Securities code: Guangdong Huiyun Titanium Industry Co.Ltd(300891) securities abbreviation: Guangdong Huiyun Titanium Industry Co.Ltd(300891) Announcement No.: 2022009 Guangdong Huiyun Titanium Industry Co.Ltd(300891)
Feasibility analysis report on the project of issuing convertible corporate bonds to unspecified objects to raise funds
(Revised Version)
March, 2002
Guangdong Huiyun Titanium Industry Co.Ltd(300891) (hereinafter referred to as "the company", " Guangdong Huiyun Titanium Industry Co.Ltd(300891) " or "the issuer") according to the company's strategic development plan, in order to meet the capital needs of the company's development, expand the company's business scale, enhance sustainable profitability and market competitiveness, the company plans to issue convertible corporate bonds (hereinafter referred to as "convertible bonds") to unspecified objects. The company's analysis on the necessity and feasibility of using the funds raised by issuing convertible bonds to unspecified objects (hereinafter referred to as "this issuance") is as follows:
1、 Plan for the use of funds raised by this non-public offering
The total amount of funds raised in this offering does not exceed 490 million yuan (including 490 million yuan). After deducting the issuance expenses, it is proposed to be used for the following projects:
Unit: 10000 yuan
No. project name total investment of the project to be invested in raised funds
1 50kt / year to 80kt / year sulfuric acid rutile titanium dioxide primary product 27909502770000 technical transformation project
2 Shanghai Pudong Development Bank Co.Ltd(600000) T / a titanium dioxide dilute acid concentration technology transformation project 10624981060000
3 integrated intelligent storage center construction project 596556590000
4. Supplementary working capital 48 Shenzhen Kingkey Smart Agriculture Times Co.Ltd(000048) 0000
Total 49 Shenzhen Sunwin Intelligent Co.Ltd(300044) 900000
If the actual net amount of raised funds after deducting the issuance expenses is lower than the amount of raised funds to be invested, the insufficient part shall be raised by the company itself. Before the funds raised in this offering are in place, the company will invest in advance with its own funds or funds raised in other ways 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 projects invested with raised funds, the board of directors or the person authorized by the board of directors of the company may appropriately adjust the amount of raised funds invested in the above-mentioned projects according to the actual situation such as the progress and capital demand of the project. 2、 Investment projects of the raised funds
(I) 50kt / year to 80kt / year sulfuric acid rutile titanium dioxide primary product technical transformation project
1. Basic information of the project
Based on the company's existing rutile titanium dioxide production unit, the project will improve the production capacity of the company's initial rutile titanium dioxide products through technical transformation. After the completion of the technical transformation project, it is expected that the initial product capacity of the company's rutile titanium dioxide production line will be increased from the existing 50000 T / A to 80000 T / A, which can provide 30000 tons of initial product raw materials for the company's initial public offering project "80000 T / a plastic grade rutile titanium dioxide post-treatment reconstruction and expansion project", and the by-product ferrous sulfate heptahydrate capacity will be increased by 75kt / A. The implementation of the project is conducive to the improvement of the company's profitability and comprehensive competitiveness, and plays a positive role in the development of the company.
The main body of the project is Guangdong Huiyun Titanium Industry Co.Ltd(300891) , with a total investment of 279095 million yuan. It is planned to invest 277 million yuan. The planned construction period of the project is 2 years. During the construction period of the project, the plant construction required for technological transformation, the introduction and installation of technological transformation production equipment, the construction of office and supporting facilities and the improvement of personnel allocation will be completed.
2. Necessity analysis of project implementation
(1) Help the company improve the initial product capacity of rutile titanium dioxide and improve its profitability
In recent years, the development of titanium dioxide industry in China is booming, the technology and aquatic products are constantly improving, and the demand is growing. The "50kt / year to 80kt / year sulfuric acid rutile titanium dioxide primary product technical transformation project" of the company's investment and construction project funded by the raised funds improves the production capacity of the company's rutile titanium dioxide primary product through technical transformation, It can provide the initial product of rutile titanium dioxide for the "80000 T / a plastic grade rutile titanium dioxide post-treatment reconstruction and expansion project" of the company's investment project funded by the initial public offering of shares. On the one hand, the implementation of the project will reduce the amount of rutile titanium dioxide purchased by the company and improve the profitability of the company; On the other hand, the company will give full play to the technical advantages of titanium dioxide production and control the quality of rutile titanium dioxide primary products, so as to improve the product quality and value after rutile titanium dioxide post-treatment coating processing.
(2) Strengthen production management and improve production efficiency
The titanium dioxide production line of the company has been built and operated for many years. Although the operation of rutile titanium dioxide production line is good through local technical transformation and continuous R & D investment for many years, there are many process links and production equipment involved in the production of titanium dioxide by clean cogeneration sulfuric acid process, Any defect in any process will affect the production efficiency and product quality of the whole production line. In addition, with the expansion of the company's business scale and the improvement of rutile titanium dioxide production capacity, some production supporting production facilities can no longer meet the demand of production capacity. Therefore, the implementation of this technical transformation project, on the one hand, will comprehensively transform the production equipment of rutile titanium dioxide production line, improve production efficiency and prolong the service life of the whole production line; On the other hand, it will supplement the short board links of the production line and improve the production capacity.
3. Feasibility analysis of project implementation
(1) The good development prospect of the industry provides favorable external conditions for the implementation of the project
Titanium dioxide is widely used in coatings, plastics, papermaking, printing ink, rubber, chemical fiber, ceramics, cosmetics, food, medicine, electronic industry, micro electromechanical and environmental protection industry. Its application involves various industrial fields and people's daily life. The development of titanium dioxide industry is closely related to the development of the whole national economy. Its consumption can be used to measure the level of national economic development and living standards of a country, which is known as the "barometer" of economic development. Therefore, the development of titanium dioxide industry is valued by industrial developed countries.
The research and establishment of China's titanium dioxide industry began in 1955, but the substantive development of titanium dioxide industry began in 1998.
According to the statistics of the titanium dioxide sub center of the National Chemical Industry Productivity Promotion Center, the total output of the whole industry has increased from 140000 tons in 1998 to 3.512 million tons in 2020, with an average annual growth rate of more than 16%. With the increase of production capacity, China's titanium dioxide industry continues to improve its position in the world. In 2002, the total production capacity of China's titanium dioxide industry reached 390000 tons, surpassing Japan, which was the second largest producer of titanium dioxide in the world; By 2009, the total production capacity of China's titanium dioxide industry had reached 1.8 million tons, surpassing the United States, which ranked first at that time, and becoming the largest producer of titanium dioxide in the world.
China is not only a big country in titanium dioxide production, but also a big country in titanium dioxide consumption. In 2020, China's apparent demand for titanium dioxide (output + import - export) was about 2.4662 million tons. In addition, with the continuous growth of China's titanium dioxide export, export has become an important demand factor supporting the development of China's titanium dioxide industry. According to the statistics of the titanium dioxide sub center of the National Chemical Industry Productivity Promotion Center and the customs, the export volume of China's titanium dioxide industry has maintained a rapid growth in recent years. Since 2011, China has changed from a net importer of titanium dioxide to a net exporter. By 2020, the export volume of China's titanium dioxide is about 1214100 tons, and the import volume is only about 168300 tons, The surplus of import and export trade was further expanded. In 2020, the export volume of titanium dioxide accounted for more than 30% of China's total output of titanium dioxide that year; At the same time, China's imports of titanium dioxide accounted for less than 10% of the total in 2020.
The good development trend of titanium dioxide industry provides a broad market space for the new rutile titanium dioxide primary products of the technical transformation project to be converted into new titanium dioxide finished products, and provides favorable external conditions for the smooth implementation of the project.
(2) The profound technical accumulation provides the necessary guarantee for the implementation of the project
The company regards technological innovation as the foundation of survival, development and growth, continuously increases R & D investment, and purchases more advanced R & D, production and testing equipment from outside China, which not only improves the company's ability to research and develop the production and application of various titanium dioxide in terms of hardware, but also provides a strong guarantee for the company's R & D technological innovation, production continuity and product stability. At the same time, in the process of production and operation, the company has continuously carried out technical development activities such as special research and problem solving, and has successively completed a number of technical research and development work. Some research and development achievements have been applied in production. Since 2015, the company has obtained 20 national patents, including 6 invention patents and 14 utility model patents.
Rich technical accumulation provides technical support for the technical transformation project of rutile titanium dioxide primary products, reduces the technical risks and product quality risks in the process of technical transformation, and provides a necessary guarantee for the smooth implementation of the project. 4. Project investment estimate
The total budget investment of the project is 279095 million yuan, and it is planned to invest 277 million yuan of raised funds.
5. Economic benefit analysis of the project
After the implementation of the project, it mainly provides the initial product of rutile titanium dioxide for the "80000 T / a plastic grade rutile titanium dioxide post-treatment reconstruction and expansion project" of the company's initial public offering project. The internal rate of return (after income tax) of the project is 19.44%, and the dynamic investment payback period (after income tax, including 2 years of construction period) of the project is 7.83 years.
6. Approval of project initiation, environmental protection and land
This project is a technical transformation project, which is implemented on the company's existing land and production devices, and does not involve new land use.
The project has been filed with the industry and Information Technology Bureau of yun'an District, Yunfu City, and has obtained the Filing Certificate of Guangdong technological transformation investment project with the project number of "195323264330002".
The project has obtained the reply of yhjg [2019] No. 124 on the environmental impact report of Guangdong Huiyun Titanium Industry Co.Ltd(300891) 50kt / year to 80kt / year sulfuric acid rutile titanium dioxide primary product technical transformation project issued by Yunfu ecological environment bureau.
(II) Shanghai Pudong Development Bank Co.Ltd(600000) T / a titanium dioxide dilute acid concentration technology transformation project
1. Basic information of the project
For the dilute sulfuric acid (concentration about 22%) produced in the production of titanium dioxide by sulfuric acid method, through technical transformation, production equipment introduction and installation, supporting facilities construction and personnel allocation improvement, MVR dilute acid concentration process is adopted to concentrate the dilute acid to 50% concentration for industrial utilization. It is estimated that the annual output of 50% sulfuric acid is 264000 tons and the annual output of ferrous sulfate monohydrate, a by-product, is 8775 tons, It is conducive to the improvement of the company's production process, resource allocation and resource recycling, and reduce the input of lime and the output of titanium gypsum, which is in line with the titanium dioxide industrial policy, which is conducive to the improvement of the company's comprehensive competitiveness and plays a positive role in the development of the company.
The main body of the project is Guangdong Huiyun Titanium Industry Co.Ltd(300891) , with a total investment of 1062498 million yuan. It is planned to invest 106 million yuan of raised funds, and the planned construction period of the project is 2 years.
2. Necessity analysis of project implementation
(1) It is conducive to the realization of circular economy, cost reduction and efficiency improvement
In the production process of titanium dioxide by sulfuric acid method, a large amount of dilute sulfuric acid will be produced whether titanium concentrate is used as raw material or high titanium slag is used as raw material. Each ton of titanium dioxide production will produce about 6 tons of dilute sulfuric acid with a concentration of about 22%. At present, the general treatment method is to treat and discharge the waste acid after neutralization and precipitation with lime. The defects of this treatment measure fail to maximize the use efficiency of auxiliary materials in the production line, and the company's concept of circular economy cannot be maximized. The best treatment method is to realize recycling after concentration. With years of production experience and comprehensive consideration of the existing production conditions and energy consumption control measures, the company can maximize the recycling of production acid after recovering and concentrating the above dilute acid to about 50%, which will reduce the purchase cost of raw materials. In addition, This technical transformation technology is combined with the existing main product production line to form an integrated production line, which will also effectively improve the production efficiency of the company.
The MVR dilute acid concentration process to be adopted in the technical transformation project solves the defects and deficiencies in the existing dilute acid concentration technology and equipment widely used in the industry. This technical device meets and exceeds the industrialization assessment index, effectively improves the production efficiency of the production line and the quality of concentrated acid, and the pollutant emission meets the national standard. Through the introduction of this advanced device, the dilute acid produced in the production process is collected for treatment. The produced concentrated acid can replace part of the raw material sulfuric acid and be reused in the production of titanium dioxide. The quality of titanium dioxide products produced meets the standard. The implementation of the project is conducive to the company's realization of circular economy, maximum utilization of production raw materials, cost reduction and efficiency improvement.
(2) It is conducive to enhance the environmental protection benefits of enterprises and realize sustainable development
The company uses clean co production sulfuric acid process to produce titanium dioxide. Sulfuric acid is the main resource consumed by the company. The project will carry out the technical transformation of titanium dioxide dilute acid concentration, that is, dilute acid concentration and reuse to achieve low discharge of waste acid, which will reduce the load of sewage station; At the same time, the secondary steam produced by concentration is mechanically recompressed in the project process to evaporate and concentrate again, so as to save steam consumption; In addition, water circulation and comprehensive utilization will be strengthened. Circulating water will be used as cooling water to the greatest extent, with a reuse rate of about 99%. The implementation of the project will greatly enhance the environmental protection benefits of the company, reduce resource waste, develop "three wastes" renewable resource projects, and improve the reuse rate of resources.
(3) It is conducive to seize the "carbon neutralization" and "carbon peak" policies and the development opportunities of the new energy industry
