Securities code: 603982 securities abbreviation: Nanjing Chervon Auto Precision Technology Co.Ltd(603982) convertible bond Code: 113629 convertible bond abbreviation: Quanfeng convertible bond Nanjing Chervon Auto Precision Technology Co.Ltd(603982)
Non public offering of a shares
Feasibility report on the use of raised funds
December, 2001
1、 Use plan of funds raised in this non-public offering
The total amount of funds raised (including issuance expenses) in this non-public offering shall not exceed RMB 2283607400 (including this amount). The net amount of funds raised after deducting issuance expenses will be used for the following items:
S / n project name total investment (RMB 10000 yuan of proposed raised funds) (RMB 10000 yuan)
1 high end Auto Parts Intelligent Manufacturing Project (phase II) 100273.0083564.00
2 European production base project for intelligent manufacturing of auto parts 43827.2337912.26
3 new energy parts production base project 46437.4838884.48
4. Supplement working capital and repay loan 68000.0068000.00
Total 258537.71228360.74
After the funds raised from this non-public offering are in place, if the actual net amount of funds raised is less than the above amount of funds to be invested, the board of directors and its authorized persons of the company will, within the scope of the above investment projects with raised funds, according to the actual situation such as the progress of the investment projects with raised funds and the demand for funds, based on the actual net amount of funds raised and on the premise of compliance with relevant laws and regulations, Adjust and finally determine the specific investment projects and priorities of the raised funds and the specific investment amount of each project. The insufficient part of the raised funds shall be solved by the company with its own funds or through other financing methods.
In order to ensure the smooth progress of the investment projects with raised funds and protect the interests of all shareholders of the company, before the funds raised in this non-public offering are in place, the company can invest with self raised funds according to the actual situation of the investment projects with raised funds, and replace them according to the provisions of relevant laws and regulations after the raised funds are in place.
2、 Basic information of the investment projects raised by this non-public offering
(i) High end Auto Parts Intelligent Manufacturing Project (phase II)
1. Basic information
The project will be completed by Nanjing Chervon Auto Precision Technology Co.Ltd(603982) precision technology, a wholly-owned subsidiary of the company (Anhui) Co., Ltd. is located in Yushan Economic Development Zone, Ma'anshan City, Anhui Province, with a total investment of 1002.73 million yuan and a construction period of 2 years. The project will build an intelligent manufacturing production line of high-end auto parts by introducing advanced intelligent and automatic production equipment, improve the company's production efficiency and production capacity, and meet the growing demand of the downstream market , effectively improve the performance, quality and competitiveness of the company's products and promote the company's future sustainable development.
2. Necessity of project implementation
In recent years, the demand for auto parts in the global market has been increasing, and the requirements for the technical level and grade of products have also been increasing. The customer demand for the company's products has gradually exceeded the company's existing capacity, and the capacity of the existing main production equipment is saturated, which can not meet the growing order demand. The construction content of the project is the intelligent manufacturing production line of high-end auto parts. Through the introduction of advanced intelligent, efficient and energy-saving production equipment, the project will build a digital and intelligent manufacturing plant, effectively alleviate the shortage of existing production capacity, greatly improve the company's production efficiency and reduce the enterprise's production and management costs. In addition, the newly purchased advanced equipment can also improve the production process and better meet the requirements of downstream customers for high performance and high quality of parts.
The improvement of production process while expanding production capacity, improving production efficiency and reducing cost is an important measure for the company to realize intelligent transformation and upgrading and enhance market competitiveness.
3. Feasibility of project implementation
Auto parts can be used for supporting vehicle production or repair and maintenance in the automotive aftermarket. According to the statistics of oica, the global automobile sales increased from 60.17 million in 2015 to 65.53 million in 2019. In 2020, due to the impact of epidemic and other factors, the global automobile sales fell to 52.39 million; In 2010, the global car ownership was 1.017 billion, reaching 1.491 billion by 2020, an increase of nearly 500 million compared with 2010. As the upstream of vehicle production and automotive aftermarket, auto parts have a huge market demand base. Since its establishment, the company has focused on the R & D, production and sales of auto parts, and has a deep accumulation in technology R & D and production technology. With strong technical strength, high-quality product quality and fast market response speed, the company has established partnership with many well-known enterprises at home and abroad and accumulated high-quality customer resources. The company's new energy auto parts are used in BMW, Volkswagen New energy models of many well-known brands such as Audi, as well as ferdi power ( Byd Company Limited(002594) ) and Weiran power New energy vehicle brands such as (under Weilai); in terms of fuel vehicle parts, it has established long-term and stable cooperative relations with large multinational auto parts suppliers such as Bosch, BorgWarner, Valeo and Mainland China, and its products are widely used in four complete vehicle series of Germany, Japan, France and the United States.
Relying on years of accumulation in the auto parts industry, the company has maintained a competitive advantage in the huge auto parts market and won rich, high-quality and stable customer resources to ensure the feasibility of the project.
4. Project investment estimate
The estimated total investment of the project is 1002.73 million yuan, and the proposed raised fund is 835.64 million yuan, as shown in the table below:
No. project amount (10000 yuan) raised capital investment (10000 yuan)
1. Land investment 1768.00-
2. Construction investment 28157.00
3. Equipment investment 55407.0055407.00
4. Reserve fund 4178.00-
5. Initial working capital 10763.00-
Total 100273.0083564.00
5. Expected income of the project
After the completion of the project, it is estimated that the annual sales revenue of the project is 915581600 yuan, the total annual profit is 140179900 yuan, the internal rate of return (after tax) of the project investment is 12.83%, and the after tax payback period (including construction period) is 7.88 years, with good expected benefits.
6. Items involved in the project for approval
(1) Project filing and EIA
The project was filed by the development and Reform Commission of Yushan District of Ma'anshan City on February 7, 2021, and obtained the project filing form of the development and Reform Commission of Yushan District of Ma'anshan City No. 2020-340504-36-03-038363.
On April 20, 2021, the project obtained the reply on the environmental impact report form of high-end auto parts intelligent manufacturing project of Nanjing Chervon Auto Precision Technology Co.Ltd(603982) precision technology (Anhui) Co., Ltd. (YHS [2021] No. 2) issued by Yushan ecological environment branch of Maanshan city.
(2) Land use of the project
The project implementation subject Nanjing Chervon Auto Precision Technology Co.Ltd(603982) precision technology (Anhui) Co., Ltd. has obtained the land use right of the land for the high-end auto parts intelligent manufacturing project (phase II) on February 24, 2021, and the real property right certificates are "Wan (2021) Ma'anshan real property right No. 0020332" and "Wan (2021) Ma'anshan real property right No. 0020333".
（2） European production base project for intelligent manufacturing of auto parts
1. Basic information
The project will be implemented by Chervon auto precision technology (Europe) limited liability company, a wholly-owned subsidiary of the company. The construction site is located in mishkorz, Hungary, with a total investment of 438272300 yuan and a construction period of 2 years. The project will effectively expand the company's production capacity by building a new intelligent manufacturing production base in Europe, shorten the product supply radius, accelerate integration into the European national supply chain system, and deal with the anti globalization impact caused by covid-19 epidemic.
2. Necessity of project implementation
The European market is an important market for the company's new energy auto parts. From January to September 2021, the revenue of new energy auto parts from Europe accounted for 36.34% of the company's revenue of new energy auto parts. Customers in some European markets have a large demand for products, and have high requirements for the comprehensive ability of suppliers such as synchronous development, product quality, delivery time and after-sales service. The new auto parts production base in Europe will greatly improve the company's supply capacity to European customers, shorten the delivery cycle, and further meet customers' demand for high-quality products and services. At the same time, considering the development trend of new energy vehicles in the European market, the implementation of the European production base project can meet the needs of the company's business development, optimize the company's production capacity and strategic layout, and further improve the company's market share in new energy vehicle parts products.
Since its establishment, the company has taken building "world-class manufacturing capacity and layout of the world's top automobile industry chain" as its own development goal. The implementation of the project will help the company respond to the needs of European customers with high efficiency and quality, accelerate its integration into the European supply chain system, and expand the new energy business layout in the European market. 3. Feasibility of project implementation
In recent years, national ministries, commissions and departments have made top-level design for overseas investment of enterprises from the national strategic level, improved the overseas investment management system and improved the investment policy service system. In August 2017, one belt, one road, was issued jointly by the national development and Reform Commission, the Ministry of Commerce, the people's Bank of China and the Ministry of foreign affairs. The document pointed out: "support the competent and qualified enterprises in the territory to actively and safely carry out the investment activities outside the territory, promote the construction of" one belt and one road "and deepen international capacity cooperation. Drive the export of China's advantageous production capacity, high-quality equipment and applicable technology, improve China's technology R & D and manufacturing capacity, make up for China's shortage of energy resources, and promote the quality improvement and upgrading of China's related industries. "
One belt, one road, China, Serbia and Montenegro, west of Austria and Slovakia, is the first European country to sign a document on cooperation with China in promoting the "one belt and one way" building. Superior geographical location and good investment environment provide prerequisite guarantee for the smooth implementation of the project.
According to marklines, in 2020, the global sales volume of new energy vehicles reached 3.05 million, of which the sales volume in the European market accounted for about 40%, which is one of the most important markets for new energy vehicles. In the future, driven by the clear carbon emission policy of the EU, the European market of new energy vehicles will continue to grow rapidly. According to the prediction of China International Capital Corporation Limited(601995) research department, the sales volume of new energy vehicles in Europe is expected to reach 4.59 million in 2025, with a compound growth rate of 30.56% from 2020 to 2025. The products proposed to be built by the company such as motor shell belong to important parts of new energy vehicle powertrain, and its market scale will grow synchronously with the growth of European new energy vehicle market, ushering in a golden development opportunity period.
The company's construction one in Hungary is one of the "one belt, one road" initiative encouraged by the state, and is also consistent with its own development strategy. Meanwhile, the vast market space for new energy vehicles in Europe also provides a powerful guarantee for the capacity digestion of the project. Overall, the implementation of the project is feasible.
4. Project investment estimate
The estimated total investment of the project is 438.2723 million yuan, and the proposed raised fund is 379.1226 million yuan, as shown in the table below:
No. project amount (10000 yuan) raised capital investment (10000 yuan)
1. Land investment 951
