Gcl System Integration Technology Co.Ltd(002506)
About change of raised investment project
Construction of 10GW high efficiency TOPCON photovoltaic cell production base (phase I 5GW) project of Leshan Gcl System Integration Technology Co.Ltd(002506) Technology Co., Ltd
Feasibility study report
December, 2001
Gcl System Integration Technology Co.Ltd(002506) (hereinafter referred to as "the company") according to the company's strategic plan, for
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 shares) with the approval of the reply to the bill (zjxk [2020] No. 1763)
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), RMB 500 million 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 "Leshan Gcl System Integration Technology Co.Ltd(002506) 10GW high efficiency TOPCON photovoltaic cell production base (phase I 5GW) project" is 1867.32 million yuan, including 164.117 million yuan of engineering construction investment and 226.15 million yuan of 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.
2. Project feasibility analysis
(1) The technical route is in line with the future development trend
In recent years, with the development of diamond wire cutting and perc technology, p-type monocrystalline silicon battery has become more economical and belongs to the current mainstream battery technology; The more efficient n-type monocrystalline silicon battery belongs to the next generation battery technology. At present, the market share is relatively small, but the technology is developing rapidly and is expected to accelerate its application in the industry. Among them, n-type TOPCON battery technology has the advantages of excellent contact passivation characteristics, high VOC and strong multi electron transport capacity. With the gradual improvement of process maturity and cost economy, it is expected to become the mainstream high-efficiency battery technology in the next three years. Figure: average conversion efficiency of various batteries from 2019 to 2025
Data source: China Photovoltaic Industry Association (2) industrial chain advantages of large-size modules and high-efficiency batteries
The target of the project is TOPCON and other high-efficiency large-size batteries, which will all be used to supplement the production capacity of the company's large-size high-efficiency batteries, give full play to the leading advantages of n-type TOPCON battery technology, and meet the production capacity supporting needs of Hefei Gcl System Integration Technology Co.Ltd(002506) component base. After the completion of the project, the company will have the independent production capacity of TOPCON battery, improve the overall gross profit margin level of the industrial chain, alleviate supplier risks, and help the company enhance profitability and market competitiveness.
(3) Location advantage
The project is located in Leshan Trinity headquarters economic gathering area. In July 2019, the CPC Leshan Municipal Committee
Leshan Municipal People's government issued the "on accelerating the construction of" 3 + 1 "modern industrial system - promoting industrial high quality"
Implementation Opinions on development, and strive to build a "silicon material - cutting - cell - module - system integration" photovoltaic full production system
Industry chain. With the help of Leshan's unique hydropower resources and industrial silicon foundation, the company relies on its long-term accumulated
Technical resources can quickly build a high-efficiency battery generator with competitive advantages in cost, efficiency and quality
Production base.
3. Economic benefit analysis of the project
It is estimated that the annual average after tax profit of the project during the calculation period is 325.45 million yuan, and the pre tax internal rate of return is
23.89%, after tax internal rate of return is 19.85%, pre tax investment payback period is 4.85 years, after tax investment payback
The construction period is 5.39 years (including the construction period), and the project has good economic benefits.
4、 The impact of the proposed change in the investment project of raised funds on the company
The raised capital investment projects involved in this change will help the company seize the development opportunities of photovoltaic market and improve
Enhance the company's market competitiveness and profitability, improve the use efficiency of raised funds, and do not harm the interests of shareholders
The situation. The company will strictly abide by the Listing Rules of Shenzhen Stock Exchange and the Listing Rules of Shenzhen Stock Exchange
The municipal company's standardized operation guidelines and the company's measures for the management of raised funds and other relevant provisions to strengthen the management of raised funds
Internal and external supervision over the use of funds to ensure that the use of raised funds is legal and effective. The proposal has been reviewed by the board of directors
After the negotiation is passed, it can be implemented only after it is deliberated and approved by the general meeting of shareholders of the company.
4、 Economic benefit analysis of the project
According to the predicted realization of project operating revenue, costs and expenses, as well as the overall impact on the company
It is estimated that the average annual after tax profit during the calculation period of the project is 325.45 million yuan,
It indicates that the project has a certain profit level; The internal rate of return before tax is 23.89%, and the internal rate of return after tax is
19.85%, higher than the industry yield; The pre tax investment payback period is 4.85 years and the after tax investment payback period is 5.39 years
Years (including construction period).
Main technical and economic indicators:
Sequence calculation period
Index name unit production year serial number index name unit index number average
Total investment pre tax internal
1. Sales revenue of RMB 10000 4292413926791% yield of 23.89%
Total investment after tax internal
2. Value added tax and surcharges: RMB 10000 0122512% 19.85% yield
Pre tax investment payback period (including)
3. Income tax: RMB 563457433 (4.85 in construction period)
