Gcl System Integration Technology Co.Ltd(002506)
About change of raised investment project
Feasibility study report on 15gw component project of Hefei Gcl System Integration Technology Co.Ltd(002506) New Energy Technology Co., Ltd
December, 2001
Next, focus on the main photovoltaic industry, grasp the market opportunities of the photovoltaic industry, improve the use efficiency of raised funds and improve the efficiency of investment
The company's high-efficiency large-size components and battery chip production capacity and improve market share. The company plans to "large-size recycled wafers"
The "semiconductor project" will be adjusted and the purpose of some raised funds will be changed, of which 500 million yuan will be used for continued investment
The "Hefei Gcl System Integration Technology Co.Ltd(002506) 15gw photovoltaic module project" is funded and implemented by Hefei Gcl System Integration Technology Co.Ltd(002506) Xinneng
Source Technology Co., Ltd; The remaining part is used to invest in the construction of "Leshan Gcl System Integration Technology Co.Ltd(002506) 10GW high-efficiency TOPCON PV"
Leshan Gcl System Integration Technology Co.Ltd(002506) Technology Co., Ltd. is the main body of the "battery production base (phase I 5GW) project".
1、 Investment project plan and actual use of the original raised funds
(i) Basic information of raised funds
Approved by China Securities Regulatory Commission on Gcl System Integration Technology Co.Ltd(002506) non-public offering of shares
The company was approved to issue RMB common shares (A
773230764 shares, the issue price is RMB 3.25 per share, and the total amount of raised funds is
2512999983.00 yuan, after deducting the issuance expenses, the net amount of raised funds is 2491617907.65 yuan.
The availability of the above raised funds has been verified by Suya Jincheng Certified Public Accountants (special general partnership)
Suyayan [2021] No. 2 capital verification report was issued on January 6, 2021.
The company has deposited the raised funds in the special account for the raised funds opened for this issuance, and the raised funds have been paid by the branch of the company
We have signed the tripartite supervision agreement on raised funds with the recommendation institution and the commercial bank storing the raised funds
The deposit and use of raised funds shall be managed by a special account.
（2） Use of raised funds
As of December 27, 2021, the use of the company's raised funds is as follows:
Unit: RMB 10000
Project name planned amount of raised funds accumulated amount of raised funds
Large size recycled wafer semiconductor project 73161.7935000 (temporary replenishment of working capital)
Hefei Gcl System Integration Technology Co.Ltd(002506) 2.5gw laminated tile assembly project 1212
Hefei Gcl System Integration Technology Co.Ltd(002506) 15gw photovoltaic module project 4998825997.86
Supplementary working capital 126000126000
The total amount of raised funds is 249161.79187009.86
As of December 27, 2021, the company has used the raised funds of 1870098600 yuan and is idle
The raised funds temporarily supplemented the working capital of 350 million yuan, and the balance of the special storage account of the raised funds was 624.4612 million yuan (including the accumulated bank deposit interest received).
（3） The purpose of some raised funds changed this time
Facing the rapid growth opportunity of the photovoltaic industry market, the company focuses on resources, gives full play to its competitive advantages, improves the use efficiency of the raised funds, and plans to change the purpose of the raised funds of the "large-scale renewable wafer semiconductor project" (including the idle raised funds of RMB 350 million that have not been returned as temporary supplementary working funds, and the net amount of interest income from bank deposits after deducting bank charges), Of which, 500 million yuan will be invested in the construction of "Hefei Gcl System Integration Technology Co.Ltd(002506) 15gw photovoltaic module project", and the rest will be invested in the construction of "Leshan Gcl System Integration Technology Co.Ltd(002506) 10GW high-efficiency TOPCON photovoltaic cell production base (phase I 5GW) project".
The proportion of the amount of funds raised in this change in the net amount of funds raised is 29.36%.
2、 Reasons for changing the investment project of raised funds
(i) Original project plan and actual investment
The "large scale recycled wafer semiconductor project" (hereinafter referred to as the "original raised investment project") is implemented by Hefei Gcl System Integration Technology Co.Ltd(002506) Photoelectric Technology Co., Ltd., with a total investment of 2876.82 million yuan. As of December 27, 2021, the project has invested 0 million yuan of raised funds, temporarily replenished 350 million yuan of working capital with idle raised funds, and the balance of unused raised funds is 382396400 yuan (including the accumulated interest on bank deposits). （2） Reasons for terminating the original raised investment project
In March 2020, the company launched the investment and construction of 60GW components and supporting industrial base project in Feidong County, Hefei, with the goal of "210mm" new component products and full compatibility with sizes below "210mm", so as to take into account existing products and fill the supply gap of large-size products in the future.
At present, the photovoltaic industry has entered a period of vigorous development and strong market demand. The company's No. 1 plant of Hefei Gcl System Integration Technology Co.Ltd(002506) phase I 15gw project has started mass production. It is expected that by the end of 2022, the company will have a capacity of more than 20GW large-size components. In order to ensure the safety of the supply chain and improve the independent capacity of battery cells, the company also needs to speed up the construction of large-scale and high-efficiency battery cell capacity and improve the capacity matching of module battery cells. Therefore, after detailed discussion, the company plans to concentrate resources to accelerate the investment in Hefei module large-scale base project and Leshan Gcl System Integration Technology Co.Ltd(002506) high-efficiency TOPCON photovoltaic cell project. It plans to give priority to the funds raised from the "large-scale renewable wafer semiconductor project" to invest in the construction of the above projects.
The "large-size recycled wafer semiconductor project" will be implemented with its own funds in combination with industry conditions, market conditions and company funds.
3、 Description of new raised investment projects
1. Basic information and investment plan of the project
The total investment of "Hefei Gcl System Integration Technology Co.Ltd(002506) 15gw photovoltaic module project" is 210.31 million yuan, including 146 million yuan in fixed assets and 640.31 million yuan in initial working capital. All the raised funds will be used for the capital expenditure of the project, and the rest will be solved through bank loans and self raised funds. The construction period of the project is 12 months. At present, 5GW of plant 1 of Hefei Gcl System Integration Technology Co.Ltd(002506) phase I 15gw project has been put into operation, plant construction and equipment bidding have been completed for plant 2, and the construction of plant 3 is progressing steadily. It is expected that it will be put into operation in 2022.
2. Project feasibility analysis
(1) High efficiency and large size components have broad development prospects
Due to the increasing size of silicon wafers in the past few years, although the high-efficiency component packaging technology is relatively mature, the corresponding battery size can not be determined. In the next few years, there is a huge demand for the component capacity to produce large-size battery wafers (166mm-210mm), and the current market share of large-size components is still low, This brings an unprecedented window of opportunity to the implementation of this project.
(2) Scale advantage
According to the latest analysis on the scale advantage of component links, the scale advantage will be less obvious when the scale of component single link monomer exceeds 10-15gw, but it will decline exponentially. Take full advantage of the critical scale of Hefei 50gw project to obtain the lowest cost {0026}; At the same time, by selecting large-size component equipment, increasing the annual output of single machine, reducing component manufacturing cost and equipment depreciation per watt, we can effectively control the single link manufacturing cost and obtain competitive advantage.
(3) Location advantage
The project is located in the circular economy demonstration park in Feidong County, Hefei. As a city for science and education, the project has sufficient talent supply and has China's leading photovoltaic industry chain foundation. Compared with Jiangsu and Zhejiang, the labor cost can be 30% lower. The photovoltaic glass supply in Fengyang, Hefei and Bengbu can provide raw material guarantee for the project. At the same time, with the JIT warehouse inventory management established by GCL Hefei component project, the input logistics cost of core auxiliary materials in component manufacturing can be greatly reduced, so as to reduce the comprehensive manufacturing cost of components.
3. Economic benefit analysis of the project
After calculation, the project is expected to achieve an annual operating income of 9026.19 million yuan, a sales profit margin of 11.3%, a full investment internal rate of return (after tax) of 14% and an investment payback period of 6.28 years. The project has good economic benefits.
4、 Economic benefit analysis of the project
According to the predicted realization of the project's operating revenue, the costs and expenses incurred, and the expectation of the improvement of the company's overall gross profit margin, the project's costs, expenses and profits are calculated and analyzed. After the project is completed, the annual operating revenue is expected to be 9026.19 million yuan, the sales profit rate is 11.3%, the internal rate of return (after tax) of the project's total investment is 14%, and the investment payback period is 6.28 years.
Main technical and economic indicators
S / N name unit data remarks
Capacity:
1GW15
Large size components
2. Total investment: RMB 210031
3. Investment in fixed assets: RMB 146000
4. Initial working capital: RMB 64031
5. Number of employees 2500
6. The total leased building area is m2330000
7 sets of main production equipment 807
Power consumption: 80000 kwh / a28800
9. Tap water consumption 10000 t / A thirty-six
10. Natural gas consumption 10000 m3 / a360
11. Annual average sales revenue of RMB 902619
12. Sales tax and surcharges of RMB 10000 2631 annual average (excluding value-added tax)
The total profit is RMB 10000, and the annual average output is 82026
14. Gross profit margin of sales% 11.3 annual average
15. Financial internal rate of return of project investment% 14.00% after tax
16. Financial net present value (ic = 12%) RMB 11524 after tax
17 investment payback period 6.28 years including construction period
18 loan repayment period 5.36 years including construction period
19 breakeven point% 90.21 expressed in production capacity
5、 Conclusion of feasibility study
1. The terminal product of the project is Cecep Solar Energy Co.Ltd(000591) photovoltaic power generation products. The national development and Reform Commission of the people's Republic of China issued Order No. 9 Guiding Catalogue for industrial structure adjustment (revised in 2013) on March 27, 2011, which encourages the development of wind power generation and the development and utilization of renewable energy such as Cecep Solar Energy Co.Ltd(000591) , geothermal energy, marine energy and biomass energy. The project is an environmental friendly renewable energy industrialization project and a national encouraged industry. 2. The project will rent factories and supporting facilities in Hefei Feidong County circular economy demonstration park. The park has flat terrain, convenient transportation and superior development conditions. At present, the ambient air diffusion conditions are good, the environmental capacity is large, and the construction conditions of the plant site are good.
3. Half of the large-size battery modules produced by the project are sold through private brand channels, and the other half are OEM products. The sales market of the project products is guaranteed. High efficiency, in line with the needs of market development.
4. Hefei Gcl System Integration Technology Co.Ltd(002506) New Energy Technology Co., Ltd. relies on Gcl System Integration Technology Co.Ltd(002506) 's own battery factory and relevant long-term cooperative battery manufacturers to effectively ensure the long-term and stable supply of raw materials for the project by signing a long-term cooperation agreement.
5. During the implementation of the project, the requirements for environmental protection, safety and health shall be considered. All hazardous substances shall be treated. The preliminary assessment will not have adverse impact on the environment and can ensure health
