's sustainable profitability and meet the needs of the company's future business development, the company plans to issue non-public shares to specific objects, and the total amount of funds raised shall not exceed 300 million yuan.
The feasibility analysis of the company's board of directors on the use of the funds raised by this non-public offering of shares is as follows:
1、 Use plan of the raised funds
The total amount of funds raised from this non-public offering of shares (including issuance expenses) is no more than RMB 300 million (including this amount). The net amount of funds raised after deducting issuance expenses is intended to be used for the following items:
No. project name total investment of the project (10000 yuan) proposed capital raised (10000 yuan)
1 light hydrocarbon comprehensive utilization project phase I 338357.00 270000.00
2. Supplementary working capital 30000.00
Total 368357.00 300000.00
Before the funds raised in this offering are in place, the company will invest the self raised funds first according to the needs of the investment projects with the raised funds, and replace them according to the relevant procedures after the raised funds are in place. At the same time, without changing the investment projects of the raised funds, the board of directors of the company may appropriately adjust the investment sequence and amount of the raised funds of the above projects according to the actual situation of the investment projects of the raised funds. If the actual amount of raised funds (after deducting the issuance expenses) is less than the amount to be invested with raised funds for the above projects, the insufficient part will be solved by self raised funds.
2、 Background of the project invested by the raised funds
(I) in line with the national "14th five year plan" development plan
In July 2021, the national development and Reform Commission issued the 14th five year plan for the development of circular economy, which pointed out that vigorously developing circular economy and promoting resource conservation and intensive recycling are of great significance to ensure national resource security, promote the realization of carbon peak and carbon neutralization, and promote the construction of ecological civilization; The plan deploys five key projects and six key actions in the field of circular economy during the 14th Five Year Plan period, including the construction of urban waste material recycling system, the recycling development of the park, the demonstration of comprehensive utilization of bulk solid waste, the demonstration of resource utilization of construction waste, and the innovation of key technologies and equipment of circular economy, And six key actions such as high-quality development of remanufacturing industry, recycling of waste electrical and electronic products, life cycle management of automobile use, whole chain treatment of plastic pollution, green transformation of express packaging and recycling of waste power batteries.
The "light hydrocarbon comprehensive utilization project phase I" of the company's raised and invested project will further make full use of the surplus alkane resources in Daya Bay petrochemical zone through 240000 T / a maleic anhydride unit, maleic anhydride hydrogenation unit (130000 T / a BDO + 190000 T / a DMS), 60000 T / A PBS unit and 46000 T / a PTMEG unit, which will further improve the circular economy model of Daya Bay petrochemical zone; At the same time, the main products of the raised investment project are important raw materials or direct components of degradable plastics, which can promote the development of green degradable plastics industry and lay the foundation for promoting the whole chain treatment of plastic pollution. The construction of this raised investment project is a strategic measure of the company in line with the national "14th five year plan" development plan, which will help the company further improve the circular economy development mode of itself and its chemical park, and do a good job in supporting and connecting with downstream degradable plastics and other fields.
(II) conform to the company's strategic development planning objectives
The company has been engaged in LPG deep processing in Daya Bay petrochemical zone for more than ten years, and has become an important enterprise in the first ring of LPG deep processing in Daya Bay petrochemical zone. At present, the company mainly uses the C4 olefin resources in LPG to produce deep-processing products, but the utilization of alkane resources is not sufficient; At the same time, the company itself and Daya Bay petrochemical park also have more carbon three carbon four alkane resources (mainly from hydrocracking, reforming and catalytic cracking units of CNOOC Huizhou petrochemical). The "light hydrocarbon comprehensive utilization project phase I" will further make full use of the surplus alkane resources, which will become an important link to improve the circular economy integration of Daya Bay petrochemical zone.
At the same time, based on the rapid development needs of the company after listing, C4, the by-product of upstream enterprises in Daya Bay petrochemical zone, and the land in Daya Bay petrochemical zone can no longer meet the development needs of the company. In order to achieve the goal of becoming bigger and stronger, the company has planned the development strategy of gradually transforming from oil chemical industry to new chemical materials. Phase I of the "light hydrocarbon comprehensive utilization project" will build 240000 T / a maleic anhydride unit, maleic anhydride hydrogenation unit (130000 T / a BDO + 190000 t / a DMS), 60000 T / a PBS unit and 46000 T / a PTMEG unit in Huizhou new materials park outside Daya Bay petrochemical zone, Further realize the development of the company's new chemical materials business.
(III) influenced by the national environmental protection policies, the market demand for degradable plastics has increased rapidly in recent years
The invention and use of plastics have brought great convenience to people's daily life, but the problem of plastic pollution is becoming more and more serious. Because non degradable plastic waste can stay in nature for 200-400 years, some for 500 years, it will not only pollute the soil, but also pollute the air and water body, resulting in huge potential environmental safety hazards, Therefore, the treatment of white pollution has become a global focus.
In recent years, China's environmental protection policy has gradually become stricter, and the use of non degradable plastics has been gradually banned at the national level. The national development and Reform Commission and the Ministry of ecology and environment issued the opinions on Further Strengthening the control of plastic pollution on January 16, 2020, requiring to improve the management system of production, circulation, consumption, recycling and disposal of plastic products by 2025, Gradually prohibit and restrict the use of non degradable plastics. At the same time, with the continuous development of China's degradable plastics industry, the continuous improvement of production technology and industrialization level, as well as China's acceleration of the construction of green circular economy and the development of sustainable economy, China's degradable plastics industry has ushered in rapid growth.
The company's "light hydrocarbon comprehensive utilization project phase I", the main products of which are dimethyl succinate (DMS), 1,4-butanediol (BDO) and polybutylene succinate (PBS), are important raw materials or direct components of degradable plastics. The project complies with the national environmental protection policy planning and the future development needs of degradable plastics market.
3、 Necessity of the project invested by the raised funds
(I) enhance the utilization of surplus LPG resources in Daya Bay petrochemical zone and improve the integration of circular economy in the park
At present, the company's main products are isooctane and MTBE. The above-mentioned products take isobutane, isobutene, n-butene and other components in LPG as the main raw materials. At the same time, the maleic anhydride products fully put into operation in 2022 can make a certain degree of utilization of some alkanes in LPG; However, the processing and production of the above products of the company does not make full use of alkane resources in Daya Bay petrochemical zone. The company's fund-raising project "light hydrocarbon comprehensive utilization project phase I" will further make full use of the surplus alkane resources in Daya Bay petrochemical zone through 240000 T / a maleic anhydride unit, maleic anhydride hydrogenation unit (130000 T / a BDO + 190000 T / a DMS), 60000 T / a PBS unit and 46000 t / a PTMEG unit, which will further improve the circular economy model of Daya Bay petrochemical zone.
(II) further enrich the company's product line and expand the company's development space
At present, the company's main production units are located in Daya Bay petrochemical zone, which provides convenient LPG raw material supply and perfect industrial chain support for the company's LPG deep processing business. However, with the rapid development of the company's business after listing, Daya Bay petrochemical zone also presents the disadvantage of tight park land for the development of the company. Taking the opportunity of the construction of Huizhou new material Park, the company has planned the industrial development route of new material business in Huizhou new material park. Among them, the construction of "phase I of light hydrocarbon comprehensive utilization project" will provide 147600 T / a dimethyl succinate (DMS), 34200 T / a 1,4-butanediol (BDO) The production capacity of 46000 T / a PTMEG and 60000 T / a PBS will greatly enrich the company's product line and expand the company's development space.
(III) improve the sustainable profitability and realize the long-term sustainable development of the company
The project "light hydrocarbon comprehensive utilization project phase I" has good market development prospects and economic benefits. While expanding the industrial scale, it will reduce costs and increase efficiency, improve the company's sustainable profitability, further enhance the company's core competitiveness and ability to resist risks, realize the company's long-term sustainable development and safeguard the long-term interests of shareholders.
(IV) fund guarantee to meet the company's business development
With the enrichment of the company's product structure and the continuous growth of business scale, the company's demand for working capital is increasing, which is mainly reflected in the increasing demand for daily working capital with the expansion of business scale. Combined with the working capital demand of the company's development, the company plans to use 300 million yuan of the raised funds to supplement the working capital, which is conducive to providing capital guarantee for the company's future development.
4、 Feasibility of the project invested by the raised funds
(I) the support of national industrial policies provides policy guarantee for the increase of market demand for the implementation of the project
In November 2021, the Ministry of industry and information technology formulated the 14th five year plan for industrial green development. According to the plan, plastic pollution control is one of the important contents of industrial green development in the 14th five year plan. In order to control plastic pollution, the Ministry of industry and information technology will encourage the development of high-end degradable materials, strengthen policy guidance in technological innovation and industrial application, and promote biodegradable plastic enterprises to carry out technological innovation, transformation of scientific and technological achievements and product application.
With the gradual restriction and prohibition of non degradable plastics by the state and the increase of policy support for the degradable plastics industry, the degradable plastics industry will usher in rapid development. According to the opinions on Further Strengthening the control of plastic pollution issued by the national development and Reform Commission and the Ministry of ecological environment in January 2020, the main non degradable plastic products restricted at present are: plastic shopping bags, disposable plastic tableware, disposable plastic products in hotels and hotels and express plastic packaging, In addition, the production and sales of ultra-thin plastic bags and ultra-thin agricultural films are also limited. By 2025, the application fields such as express packaging, agricultural film, disposable tableware and plastic shopping bags will release the demand for degradable plastics of 680000 tons, 470000 tons, 1.06 million tons and 490000 tons, totaling 2.7 million tons, with huge market space.
(II) the company has accumulated many years of production experience to provide technical support for the implementation of the project
The company attaches great importance to the R & D investment in new products, new processes and new technologies, and maintains the industry-leading technical level. At present, the company has obtained 34 patents, including 19 invention patents and 15 utility model patents. The company's main products such as isooctane and MTBE are recognized as high-tech products of Guangdong Province by Guangdong high tech Enterprise Association; The company's main products have won the second prize of Guangdong science and Technology awarded by Guangdong Provincial People's government and the first prize of Huizhou science and Technology awarded by Huizhou Municipal People's government, and won the gold award of "invention and entrepreneurship Award - Project Award" at the 10th International Invention Exhibition; Yuxin chemical is also rated as a high-tech enterprise and innovative enterprise in Guangdong Province. The above technical advantages provide sufficient technical support for the implementation of raised investment projects.
(III) the company has accumulated a wealth of high-quality customers and has a strong sales team, which ensures the sustainable development of the company's business
Relying on the advantages of stable product quality, high cost performance, timely logistics and distribution service and perfect storage, the company has established a good brand image, won the general recognition of customers, accumulated many high-quality customers and maintained a stable cooperative relationship with them. Good brand awareness and high-quality customer resources have laid a solid foundation for the capacity digestion of this raised investment project.
5、 Details of the project invested by the raised funds
(I) phase I of light hydrocarbon comprehensive utilization project
1. Basic information of the project
The planned total investment of the project is 3383.57 million yuan. The proposed construction site is Huizhou new material industrial park. The construction period of the project is 36 months. The implementation subject is Huizhou Boke environmental protection new material Co., Ltd., the holding subsidiary of the company. The construction contents of the project include: a set of 240000 T / a maleic anhydride unit, a set of maleic anhydride hydrogenation unit (130000 T / a BDO + 190000 T / a DMS), a set of 60000 T / a PBS unit, a set of 46000 T / a PTMEG unit, a set of 360 t / a oxidation catalyst unit and supporting utilities of the project; The main products of the project include dimethyl succinate (DMS), 1,4-butanediol (BDO), polytetrahydrofuran (PTMEG) and polybutylene succinate (PBS), and γ - Butyrolactone (GBL), methyl acetate (MA) and other by-products.
The bidding, auction and listing procedures have been completed for the land to be used in this raised investment project. The company has signed a land transfer contract with the government, and it is expected to obtain the corresponding land certificate in March 2022.
2. Project investment estimate and benefits
The total investment of the project is planned to be 3383.57 million yuan, and the raised funds to be used this time are 2700 million yuan. The specific investment estimation is as follows:
No. project name investment amount (10000 yuan) proportion in total investment (%)
I. construction investment 316929.00 93.67
II. Interest expense 2070.00
