Anhui Estone Materials Technology Co.Ltd(688733) (688733. SH) landed on the science and Innovation Board on August 17, 2021, and successfully raised 705 million yuan at that time. However, just half a year after the listing, Anhui Estone Materials Technology Co.Ltd(688733) on February 25, a larger financing plan was put forward again. It is planned to raise no more than 951 million yuan to invest in the lithium battery industry chain and supplement working capital.
In terms of the purpose of the raised funds, Anhui Estone Materials Technology Co.Ltd(688733) plans to invest the raised funds in the construction project of electronic functional powder materials with an annual output of 15000 tons, the construction project of boehmite for lithium battery coating with an annual output of 20000 tons, the construction project of technology R & D center and supplementary working capital.
Anhui Estone Materials Technology Co.Ltd(688733) pointed out in the announcement that the refinancing of the company has the following purposes: consolidate the company’s leading position in the field of lithium battery coating materials, promote product renewal and iteration, and improve market share; Enrich the company’s product categories, meet the differentiated needs of customers, and find new profit growth points for the company’s future development; Replenish working capital, actively respond to the rapid development of new energy industry and improve the company’s anti risk ability.
Taking the 15000 ton electronic functional powder material construction project as an example, Anhui Estone Materials Technology Co.Ltd(688733) pointed out in the announcement that after the project is completed, it is planned to add 9800 tons / year of spherical alumina for heat conduction and low for chip packaging- α The production capacity of X-ray spherical alumina is 200 tons / year, and the production capacity of submicron high-purity alumina for lithium battery coating and electronic ceramics is 5000 tons / year, which will further expand the company’s production capacity and capacity scale, improve the company’s profitability, provide a reliable production capacity foundation for the company’s future business development, further consolidate the company’s industry position and improve its market share.
According to the projects raised during IPO Financing, Anhui Estone Materials Technology Co.Ltd(688733) invested funds in the construction of boehmite production base for power battery coating diaphragm, the construction of functional powder material production base for electronic communication, Anhui Estone Materials Technology Co.Ltd(688733) (Hefei) advanced inorganic non-metallic material R & D center, operation and development reserve funds. In contrast, the IPO raised investment projects are the same as the raised investment projects of this refinancing.
The interface news reporter noted that in the past two years, the lithium battery industry chain has developed vigorously, and some companies have also made a lot of money, Anhui Estone Materials Technology Co.Ltd(688733) this huge amount of financing in a short time is undoubtedly related to this. On February 23, Anhui Estone Materials Technology Co.Ltd(688733) disclosed the performance express for 2021, which showed that the company’s operating revenue and net profit were 423 million yuan and 108 million yuan respectively, an increase of 119.85% and 139.98% respectively over the same period of the previous year, out of the impact of the epidemic. The announcement pointed out that the strong demand of the company’s downstream market has driven the rapid growth of the company’s sales revenue of battery materials and electronic materials. In addition, the double rise of production and sales volume of the company has driven the scale effect, and further reduced costs and increased efficiency by improving the level of production, operation and management.
From the perspective of industry, Anhui Estone Materials Technology Co.Ltd(688733) this refinancing is undoubtedly hoping to seize the tuyere of the industry and strike while the iron is hot. However, the interface news reporter noted that according to the verification report on the use of the company’s previously raised funds, as of December 31, 2021, 275 million yuan of funds successfully raised by the company’s IPO were still lying in the bank, and some financial products were not redeemed, and the unused funds accounted for 58.48% of the previously raised funds.
Then, Anhui Estone Materials Technology Co.Ltd(688733) can we achieve the expected development by throwing away the huge financing plan in a short time?
