And Haitong Securities Company Limited(600837)
Reply to the inquiry letter on the examination of the application documents of Kbc Corporation Ltd(688598) issuing shares to specific objects
Sponsor (lead underwriter)
March, 2002
Shanghai Stock Exchange:
We have received the inquiry letter on the examination of the application documents for Kbc Corporation Ltd(688598) issuing shares to specific objects (hereinafter referred to as the "inquiry letter") issued by your exchange on December 22, 2021 Kbc Corporation Ltd(688598) (hereinafter referred to as " Kbc Corporation Ltd(688598) ," issuer "or" company ") and Haitong Securities Company Limited(600837) (hereinafter referred to as" sponsor "or" sponsor "), Tianzhi International Certified Public Accountants (special general partnership) (hereinafter referred to as" reporting accountant ") Hunan Qiyuan law firm (hereinafter referred to as the "issuer's lawyer") and other relevant parties have implemented and replied to the problems mentioned in the audit inquiry letter one by one.
Unless otherwise specified, the terms, names and abbreviations used in the reply to this audit inquiry letter have the same meanings as those in the prospectus for offering A-Shares to specific objects in Kbc Corporation Ltd(688598) 2021.
Category font
Review the questions listed in the inquiry letter in bold
Review the reply to the questions in the inquiry letter, the verification opinions of the intermediary, and supplement and revise the disclosure of the prospectus in Song typeface (not bold); Revised and supplemented contents of this round of inquiry letter in regular script (BOLD)
catalogue
Question 1: about the capacity expansion project of high-purity large-size advanced carbon matrix composites 4 question 2: about the construction project of Jinbo Research Institute 19 question 3: about the financing scale Question 4: About replenishing working capital Question 5: about the operation Question 6: about financial investment 66. Overall verification opinions of the recommendation institution Question 1: about the capacity expansion project of high-purity large-scale advanced carbon matrix composites
According to the application documents, (1) the project plans to invest 1802564600 yuan to build the capacity expansion of high-purity and large-scale advanced carbon matrix composites with an annual output of 1500 tons, so as to meet the increasing demand for carbon matrix composite products in the photovoltaic market; (2) There is no difference in production technology, functional positioning and market field between the products to be raised and invested in the project and the previous first advanced carbon matrix composite capacity expansion project and convertible bond hot field composite capacity construction project; (3) From 2018 to the end of September 2021, the issuer's production capacity was 187.87 tons, 202.05 tons, 481.61 tons and 114367 tons; In addition, the first advanced carbon matrix composite capacity expansion project is expected to have a capacity of 200 tons / year, and the convertible bond hot field composite capacity construction project is expected to have a capacity of 600 tons / year; (4) At present, the raised construction project has not obtained the EIA reply.
The issuer is requested to explain: (1) the specific impact on the issuer's R & D and product performance caused by the transformation of downstream industries to large-size silicon wafers, n-type batteries and other technologies, and whether there is a risk that the products raised and invested this time cannot meet the needs of technological transformation in downstream industries; (2) The difference between the estimated installed capacity and the actual installed capacity of photovoltaic power stations in China in 2021, and whether there is a risk of overcapacity in photovoltaic related industries; (3) The market space and market share of the company, the sales and production expansion of comparable companies in the same industry, and the matching relationship between the capacity expansion plan of key customers and the consumption of carbon matrix composites; (4) The reasons for the significant increase in capacity during the reporting period, and further explain whether the current capacity utilization is saturated; (5) In combination with the above problems, as well as on-hand orders and other cooperation agreements, analyze the rationality of the new capacity invested by raising funds and the corresponding capacity digestion measures; (6) Whether the specific implementation subject of the project has corresponding qualification requirements; The follow-up arrangement of the EIA matters of this raised investment construction project is expected to be approved by the EIA.
Question reply:
1、 Description
(I) the specific impact on the issuer's R & D and product performance caused by the transformation of downstream industries to large-size silicon wafers, n-type batteries and other technologies, and whether there is a risk that the products raised and invested this time can not meet the needs of technological change in downstream industries
1. The R & D capability and product performance of the issuer can meet the requirements of large-scale photovoltaic silicon wafer
In recent years, the technology of photovoltaic industry has iterated rapidly, and technological progress has become the main driving force for the rapid decline of photovoltaic power generation cost. As the core component of "photoelectric conversion", photovoltaic cell is an important technical factor affecting the efficiency and kwh cost of the whole system.
Increase the output of battery and module production line, reduce the production cost per watt, directly increase the module power and reduce the cost of kwh.
The changes of mainstream silicon wafer size in photovoltaic market are as follows:
Time mainstream photovoltaic silicon wafer size
From 1981 to 2012, silicon wafers in the photovoltaic market were mainly 100mm and 125mm.
In 2013, Longji United industry launched two standard monocrystalline silicon wafers, M1 (side length 156.75mm, diameter 205mm) and m220122018 (side length 156.75mm, diameter 210mm), to unify the size. In 2019, the market share of 156.75mm silicon wafer was about 61%.
Since 2018, the iteration of photovoltaic silicon wafer size has accelerated. In 2018, Jingke launched G1 (158.75mm) silicon wafer; In 2019, Hanhua, Longji and Zhonghuan launched M4 (161.7mm), M6 (166mm) and G12 (210mm) photovoltaic silicon wafers respectively. Large silicon wafers have become the focus of the market; In 2020, seven enterprises including Jingke, Longji and Jingao jointly proposed M10 (182mm) silicon wafer size standard, forming two silicon wafer camps of "182mm" and "210mm" in the market.
Data source: Shengang Securities Research Report, new demand for equipment in the "big" era of photovoltaic silicon wafers.
With the increasing size of mainstream silicon wafer in photovoltaic market, the size requirements for silicon wafer manufacturing equipment and thermal field are also increasing.
The company's main business products (crucible, guide cylinder, insulation cylinder, etc.) are one of the core components of the thermal field system of photovoltaic crystalline silicon drawing furnace. Its size is an important factor affecting the diameter of monocrystalline silicon rod that can be drawn by the thermal field system. The large-scale trend of photovoltaic silicon wafer requires the company to have the R & D ability to keep up with the industry trend and the preparation ability of large-size and performance products.
Since 2010, the changes of thermal field system size in monocrystalline silicon manufacturing are as follows:
Project 20102015 20162019 2020 present
Main monocrystalline silicon manufacturing thermal field system size 22-24 inches 26-28 inches 30-36 inches
Based on the R & D and technological innovation strategy of "application generation, R & D generation and reserve generation", the company's technology R & D and product delivery can meet the technical needs of large-scale photovoltaic thermal field.
At present, the size of photovoltaic thermal field has developed from less than 26 inches in early 2016 to 36 inches. The company has actively responded to the market demand by using the self-developed core technology, and developed 26-36 inch crucible, guide cylinder, insulation cylinder and other core products for monocrystalline silicon drawing furnace, which can meet the requirements of various sizes and types of silicon wafers in the current market Especially the application requirements of the latest "182mm" and "210mm" silicon wafer products.
In addition, the company's 40 and 42 inch products have achieved small batch trial production, production and delivery, leading the market by 1-2 generations. In addition to being downward compatible with the current demand for silicon wafers of all sizes, this size product can further increase the feeding amount of silicon material in a single furnace, improve the drawing efficiency of single crystal silicon rod and reduce the production cost. At the same time, the company's 40 and 42 inch products have also made technical and product reserves for the application needs of larger silicon wafers in the future.
2. The R & D capability and product performance of the issuer can meet the technical requirements of photovoltaic n-type battery
At the battery end, the mass production conversion efficiency of p-type single crystal cells produced on a large scale is close to the limit, and there is limited room for efficiency improvement in the future. The mass production efficiency of n-type TOPCON batteries is expected to be further significantly improved. In addition, n-type battery also has the advantages of high double-sided rate, low temperature coefficient, no light attenuation and good weak light performance. It will become the next generation mainstream battery technology to relay perc technology and promote the continuous decline of power generation cost.
The technical route and basic equipment configuration of thermal field of n-type silicon wafer and p-type silicon wafer are basically the same. The difference is that n-type silicon wafer requires higher purity of thermal field. Compared with the thermal field purity (ash content 200ppm) for p-type silicon wafer, the purity requirement of n-type silicon wafer for thermal field components is "ash content 100ppm". For thermal field carbon / carbon composite component manufacturers, manufacturers with high purity of deposited matrix, purification technology and purification capacity will benefit from the above development trend.
The R & D capability and product performance of the issuer can meet the technical requirements of photovoltaic n-type battery, which is embodied as follows:
(1) The purity of the deposition matrix prepared by the issuer's chemical vapor deposition technology is high
The issuer obtains matrix carbon through single gas source (methane) thermal cracking technology, and forms carbon / carbon composites through rapid chemical vapor deposition technology. Except for carbon fiber prefabrication, the raw material of this process is only methane gas. The purity of products prepared by pure chemical vapor deposition process is higher than that prepared by resin impregnation carbonization process.
(2) The company has technical reserves and sales experience in the preparation of carbon / carbon composite thermal field components used in the field of n-type batteries
According to the characteristics of carbon matrix composite products used in different technical routes in the fields of photovoltaic and semiconductor, the issuer has made sufficient technical reserves in improving the purity of products, including high-temperature purification technology, high-purity coating technology, etc. According to the purity requirements of thermal field components, the issuer's products can achieve purity levels of class I ＜ 200ppm, class II ＜ 100ppm and class III ＜ 30ppm, and have the preparation capacity of 5ppm coating process, which can meet the production requirements of Cecep Solar Energy Co.Ltd(000591) photovoltaic p-type single crystal, n-type single crystal and semiconductor silicon single crystal respectively, and the technical indicators are at the leading level in the industry.
In addition, at the present stage, the preparation of n-type single crystal battery silicon wafer is mainly concentrated in overseas areas. The company has realized the sales of relevant products and provided them with carbon / carbon composite thermal field components that meet the purity conditions. It has the business development experience of such products.
3. The equipment configuration of this raised investment project has fully considered the technical requirements of large-scale products and n-type batteries, and has the ability to mass produce relevant thermal field components
In order to adapt to the development trend of photovoltaic cell technology and deal with the potential demand of larger silicon wafer for carbon / carbon composite thermal field components and n-cell silicon wafer for higher purity carbon / carbon composite thermal field components, the company has fully considered the technical requirements of the above product trends in terms of equipment in the construction of this raised investment project. In terms of large-scale, relying on core technologies such as "process equipment technology of large-scale chemical vapor deposition furnace", the vapor deposition furnaces equipped in the "capacity expansion project of high-purity and large-scale advanced carbon matrix composites" are large-scale vapor deposition furnaces, It can meet the requirements of current mainstream large silicon wafer size ("182mm" and "210mm") for carbon / carbon composite thermal field components (32 and 36 inches). The product size produced by the company's vapor deposition furnace equipment can be flexibly adjusted according to the demand, which can meet the preparation requirements of the mainstream size products in the current market (26 inches - 36 inches) and the products of 40 inches, 42 inches and above that the company has realized small batch production, so as to reserve the capacity for the demand of larger size hot field components. In addition, with more types of product sizes, the company can further improve the capacity of existing equipment by optimizing the matching of products of different sizes to be deposited in the furnace. In terms of high purity, relying on core technologies such as high-temperature purification technology and high-purity coating preparation technology, the company is equipped with high-temperature coating furnace, purification furnace and other equipment, which can meet the mass preparation requirements of carbon / carbon composite thermal field components with purity grade less than 100ppm, and make capacity reserves for carbon / carbon composite thermal field components applied to n-type battery technology.
In conclusion, the issuer's technology and product performance reserves can meet the needs of downstream industries to change to large-size silicon wafers, n-type batteries and other technologies. The construction of this raised investment project relies on the company's existing core technology and equipment configuration reserves, so that the products of this raised investment project can meet the needs of technological change in downstream industries. (II) the difference between the estimated installed capacity and the actual installed capacity of photovoltaic power stations in China in 2021, and whether there is a risk of overcapacity in photovoltaic related industries
1. There is no significant difference between the estimated installed capacity and the actual installed capacity of photovoltaic power stations in China in 2021
According to the roadmap for the development of China's photovoltaic industry (2020 version) issued by China Photovoltaic Industry Association, the predicted scale of China's new photovoltaic installed capacity in 2021 is 55-65gw, as shown below:
Annual new installed capacity of PV in China from 2011 to 2020 and forecast of new capacity from 2021 to 2030 (unit: GW)
The national photovoltaic power generation bureau announced that the new capacity of 70gw in the third quarter of 2020 was 25.66% higher than that before 2021 (the third quarter of 2021), compared with that before 2021 (the third quarter of 2021).
From the perspective of the whole year, the high proportion of new grid connected installed capacity in the fourth quarter is the characteristic of the photovoltaic industry. In the fourth quarter of 2020, the newly installed capacity of photovoltaic grid connection was 29.50gw, accounting for 61.20% of the whole year. According to the new online report of the National Energy Administration in the first quarter of 2022
