And Haitong Securities Company Limited(600837)
Reply to the inquiry letter on the second round examination of Kbc Corporation Ltd(688598) the application documents for issuing shares to specific objects
Sponsor (lead underwriter)
March, 2002
Shanghai Stock Exchange:
We have received the second round of examination and inquiry letter on the application documents of Kbc Corporation Ltd(688598) issuing shares to specific objects (hereinafter referred to as the "examination and inquiry letter") issued by your exchange on February 9, 2022 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)
In the reply to this inquiry letter, if there is any difference in the mantissa between the sum of the total and the sub item values, it is caused by rounding.
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 Question 3: about income measurement 41 question 4: on the necessity of financing 45 question 5: about the EIA reply 50 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 public data, China's newly added photovoltaic power generation grid connected installed capacity in 2021 is about 53gw. By the end of 2021, the installed capacity of grid connected photovoltaic power generation has reached 306gw. According to China Photovoltaic Industry Association, the predicted scale of China's new photovoltaic installed capacity in 2021 is 55-65gw. According to the prospectus, during the "14th five year plan" period, the average annual installed capacity of new PV in China will be between 70-90gw.
According to the reply to the first round of inquiry, the issuer signed long-term cooperation agreements with Longi Green Energy Technology Co.Ltd(601012) , Jingke energy, Wuxi Shangji Automation Co.Ltd(603185) and other companies, and maintained stable cooperation with Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Beijing Jingyuntong Technology Co.Ltd(601908) .
The issuer is requested to explain: (1) analyze the differences and reasons between the installed capacity of photovoltaic power plants in 2021 and the expected installed capacity in combination with the latest public data; The industrialization of other clean energy sources during the reporting period, whether there is substitution effect and specific impact on the photovoltaic industry; (2) In combination with the annual purchase quantity of the cooperation agreement, the annual sales volume of other cooperative customers during the reporting period, the expansion of new customers or intentional contracts, analyze the matching relationship with the existing production capacity, the production capacity of the initial raised investment project and the new production capacity of this raised investment, and the difference and relationship between the above agreement or purchased products and the products of this raised investment; (3) In combination with the measurement of downstream demand changes of relevant products, product market share, product sales, on-hand orders, etc., further explain the necessity of capacity expansion of this raised investment project. Question reply:
1、 Explain
(I) analyze the differences and reasons between the installed capacity of photovoltaic power station in 2021 and the expected installed capacity in combination with the latest public data; During the reporting period, does the industrialization of other clean energy have substitution effect and specific impact on the photovoltaic industry
1. Combined with the latest public data, analyze the differences and reasons between the installed scale of photovoltaic power station and the expected installed scale in 2021
(1) Difference between installed capacity of photovoltaic power station and expected installed capacity 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:
According to the contents of the online press conference of the National Energy Administration in the first quarter of 2022, the newly installed capacity of photovoltaic in China in 20112020 and the forecast of the newly added capacity from 20212030 (unit: GW) in 20112020, the newly installed capacity of photovoltaic in China was 54.88 million kW (i.e. 54.88 GW), the largest annual output over the years, including 25.6 million kw of photovoltaic power stations Distributed PV 29.28 million KW.
In 2021, the installed capacity of new photovoltaic power generation in China is slightly lower than the previous prediction of China Photovoltaic Industry Association (close to the conservative prediction), but it still maintains an upward trend.
(2) Factors such as short-term material price rise made the installed capacity less than expected, but did not change the actual demand of China's photovoltaic power generation market
In 2021, the prices of main raw materials and components in the photovoltaic industry increased significantly due to the rise of commodity prices of bulk materials, the phased imbalance between supply and demand of some products, the short-term impact of dual control of energy consumption on some links of the industrial chain and other factors. According to the information of China Photovoltaic Industry Association, in 2021, the price of silicon material increased by 177%, the price of single crystal silicon wafer increased by 46-60%, the price of single crystal module increased by 0-15%, and the price of single crystal cell wafer increased by 14-23%. In addition, according to the notice of the National Energy Administration on matters related to the development and construction of wind power and photovoltaic power generation in 2021, the stock projects that failed to be connected to the grid during the year shall be coordinated by the provincial energy authorities and directly included in the scope of guaranteed grid connection in subsequent years. Therefore, some power station projects choose to postpone the grid connection in order to stagger the upstream price rise cycle.
The above short-term factors have not changed the actual demand of China's photovoltaic power generation market. Photovoltaic power generation has become an important force for China to achieve the goal of carbon peak and carbon neutralization on schedule. At the national energy work conference in 2022, the National Energy Administration released the key tasks of this year's energy work, including accelerating the implementation of renewable energy substitution action, promoting the development and consumption of wind power photovoltaic in the East, central and southern regions, and actively promoting the cluster development of offshore wind power and the "three 1" data source: the website of the national energy administration http://www.nea.gov.cn./202201/28/c1310445390.htm
Wind power photovoltaic base development in "North" area, etc.
(3) China's installed capacity in 2021 was slightly lower than expected, but the overseas market grew rapidly, making the growth rate of China's manufacturing end still rapid
As a strategic emerging industry with international competitive advantages and realizing end-to-end self-control, the photovoltaic industry presents the characteristics of "made in China and installed in the world".
Manufacturing side: the global photovoltaic product capacity and output are mainly concentrated in China. According to the data of the annual report of China's photovoltaic industry 20202021, in 2020, China's silicon wafer production capacity accounted for 97.0% of the world and its output accounted for 96.2% of the world; China's battery production capacity accounts for 80.7% of the world and its output accounts for 82.5% of the world; China's component production capacity accounts for 76.3% of the world and its output accounts for 76.1% of the world.
In terms of installation end: according to solar power Europe, one of the most authoritative photovoltaic analysis institutions in Europe, the global photovoltaic market above GW level will increase from 11 in 2018 to 20 in 2021. The dependence of China's photovoltaic related manufacturing industry on the single market has gradually decreased, and the proportion of new photovoltaic installed capacity abroad in the world is increasing (63% in 2020). According to the data of China Photovoltaic Industry Association, the new installed capacity of major countries and regions in the world increased rapidly in 2021. For example, in 2021, the new installed capacity of the United States is expected to be 26.8gw, a year-on-year increase of 39.6%; In 2021, India added 11.89gw of installed capacity, with a year-on-year increase of 218%; In 2021, the EU added 25.9gw of installed capacity, a year-on-year increase of 34%.
Export: as the world's major producer of photovoltaic products, China's photovoltaic products (silicon wafers, cells and modules) maintained a rapid growth momentum in 2021. In 2021, China's exports of photovoltaic products (silicon wafers, cells and modules) were about US $28.43 billion, a year-on-year increase of 43.9%; The export volume of photovoltaic modules was 98.5gw, with a year-on-year increase of 25.1%. Driven by the market demand outside China, in 2021, China's polysilicon output was 505000 tons, with a year-on-year increase of 28.8%, and the silicon wafer output was 227gw, with a year-on-year increase of 40.7%; The output of battery cells was 198gw, with a year-on-year increase of 46.9%; The output of photovoltaic modules was 182gw, with a year-on-year increase of 46.1%.
2. During the reporting period, does the industrialization of other clean energy have substitution effect and specific impact on the photovoltaic industry
(1) Wind power and Cecep Solar Energy Co.Ltd(000591) power generation are the main clean energy that China focuses on developing at the present stage
Energy is not only an important material basis for economic and social development, but also the main source of carbon emissions. On the premise of ensuring energy security, vigorously implementing renewable energy substitution and accelerating the construction of a clean, low-carbon, safe and efficient energy system are important measures to achieve the goals of "carbon neutralization" and "carbon peak".
The action plan for reaching the carbon peak by 2030 issued by the State Council in October 2021 calls for the vigorous development of new energy: 1) comprehensively promote the large-scale development and high-quality development of wind power and Cecep Solar Energy Co.Ltd(000591) power generation, adhere to both centralized and distributed development, and accelerate the construction of wind power and photovoltaic power generation bases; 2) Accelerate the innovation, upgrading and characteristic application of intelligent photovoltaic industry, innovate the "photovoltaic" mode, and promote the diversified layout of photovoltaic power generation; 3) Adhere to equal emphasis on land and sea, promote the coordinated and rapid development of wind power, improve the offshore wind power industry chain, and encourage the construction of offshore wind power bases; 4) Actively develop Cecep Solar Energy Co.Ltd(000591) solar thermal power generation, and promote the establishment of a solar thermal comprehensive renewable energy power generation base with complementary regulation of solar thermal power generation, photovoltaic power generation and wind power; 5) Develop biomass power generation, biomass energy clean heating and biological natural gas according to local conditions; 6) Explore and deepen the development and utilization of geothermal energy, wave energy, tidal current energy, temperature difference energy and other new marine energy; 7) Further improve the renewable energy power consumption guarantee mechanism; 8) By 2030, the total installed capacity of wind power and Cecep Solar Energy Co.Ltd(000591) power generation will reach more than 1.2 billion kw.
(2) During the reporting period, the industrialization of wind power and Cecep Solar Energy Co.Ltd(000591) power generation continued to deepen
According to the contents of the online press conference of the National Energy Administration in the first quarter of 2022, the national energy administration will accelerate the construction of major projects such as large-scale wind power photovoltaic base in 2021. In 2021, China's renewable energy installed capacity increased by 134 million kilowatts, accounting for 76.1% of the country's new power generation installed capacity. Among them, 23.49 million kilowatts of hydropower, 47.57 million kilowatts of wind power, 54.88 million kilowatts of photovoltaic power generation and 8.08 million kilowatts of biomass power generation were added, accounting for 13.3%, 27%, 31.1% and 4.6% of the country's new installed capacity respectively.
Wind power and Cecep Solar Energy Co.Ltd(000591) power generation have become the most potential and fastest-growing new energy forms in China. With the rapid increase of society's demand for clean energy, the industrialization of wind power and Cecep Solar Energy Co.Ltd(000591) power generation continued to deepen and the construction scale continued to expand during the reporting period.
In terms of wind power construction and operation: in 2021, 47.57 million kilowatts of wind power will be added to the grid, the second largest number put into operation since the 13th five year plan, including 30.67 million kilowatts of onshore wind power and 16.9 million kilowatts of offshore wind power. By the end of 2021, the cumulative installed capacity of wind power in China will be 328 million KW, including 302 million KW onshore and 26.39 million KW offshore. In 2021, the national wind power generation capacity was 652.6 billion kwh, with a year-on-year increase of 40.5%.
Construction and operation of photovoltaic power generation: in 2021, the installed capacity of photovoltaic power generation in China increased by 54.88 million KW, the largest annual production over the years, including 25.6 million kw of photovoltaic power station and 29.28 million kw of distributed photovoltaic. By the end of 2021, the cumulative installed capacity of photovoltaic power generation will be 306 million KW. In 2021, the national photovoltaic power generation was 325.9 billion kwh, a year-on-year increase of 25.1%.
(3) Wind power and Cecep Solar Energy Co.Ltd(000591) power generation jointly drive the achievement of the goals of "carbon neutralization" and "carbon peak". Their respective characteristics determine that there is no complete substitution relationship between them
As an important form of China's new clean energy, the construction and promotion of wind power and photovoltaic power generation are important measures for China to achieve the goals of "carbon neutralization" and "carbon peak".
Photovoltaic power generation: China's photovoltaic installed types mainly include photovoltaic power stations and distributed photovoltaic, which have high requirements for sunshine conditions and available area in the installed area.
Wind power: China's wind power installation types mainly include onshore wind power projects and offshore wind power projects, which are mainly concentrated in areas or sea surfaces with abundant wind energy resources and higher wind speed.
The installation conditions of photovoltaic power generation and wind power are different, and their respective characteristics determine that there is no complete substitution relationship between them. Wind power projects and photovoltaic power generation projects develop simultaneously and jointly serve the objectives of "carbon neutralization" and "carbon peak", which has no obvious substitution effect and adverse impact on the photovoltaic industry.
In addition, according to the data of the national energy administration, in the newly added photovoltaic power generation installed capacity in 2021, the proportion of distributed photovoltaic power generation installed capacity in the total newly added photovoltaic power generation installed capacity exceeded 50% for the first time in history. The development trend of both centralized and distributed photovoltaic power generation is obvious. Among the newly added distributed PV, household PV will exceed 10 million KW for the first time in 2020 and 20 million kW in 2021. It has become an important force for China to achieve the goals of carbon peak and carbon neutralization on schedule and implement the strategy of Rural Revitalization. In September 2021, the National Energy Administration released the list of county (city, district) roof distributed photovoltaic development pilots, and a total of 676 cities in China were listed as county wide roof distributed photovoltaic development pilots. The above photovoltaic power generation types mainly use the lighting area of the roof
