Securities abbreviation: Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) securities code: Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) Shanghai Taisheng Wind Power Equipment Co.Ltd(300129)
Stock issuance scheme to specific objects
Demonstration and Analysis Report
(Revised Version)
March, 2002
catalogue
1、 Background and purpose of this issuance of shares to specific objects 3 II. Necessity of this issuance of securities and its variety selection 6 III. appropriateness of the selection scope, quantity and standard of this issuance object 7 IV. rationality of the pricing principle, basis, method and procedure of this offering 8 v. feasibility of this issuance method 9 VI. fairness and rationality of this issuance plan 12 VII. Dilution of immediate return in this offering and measures to be taken by the company 12 VIII. Conclusion seventeen
Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) (hereinafter referred to as "company" or " Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) ") is a company listed on the gem of Shenzhen Stock Exchange. In order to meet the capital needs of the company's business development, further enhance the company's capital strength and enhance its profitability, in accordance with the company law, the securities law, the articles of association, the measures for the administration of securities issuance and registration of companies listed on the gem (for Trial Implementation) (hereinafter referred to as the "measures for the administration of registration") and other relevant laws According to the regulations and normative documents, the company plans to issue 215745976 shares to specific objects, raising 108088733976 yuan, which will be used to supplement the working capital after deducting the issuance expenses. Unless otherwise specified, the relevant terms in this report have the same meaning as the plan for issuing A-Shares to specific objects in Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) 2021 (Revised Version). 1、 Background and purpose of this issuance of shares to specific objects
(I) background of this issuance of shares to specific objects
1. Implement the guiding ideology of the central government to support the development of private enterprises
The Third Plenary Session of the 18th CPC Central Committee clearly put forward that "both the public economy and the non-public economy are important components of the socialist market economy". The report of the 19th CPC National Congress once again stressed that "we will unswervingly consolidate and develop the public economy and unswervingly encourage, support and guide the development of the non-public economy".
Since 2018, under the background of national deleveraging, private enterprises have generally suffered greater capital pressure and increased debt burden. Since the second half of 2018, the meeting of the Political Bureau of the CPC Central Committee has repeatedly emphasized the "six stabilities" policy of "stabilizing employment, finance, foreign trade, investment and expectation", took supporting the development of private enterprises as an important starting point for implementing the "six stabilities" policy, and stressed the need to give priority to solving the financing difficulties or even lack of financing of private enterprises, especially small and medium-sized enterprises, At the same time, gradually reduce the financing cost. In December 2019, the CPC Central Committee and the State Council issued the opinions on creating a better development environment to support the reform and development of private enterprises, which deployed to solve the financing problems of private and small and micro enterprises from the aspects of optimizing the banking service system, improving the direct financing system and improving the credit enhancement system, so as to increase the supply of financing funds for private enterprises and broaden the equity financing channels of private enterprises, Support the development of private economy. Therefore, the company supplemented equity capital through this issuance to meet the needs of business development and comply with the direction of national policies.
2. Wind power development under the goal of "carbon neutrality" is the general trend
On September 22, 2020, Xi Jinping General Secretary delivered an important speech at the 75th UN General Assembly: China will adopt stronger policies and measures and strive to reach the peak of carbon dioxide emissions by 2030,
Strive to achieve carbon neutrality by 2060. On December 12, 2020, Xi Jinping General Secretary delivered an important speech entitled "carry forward the past and forge ahead into the future and start a new journey of global response to climate change" via video at the climate ambition summit, announcing that China will increase its national independent contribution Xi Jinping General Secretary stressed at the summit that by 2030, China's carbon dioxide emissions per unit of China's GDP will decrease by more than 65% compared with 2005, the proportion of non fossil energy in primary energy consumption will reach about 25%, the forest reserve will increase by 6 billion cubic meters compared with 2005, and the total installed capacity of wind power and Cecep Solar Energy Co.Ltd(000591) power generation will reach more than 1.2 billion kilowatts (1200gw). Under the goal of "carbon neutrality", the development of wind power is the general trend. In the future, the central and local policies are expected to further promote the rapid development of wind power industry.
3. China's wind power industry is developing rapidly and has good development prospects
Wind power has become an important part of the global energy structure. According to the Global Wind Energy Association (GWEC), the global installed capacity of new wind power reached 93.0gw in 2020, with a year-on-year increase of 53%. The installed capacity of global wind power increased from 23.90gw in 2001 to 650.82gw in 2019, with a compound annual growth rate of 20.15%. According to the data of the Global Wind Energy Association (GWEC), from the perspective of cumulative installed capacity, as of 2020, China's onshore wind power cumulative installed capacity was 278.3gw, accounting for about 39.4% of the global onshore wind power total installed capacity, making it the first country with onshore wind power installed capacity. From the perspective of new installed capacity, China's new installed capacity of wind power will be 52.0gw in 2020, which is also the largest country with new installed capacity. China has become the largest onshore wind power market in the world.
According to the data of the Global Wind Energy Association (GWEC), China's cumulative installed capacity of offshore wind power grew at a compound rate of 38.89% from 2015 to 2020, becoming the fastest growing and most potential offshore wind power market in the world. Among them, in 2020, the newly installed capacity of offshore wind power connected to the grid was 3.06gw, with a year-on-year increase of 22.74%. The newly installed capacity accounted for 50.43% of the newly installed capacity of global offshore wind power in 2020, ranking first in the world; By 2020, China's cumulative offshore wind power grid connected capacity is about 10.0gw, ranking second in the world, becoming the second offshore wind power country after the UK.
China's wind power industry is developing rapidly and has good development prospects.
4. Abundant offshore wind power resources help the sustainable development of the industry
China has a coastline of more than 18000 kilometers and more than 6000 islands. The effective wind energy density is more than 200300 watts / m2. The annual average wind speed in most offshore waters is between 7-8.5 meters / s. According to the report of China's wind power development roadmap 2050 issued by the Energy Research Institute of the national development and Reform Commission, China's offshore wind energy resources with a water depth of 5-50 meters and a height of 100 meters are open to 500 million kilowatts, with a total area of 394000 square kilometers.
China has good wind energy resources and good market conditions for development and utilization, which is suitable for large-scale development and construction of offshore wind farms. Therefore, the national wind power development policy is gradually inclined to offshore power generation, and the offshore wind power market has broad prospects.
According to the statistics of the national energy administration, since 2013, China's offshore wind power market share has increased steadily, and the cumulative installed capacity has increased from 450000 kW to 6.99 million kW in the first half of 2020, accounting for 3.22% of the total installed wind power. The offshore wind power market has developed rapidly.
5. With the expansion of the company's business scale, the demand for funds will also increase significantly
During the reporting period, the business scale of the company expanded rapidly. From 2018 to 2020, the operating revenue was 14725262 million yuan, 22190258 million yuan and 3 Nantong Acetic Acid Chemical Co.Ltd(603968) 5 million yuan respectively, with a compound annual growth rate of 56.44%. The company's wind power equipment manufacturing industry is a capital intensive industry, and its development needs to rely on the continuous support of capital. The company's daily production and operation activities have high capital requirements. With the further development of the company's future business and the consolidation of the industrial chain, the company's demand for capital will also increase significantly.
(II) purpose of this issuance to specific objects
1. Introduce powerful state-owned investors to strengthen the strength of the company
The issuing object of this issuance is Kaide investment and control, and the actual controller of Kaide investment and control is the Management Committee of Guangzhou Economic and Technological Development Zone.
Founded in 2015 with a registered capital of 7.195 billion yuan, Kaide investment holding is a wholly-owned subsidiary of Guangzhou Development Zone Holding Group Co., Ltd. its business covers strategic investment in science and technology, master fund, capital operation and asset management. Kaide investment control focuses on high-tech industries such as new energy, new generation information technology, artificial intelligence and digital economy, and is committed to building a first-class technology investment, capital operation and industrial coordination platform in Dawan district.
With the mission of enabling scientific and technological innovation and serving the real economy, Kaide investment and control has joined hands with "new energy forces" such as Xiaopeng automobile, Aodong new energy and reshaping science and technology to boost the development of high-end intelligent manufacturing industry in Dawan district and help Guangzhou Development Zone build a first-class modern new energy automobile industry cluster. In the field of new generation information technology, Kaide investment control has carried out in-depth cooperation with a number of strategic partners such as Everdisplay Optronics (Shanghai) Co.Ltd(688538) , Shanghai Zhaoxin, Luxshare Precision Industry Co.Ltd(002475) and vigorously supported the development of strategic emerging industries such as 5g RF chips, AMOLED display panels, PC chips and upstream and downstream key parts; At the same time, Kaide investment control deepened its layout in the field of biomedicine and artificial intelligence, reached cooperation with a number of Chinese innovative biomedicine and AI head enterprises, promoted the deep integration of science and technology industry and capital, and helped the development of science and technology industry in Guangdong, Hong Kong, Macao, Dawan District and trillion manufacturing in Guangzhou Development Zone.
After the completion of this offering, Kaide investment control will become the controlling shareholder of the company. As a subordinate enterprise of the Management Committee of Guangzhou Economic and Technological Development Zone, Kaide investment control has profound regional resource advantages and strong capital strength. It can introduce more business resources for the company, promote the overall business development and strategic layout of the company, and provide sufficient financial support for the company's great leap forward development.
2. Relieve the pressure of working capital and provide financial support for the company's business development
With the rapid development of the company's business, the company needs to invest more funds to meet the needs of the company's market expansion, production and business activities. The net amount raised from the issuance of shares to specific objects will be used to supplement the company's working capital, which can improve the company's cash position and provide capital guarantee for the further development of the company's business. 2、 The necessity of this issuance of securities and its variety selection
(I) the type of securities to be issued and the issuing method
The type of shares issued to specific objects this time is domestic listed RMB common shares (A shares), with a par value of RMB 1.00/share. This issuance adopts the method of issuing shares to specific objects. Within the validity period of the examination and approval of Shenzhen Stock Exchange and the registration reply document of China Securities Regulatory Commission, the company will choose an appropriate time to issue shares.
(II) necessity of this issuance of securities
1. The company's business scale is expanding, and its daily production and operation activities have high requirements for working capital
Since its listing, the business scale of the company has expanded rapidly. From 2018 to 2020, the operating revenue was 14725262 million yuan, 22190258 million yuan and 3 Nantong Acetic Acid Chemical Co.Ltd(603968) 5 million yuan respectively, with a compound annual growth rate of 56.44%. With the rapid expansion of business scale, the scale of accounts receivable of the company is also growing. The book values of accounts receivable at the end of 2018, 2019, 2020 and September 2021 are 772526200 yuan, 1034933200 yuan, 1731508600 yuan and 1738142500 yuan respectively. In 2018, 2019, 2020 and January September 2021, the company's cash outflows from operating activities were 17818758 million yuan, 24867653 million yuan, 38880319 million yuan and 28338077 million yuan respectively. The net cash flow from operating activities in the latest year and the first period was negative. The company's daily production and operation activities had high requirements on working capital, and the working capital pressure in the first period of the latest year was great. With the further development of the company's future business and the consolidation of the industrial chain, the company's demand for working capital will also increase significantly.
This time, the company issues shares to specific objects to supplement working capital, which is in line with the company's current actual financial situation and the capital needs of future business development, helps to promote the long-term and healthy development of the company, and is conducive to maximizing the interests of the company and all shareholders.
2. The company continues to deploy offshore wind power business, and is expected to have a large demand for working capital
In recent years, the company has continued to deepen the "dual sea strategy", vigorously expand the overseas market and offshore wind power market, and is committed to opening up an emerging and broader market space. With the gradual implementation of the "dual sea strategy", the revenue of the company's offshore wind power business segment increased rapidly during the reporting period.
At present, China's offshore wind power is in a period of rapid development, and the offshore wind power market in Guangdong and other coastal provinces is huge. By subsidizing offshore wind power, local economic development can be driven, and coastal provinces can realize energy transformation and improve energy security coefficient. In October 2020, Guangdong Province issued the action plan for cultivating new energy strategic emerging industry clusters in Guangdong Province (20212025). The plan pointed out that by promoting the large-scale development of offshore wind power, it will drive the formation of a whole offshore wind power industry system integrating offshore wind power R & D, manufacturing and operation and maintenance. The company plans to apply to the Guangdong Provincial Government for the allocation of offshore wind power resources of 1 million KW. Compared with onshore wind power, offshore wind power business accounts for more funds, has a longer production cycle, and has greater pressure on the company's working capital.
This time, the company issues shares to specific objects to supplement working capital, which can help the company occupy the dominant market in offshore wind power business and continue to tap production capacity, which is in line with the strategic needs of the company to develop offshore wind power.
3. It is conducive to optimizing the capital structure and improving the anti risk ability of the company
In recent years, the business scale of the company has been expanding, and the demand for funds is increasing day by day. By issuing shares to specific objects this time, the asset liability ratio of the company will decline, the solvency will be improved, and the capital strength and anti risk ability of the company will be further enhanced. At the same time, replenishing working capital can reduce the company's demand for short-term loans, thereby reducing financial expenses,
