Stock Code: Zhejiang Yonghe Refrigerant Co.Ltd(605020) stock abbreviation: Zhejiang Yonghe Refrigerant Co.Ltd(605020) Zhejiang Yonghe Refrigerant Co.Ltd(605020)
Public issuance of A-share convertible corporate bonds
Feasibility analysis report on the use of raised funds
March, 2002
1、 Use plan of the raised funds
Zhejiang Yonghe Refrigerant Co.Ltd(605020) (hereinafter referred to as "the company") the total amount of funds raised from the public offering of A-share convertible corporate bonds shall not exceed 800 million yuan (including 800 million yuan). After deducting the issuance expenses, it is proposed to invest in the following projects:
Unit: 10000 yuan
No. total investment of the project invested by the raised funds proposed investment of the raised funds
Shaowu Yonghe Jintang New Material Co., Ltd. new environmental protection
1. 1859 Tunghsu Azure Renewable Energy Co.Ltd(000040) 00000 project of fluorine chemical production base such as refrigerant and fluoropolymer
2 expansion project of Shaowu Yonghe Jintang new materials Co., Ltd. with an annual output of 10kt 3066157 and 2000000 polyvinylidene fluoride and 3kt hexafluoropropylene oxide
3. Supplementary working capital 20 China Vanke Co.Ltd(000002) 000000
Total 236561578000000
The part of the total project investment higher than the net amount of the raised funds shall be raised by the company itself. Before the funds raised from the public offering of A-share convertible corporate bonds are in place, the company will invest in advance with self raised funds according to the actual situation of the project progress, and replace them after the raised funds are in place. Within the scope of the above-mentioned investment projects with raised funds, the board of directors or the authorized person of the board of directors of the company may appropriately adjust the specific amount of the corresponding investment projects with raised funds according to the actual situation such as the progress and capital demand of the project. 2、 Basic information of the project invested by the raised funds
(I) new capacity projects
The fund-raising investment project is to consolidate, expand and upgrade the company's existing business on the basis of the company's existing main business and in accordance with the company's strategic plan for future development. The management experience, technical strength, personnel reserve and customer resources accumulated by the company over the years are an important basis for the implementation of these projects. After the fund-raising investment project is completed, it will optimize the company's product structure and increase the proportion of high value-added fluoropolymer products, so as to improve the company's overall profitability and core competitiveness.
Shao wuyonghe's fluorine chemical production base project of new environment-friendly refrigerants and fluoropolymers is a new fluorine chemical production base invested by the company in Shaowu, Fujian Province by its wholly-owned subsidiary Shaowu Yonghe Jintang new materials Co., Ltd. (hereinafter referred to as "Shaowu Yonghe"). It is planned to build a complete industrial chain from hydrofluoric acid, HCFC-22, fluorocarbon chemicals to fluorine-containing polymer materials in Shaowu Yonghe.
Shao wuyonghe's annual output of 10kt polyvinylidene fluoride and 3kt hexafluoropropylene oxide expansion project is an industrialization project of research results formed by the company through years of technology accumulation and industry experience. It is a further supplement to the integration of fluorine chemical industry chain formed in Shaowu base of the company and enriches the types of products.
1. Necessity and feasibility of new capacity projects
(1) Necessity of project implementation
1) Make full use of the abundant fluorite resources and industrial supporting facilities in the project site to enhance the industrial added value
Fluorite is the main source of fluorine in modern chemical industry, and fluorite is a non renewable natural resource, which has been listed in China's "strategic mineral catalogue". Fujian Province, where the project is located, is rich in fluorite resources. According to the characteristics of fluorite metallogenic sites in Fujian Province (chemical mineral geology, 2018, issue 03), Fujian Province is one of the main distribution areas of fluorite resources in China. The total amount of calcium fluoride resources identified in the province exceeds 20 million tons, accounting for about 10.5% of the country. In addition, the sulfuric acid industry within 200km around the project site is well equipped, of which Ningde and Yingtan have an annual capacity of more than 1 million tons / year of concentrated sulfuric acid.
The construction of this project is conducive to the company to make full use of the fluorite resources and industrial supporting facilities in Shaowu, Fujian and its surrounding areas, improve the integration capacity of the company's upstream fluorite resources, and build a complete industrial chain from fluorochemical raw materials to fluorocarbon chemicals to high-quality fluoropolymer materials. For the further development of downstream fluoropolymer materials business with high added value, So as to enhance their comprehensive competitiveness has important strategic significance.
2) Seize the development opportunities of the industry and speed up the strategic transformation of core products
With China's accession to the Montreal Protocol and the ratification of the "Kigali amendment", the three generations of refrigerants will soon enter the stage of quota management and gradual reduction of production and sales. China's fluorine chemical enterprises will also face an important transformation period of products and processes. At the same time, in recent years, with the continuous improvement of China's high-end fluorochemical production process, the product quality of high value-added fluoropolymer materials has been continuously improved. At present, the company is one of the important suppliers of fluorocarbon chemicals and fluoropolymer materials in China, but there is still a certain gap from the world-class fluorochemical manufacturers. Shao wuyonghe's fluorine chemical production base project of new environment-friendly refrigerants and fluoropolymers will greatly increase the company's production capacity of fluorine-containing polymer materials and increase the added value of the company's products. Among them, PTFE, HFP, FEP and PFA belong to the raw materials of key products or related products in the classification of strategic emerging industries (2018). As a high-end fluorochemical material and an important cleaning agent and etchant for semiconductor chips, electronic grade hydrofluoric acid is one of the important raw materials in the development process of fluorine industry in the future, and the demand may increase rapidly. The above products are in line with China's current policy development direction for high-end fluorine chemical products.
In addition, polyvinylidene fluoride (PVDF), the main product of Shao wuyonghe's expansion project with an annual output of 10kt polyvinylidene fluoride and 3kt hexafluoropropylene oxide, can be used for coating, injection molding, water treatment film and Cecep Solar Energy Co.Ltd(000591) back sector film due to its good chemical corrosion resistance, high temperature resistance and oxidation resistance as well as piezoelectric, nodal, thermoelectric and other special properties, It can also be applied to motor adhesive and diaphragm in lithium battery, and the market space is extremely broad.
To sum up, the new capacity project invested by the company's raised funds is an important layout for the company's future high-end fluorine chemical product strategy and a further extension of the company's existing fluorine chemical product line. After the implementation of the fund-raising investment project, it will enrich and optimize the company's product structure and enhance the added value of products, so as to further improve the market competitiveness and share of the company's Fluorocarbon chemicals and fluoropolymer materials, consolidate the company's market position in the fluorochemical industry, build a global leading Fluoromaterial supplier, and lay a solid foundation for the realization of the company's strategic objectives.
3) Improve the company's production capacity and solve the capacity bottleneck
With the continuous expansion of the company's scale and the rise of brand awareness, the company's existing production capacity has been unable to meet the strong demand of the market, and the capacity bottleneck has become a key factor restricting the company's further development.
In this context, through Shao wuyonghe's fluorine chemical production base project of new environment-friendly refrigerant and fluoropolymer, the company adds automatic production equipment and adopts advanced production technology, which can improve the production capacity of new environment-friendly refrigerant and fluoropolymer materials, improve the company's response ability to customer orders and lay a foundation for the company's subsequent development.
(2) Feasibility of project implementation
1) The project construction conforms to the national industrial policy and regional development plan
In November 2018, the National Bureau of statistics released the classification of strategic emerging industries (2018), which added fluorine-containing materials such as synthetic fluororesin manufacturing, fluorine refrigerant manufacturing, other fluoroalkanes manufacturing and fluorosilicone synthetic rubber manufacturing as the national strategic emerging industries in the 13th five year plan. The key products in the "synthetic fluororesin manufacturing" include PTFE, FEP, PFA, PVDF ETFE, etc. the key products in "fluorine refrigerant manufacturing" are fluorine refrigerant products with zero ODP and low GWP.
At the end of 2018, Fujian Provincial Department of industry and information technology, Fujian Provincial Development and Reform Commission, Fujian Provincial Department of ecological environment and Fujian Provincial Department of natural resources jointly issued several opinions on promoting the green and efficient development of Fujian fluorine chemical industry, and put forward guiding opinions from the aspects of strengthening industrial planning and layout, strengthening the optimal allocation of fluorite resources, supporting the construction of fluorine chemical professional parks, optimizing financing services, etc. According to the opinion, according to the distribution of fluorite resources in Fujian Province, the fluorine chemical industry should be concentrated in Sanming, Nanping (Shaowu is a county-level city subordinate to Nanping) and Longyan City; Support the construction of fluorine chemical industry park, support the establishment of circular economy demonstration park in fluorine chemical industry park, support the implementation of key projects, and support enterprise R & D and innovation.
In the "14th five year plan" for the development of China's fluorine chemical industry in 2020, China proposed that the "14th five year plan" is a key period for China's fluorine chemical industry to turn to independent innovation and accumulate new technological advantages, "Strengthen forward-looking and basic research, improve the ability of independent innovation and original innovation, break through a number of key technologies, basically realize the transformation of technology from" following "to" parallel "and even" leading "by the end of the 14th five year plan, and break the barriers of foreign intellectual property rights". In terms of subdividing product categories, the plan proposes that, "Focus on breaking through the key technologies of a new generation of environment-friendly fluorocarbon chemicals, promote the application research of fluoropolymers in the fields of communication, electronics, electric vehicles, semiconductors, new energy, life science and water treatment, and focus on promoting the application of fluororesins in the industrial and civil anti-corrosion fields such as marine engineering, highway transportation, petrochemical industry, electric power and water conservancy, construction and so on".
Therefore, the construction of the project conforms to the national industrial policy and regional development plan, and has policy feasibility. 2) The company has mature production management experience and project construction and operation experience
After years of development, the company has formed a unique core technology system, with mature process flow, stable talent team and rich production experience. The company's raw material procurement and product sales system is perfect. With the accumulation of the company's early production management experience, the company has the ability to successfully complete the construction and operation of the investment project with raised funds. At the same time, the company has rich experience in project construction. It has built and put into operation a number of fluorine chemical production projects in Jinhua, Quzhou, Zhejiang and Wulanchabu, Inner Mongolia, which can provide reliable technical support and operation experience for the construction of the project.
Therefore, the company has mature production management experience and project construction and operation experience, and has the feasibility of construction and operation.
3) The company has profound technical accumulation
Since its establishment, the company has attached importance to R & D investment, focused on the optimization and improvement of product production process, made efforts to solve the technical problems faced by production, and conducted theoretical, application and forward-looking technical research in combination with the company's future development strategic objectives and the technical needs of current business operation. The fluorine material research and Development Center under the company was rated as Zhejiang provincial enterprise research institute in 2017. Up to now, the company has 43 registered patents, including 15 invention patents. The company's FEP product technology accumulation is China's leading, with rich technical reserves such as PVDF, PFA and PTFE.
The company has leading preparation technology and production process in FEP and other fluoropolymer products. The company's related products have excellent performance and environmental protection technology. In terms of performance, the company takes the lead in China in indicators such as dielectric loss, thermal weight loss and MIT (bending resistance) of FEP products, and is close to the international advanced level. In terms of environmental protection, the global environmental protection requirements for the production of fluorine-containing polymer materials are becoming more and more strict. According to EU regulations, from July 4, 2020, harmful substances such as PFOA in fluoropolymer materials shall not be used for production or put on the market if they exceed certain standards. The technical requirements are high, and the company's products have reached the standard ahead of schedule in 2019. Therefore, the company's profound technical accumulation provides a strong technical guarantee for the implementation of the project. 4) The company has a good customer base
The company has the industry-leading sales ability and customer advantages, and has established a nationwide sales channel and dealer system and overseas sales channels covering more than 100 countries and regions around the world. The company closely combines the needs of customers and provides high-quality and efficient comprehensive services.
The company's own brand "Binglong" brand refrigerant ranks in the forefront in terms of reputation and shipment in the after-sales market. "Binglong" brand has successively won the honors of "Zhejiang famous trademark" awarded by Zhejiang provincial market supervision and Administration Bureau and "Zhejiang export famous brand" awarded by Zhejiang Provincial Department of Commerce.
In terms of fluoropolymer materials, the company has realized direct or indirect batch supply to Foxconn, Haber cable, Kingsignal Technology Co.Ltd(300252) , Zhejiang Wanma Co.Ltd(002276) , Shenyu Communication Technology Inc(300563) , Xinya Electronic Co.Ltd(605277) , Anfu Ce Link Limited(300787) and other well-known enterprises, and gradually replaced the fluoropolymer products of international leading fluorochemical enterprises in the medium and high-end field. The company's own brand of fluorine-containing polymer materials "naifulong" is a famous trademark in Jinhua City and enjoys an important market position in the field of fluorine-containing polymer materials, especially FEP.
Therefore, the company's core customers are high-quality and stable, and has established a long-term cooperative relationship with the company, which provides a good customer base for the digestion of the production capacity of this raised investment project.
5) Experienced management and R & D team
The company has an experienced management team and a high-quality R & D team in the industry. Most of the company's core management personnel and core technicians are long-term trained within the company. They have been engaged in the fluorine chemical industry for many years and have rich experience in project construction, production, sales, R & D and operation management. At the same time, the company has also introduced some strategic planning, R & D, finance Legal and other professionals enhance the company's lean management ability. The company has a good incentive mechanism, and has implemented equity incentive for most middle and senior employees, realizing the binding of the company's development and the interests of core employees. The company's core technical team is stable and has established a good talent training system and an effective R & D incentive system.
Therefore, the company's stable management and R & D team provides a strong talent guarantee for the implementation of the company's fund-raising project.
2. Details of Shao wuyonghe fluorine chemical production base project of new environmental protection refrigerant and fluoropolymer (1) project location and implementation subject
Project location: Jintang Industrial Park, Shaowu City, Fujian Province.
The main body of the project is a wholly-owned subsidiary of Wutang Yonghe Materials Co., Ltd.
(2) Construction content and scale
