Securities code: 300655 securities abbreviation: Crystal Clear Electronic Material Co.Ltd(300655) bond Code: 123031 bond abbreviation: Jingrui convertible bond bond Code: 123124 bond abbreviation: Jingrui convertible bond 2 Crystal Clear Electronic Material Co.Ltd(300655)
Crystal Clear Electronic Material Co., Ltd
168 Shanfeng Road, Hedong Industrial Park, Wuzhong Economic Development Zone, Suzhou
Feasibility analysis report on the use of funds raised by issuing shares to specific objects through simple procedures in 2021
(Third Revision)
January 2002
In order to enhance the company's core competitiveness and enhance the company's profitability, Crystal Clear Electronic Material Co.Ltd(300655) (hereinafter referred to as " Crystal Clear Electronic Material Co.Ltd(300655) ", "the company" or "the issuer") intends to issue shares to specific objects (hereinafter referred to as "this issuance") in a simple procedure to raise funds. The feasibility analysis of the company's board of directors on the use of the raised funds is as follows: I. The investment plan of the raised funds
The total amount of funds to be raised in this offering is 241000127.36 yuan, not more than 300 million yuan and not more than 20% of the net assets at the end of the most recent year (the end of 2020); The net amount of raised funds after deducting relevant issuance expenses will be used for the following items:
Unit: Yuan
S / n project name total investment of the project proposed to raise funds this time
1 Yangheng chemical has an annual output of 90000 tons for VLSI 350143400.00193900000.00
Technical transformation project of semiconductor grade high purity sulfuric acid (phase II)
2. Supplement working capital or repay bank loans 47100127.3647100127.36
Total 397243527.36241000127.36
Note: the total investment of the project in the table only indicates that Yangheng chemical has an annual output of 90000 tons of semiconductor grade high-purity sulfuric acid technical transformation project for VLSI (phase II), with a production capacity of 60000 tons / year.
If the net amount of funds actually raised from the issuance of shares is less than the needs of the above-mentioned project plans to invest in the raised funds, the insufficient part shall be raised by the company itself. Before the raised funds of this issuance are in place, the company can use the self raised funds to make early investment in the investment projects with raised funds according to the actual progress of the project, and replace them after the raised funds are in place. 2、 Necessity and feasibility analysis of investment projects with raised funds
(i) Technical transformation project of semiconductor grade high purity sulfuric acid for ultra large scale integrated circuits with an annual output of 90000 tons of Yangheng chemical industry (phase II)
1. Basic information of the project
(1) Project objectives
In the original plant site, Jiangsu Yangheng Chemical Co., Ltd. transformed and upgraded the original industrial sulfuric acid production unit of basic chemical products by introducing technical equipment without increasing the total sulfuric acid production capacity, total sewage discharge and pollution factors, and produced some semiconductor grade high-purity sulfuric acid, so as to achieve the technical transformation standard reaching the international advanced level, safety, environmental protection The input-output level is higher than the original project level. This issue is used for Yangheng chemical's 90000 T / a semiconductor grade high-purity sulfuric acid technical transformation project for VLSI (phase II) (hereinafter referred to as "the project"), with a production capacity of 60000 T / A.
(2) Project location
The project is located at No. 8, Xiangjiang Road, new chemical materials Industrial Park, Changjiang town (Rugao port area), Rugao City, Nantong, Jiangsu Province.
2. Necessity of raising funds to invest in projects
(1) Meet the needs of high-quality economic development in the new era and promote the integrated circuit industry to rise to the high end
In the process of rapid economic growth in the past, the wet electronic chemical industry has basically solved the problem of "whether there is" in the development of the industry. In today's era of high-quality development, the wet electronic chemical industry needs to focus on solving the problem of "good or bad" development. At present, the main challenge facing the development of China's wet electronic chemicals industry is the low quality, especially there is still a large gap with developed countries in key technologies and product quality.
Crystal Clear Electronic Material Co.Ltd(300655) taking independent innovation as the first driving force to achieve high-quality development, under the situation of continuous emergence of new technologies, new products and new business forms and increasingly fierce international economic competition, the company continued to invest in R & D on a large scale, and mastered ultra-pure hydrogen peroxide, ultra-pure nitric acid, ultra-pure hydrochloric acid, ultra-pure ammonia, photoresist, developer, stripping solution Etching solution and other production processes and their key core technologies, among which ultra pure wet chemicals have reached the international leading level.
(2) The company expands the varieties of semiconductor high-purity reagents to enhance its competitiveness
Crystal Clear Electronic Material Co.Ltd(300655) at present, the production of semiconductor grade hydrogen peroxide and ammonia products has reached the international advanced level. In order to increase the varieties of semiconductor grade high-purity sulfuric acid products, we have acquired the equity of Jiangsu Yangheng Chemical Co., Ltd. and cooperated with Japan Mitsubishi Chemical Co., Ltd. (hereinafter referred to as "Mitsubishi Chemical") to use the advanced technology and equipment of Mitsubishi Chemical Based on the high-quality raw materials and supporting utilities of Yangheng chemical and the company's management experience in producing high-quality electronic chemicals, Yangheng chemical produces high-quality semiconductor grade high-purity sulfuric acid to replace imported sulfuric acid and provide high-quality semiconductor grade high-purity sulfuric acid for customers at home and abroad. The project is expected to produce greater economic and social benefits and contribute to the development of national information technology industry.
3. Feasibility of investment projects with raised funds
(1) Good technical foundation
In terms of technical transformation projects of semiconductor grade high-purity sulfuric acid, the company has advanced and reliable technology, which can realize automatic production control. The project adopts Mitsubishi Chemical semiconductor grade high-purity sulfuric acid production technology and equipment, and uses Mitsubishi Chemical's advanced technology and equipment, Yangheng chemical's high-quality raw materials and supporting utilities for production. The product has been in Mitsubishi Chemical's safe production for many years, and the process is mature and stable. DCS automatic control system and SIS safety instrument control system are designed according to relevant requirements, and corresponding safety measures are taken. The target market of the project is mainly the Chinese market, especially the economically developed regions such as South China, Beijing Tianjin Hebei and East China. The construction of the project can better meet the market demand, expand the market share of products and improve the influence of the company.
(2) With raw material advantages
The project is located at No. 8, Xiangjiang Road, new chemical materials Industrial Park, Changjiang town (Rugao port area), Rugao City, Nantong, Jiangsu Province. The park has good transportation, safety, environment and other advantages, and has a high degree of supporting raw materials and utilities. The raw materials required for the project include sulfur trioxide gas, steam and pure water, which can be transported by pipeline from the company's factory in the park.
(3) Have customer resource base
With the continuous growth of downstream market demand, with strong R & D strength and outstanding product advantages, the company has obtained the certification of downstream customers, developed and maintained a large number of high-quality customers at home and abroad, built a high-quality business platform, and laid a good foundation for the sustainable development of the company. The company's customers include leading enterprises in their respective fields. Successfully entering the supply chain of excellent customers is the embodiment of the company's technical strength and lays a good customer foundation for the company's further development in the future.
(4) The smooth construction of the existing phase I project provides a basic guarantee for the smooth implementation of the phase II project
In June 2020, the company launched the technological transformation project of semiconductor grade high-purity sulfuric acid (phase I) with an annual output of 90000 tons for ultra large scale integrated circuits of Yangheng chemical industry. After trial production and commissioning, the metal impurity content of the company's semiconductor grade high-purity sulfuric acid products is less than 10ppt, reaching the G5 level, and the quality has reached the first echelon level in the same industry in the world. The product technical indicators can meet the requirements of all current advanced integrated circuit technology nodes, which is in line with the company's expectations. At present, the company is actively carrying out customer demonstration test, and the market response is good. The smooth construction of the existing phase I project provides the foundation and guarantee for the smooth implementation of the phase II project.
4. Project implementation and project budget
(1) Project implementation subject
The project is led and implemented by Jiangsu Yangheng Chemical Co., Ltd.
(2) Project investment and fund raising
The planned investment of the project is 350.1434 million yuan, of which no more than 193.9 million yuan is planned to be solved by raising funds through this issuance, and the rest will be self raised. The details are as follows:
Unit: 10000 yuan
Sn item amount
1. Construction cost 610.00
2. Equipment purchase cost 26539.00
3. Installation cost 4350.00
4. Other expenses 2089.00
5. Working capital 1000.00
6. Interest during construction 426.34
Total 35014.34
(3) Construction cycle
The construction period of the project is 12 months.
(4) Project construction content
The construction is the technological transformation project (phase II) of Yangheng chemical with an annual output of 90000 tons of semiconductor grade high-purity sulfuric acid for VLSI, with a production capacity of 60000 tons / year.
5. Economic evaluation
From the indicators of the whole financial evaluation, the financial internal rate of return is 43.39% (after tax) and the investment payback period is 3.41 years (after tax).
6. Progress of projects invested with raised funds involving approval
No. filing or approval item No
1. Project filing status tonggongxin filing [2019] No. 1
2. Environmental impact assessment of the project (TZP [2020] No. 52)
（2） Projects to supplement working capital or repay bank loans
1. Basic information of the project
The company plans to use 47100127.36 yuan of the raised funds to supplement working capital or repay bank loans to meet the capital needs of the company's daily operation.
2. Project necessity
(1) Supplementing the demand for working capital in daily production and operation activities helps the expansion of the company's business scale. In recent three years, the company's business has maintained a stable growth trend. The company has distributed its production capacity throughout the country, including the "semiconductor grade high-purity sulfuric acid technical transformation project with an annual output of 90000 tons for ultra large scale integrated circuits" in Nantong Meishan's "new material project for photoelectric display and semiconductor with an annual output of 87000 tons" and Qianjiang's "Jingrui (Hubei) microelectronic material project" were carried out in an orderly manner, and the working capital increased. In order to ensure that the company complies with the trend of rapid development of the industry, the company needs to supplement the working capital required for daily production and operation activities, so as to meet the needs of business scale expansion and enhance the core competitiveness of the company.
(2) This issuance is conducive to optimizing the company's capital structure and enhancing its anti risk ability
After the issuance, the total assets and net assets of the company will increase at the same time, the asset liability ratio of the company will decrease, the capital strength will be greatly improved, and the asset structure and financial situation of the company will be further improved. A stable capital structure is necessary for the company to maintain a large debt financing space and enhance its anti risk ability and sustainable development ability, so as to bring better long-term returns to the company's shareholders.
3. Project feasibility
Part of the funds raised in this offering are used to supplement working capital, which is in line with the current actual development situation of the company, is conducive to enhancing the capital strength of the company, meeting the capital needs of the company's operation and realizing the healthy and sustainable development of the company. The funds raised in this offering are used to supplement working capital, which complies with the relevant provisions on the use of raised funds in the administrative measures for the registration of securities issuance of companies listed on GEM (for Trial Implementation) and other laws and regulations, and is feasible.
3、 Impact of this issuance on the company's operation, management and financial status
(i) Impact of this issuance on the company's operation and management
The investment project of the raised funds complies with relevant national industrial policies and the overall strategic development direction of the company in the future, is of great significance to revitalize China's semiconductor material industry and promote product upgrading, and lays a foundation for the company to further enhance its competitive advantage and strengthen its market position. The use of the raised funds is reasonable and feasible, which is in line with the interests of the issuer and all shareholders.
（2） Impact of this issuance on the company's financial position
The project invested by the raised funds has good direct and indirect economic benefits and is conducive to improving the product business structure
