Stock Code: Hunan Kaimeite Gases Co.Ltd(002549) stock abbreviation: Hunan Kaimeite Gases Co.Ltd(002549) Hunan Kaimeite Gases Co.Ltd(002549)
Non public offering of A-Shares in 2022
Feasibility analysis report on the use of raised funds
March, 2002
1、 Use plan of raised funds
The total amount of funds raised in this issuance shall not exceed RMB 1 million (including this amount). The net amount of funds raised after deducting the issuance expenses will be used for the following projects:
Unit: 10000 yuan
No. project name total investment amount proposed to be invested in raised funds
1 Yizhang KEMET special gas project 75185235700000
300000 tons of Fujian Hunan Kaimeite Gases Co.Ltd(002549) Sports Co., Ltd
2 / year (27.5%) high clean food and electronic 52144494300000 hydrogen peroxide project
Total 1273297210000000
If the actual net amount of funds raised in this offering is less than the total amount of funds to be invested in the above projects, the company will adjust and finally determine the investment sequence, amount and specific method of the raised funds according to the actual net amount of funds raised and the priorities of the projects, and the insufficient part of the raised funds shall be raised by the company itself; If the funds raised by the company are not in place, they can be replaced according to the actual implementation progress of the project. 2、 Necessity and feasibility of the project invested by the raised funds
(I) Yizhang KEMET special gas project
1. Project overview
The company plans to invest in the construction of electronic and special gas projects within the scope of Yizhang fluorine chemical cycle industry development zone. The project adopts advanced technologies such as cryogenic distillation, physical adsorption, separation, mixing and electrolysis to produce electronic special gas and mixed gas. A new professional production base of electronic special gas and mixed gas is built. Using the professional and industrialized operation mode, 15 sets of electronic special gas and mixed gas production and processing and auxiliary devices are preliminarily built. The total investment is about 751852300 yuan. The products include electronic grade hydrogen chloride, electronic grade hydrogen bromide Electronic grade hydrogen iodide, fluorine based mixed gas, antimony pentafluoride, electronic grade chlorine trifluoride, electronic grade carbonyl fluoride, electronic grade acetylene, deuterium gas and other products.
2. Necessity of project implementation
(1) Improve the layout of electronic and special gas products and enhance core competitiveness
Electronic specialty gas is an essential raw material in IC manufacturing process. At the same time, it is also widely used in optoelectronics, compound semiconductors, Cecep Solar Energy Co.Ltd(000591) photovoltaic cells, liquid crystal displays, optical fiber manufacturing and many other fields. The previous processes of IC manufacturing, such as epitaxy, chemical vapor deposition, ion implantation, doping, etching, decontamination, mask film generation and so on, almost all need different kinds of electronic gases with different purity. It is these gases that make the magnetic chip have semiconductor properties through different processes.
The purity of electronic special gas directly affects the performance, integration and yield of IC. Electronic special gas accounts for about 20% of the cost of IC manufacturing materials. The price of electronic special gas affects the market competitiveness of IC. Therefore, electronic special gas is one of the key materials for IC manufacturing. As the IC manufacturing center in the world, the total demand of IC manufacturing in China has continuously exceeded the expected growth rate of about 30% in recent years.
According to the company's development strategy and industrial layout, on the basis of consolidating the leading position in the carbon dioxide gas industry, accelerate the extension to the all-round field of electronic special gas, and form a professional R & D, production and processing base of electronic special gas and mixed gas with great influence in the industry. The implementation of the project will further improve the layout of the company's electronic special gas products, expand the types of the company's gas products and enhance the company's core competitiveness.
(2) The demand for localization of electronic special gas is imminent
For a long time, special gases, especially electronic special gases, have been heavily dependent on imports, resulting in high prices of special gas products, long delivery cycles and untimely services. Some special gases used in the development of China's military and national defense industry are even restricted by foreign countries. This seriously restricts the healthy and stable development of China's high-tech industry. The logistics cost of Chinese industrial gas enterprises is low, the supply is timely, and the product price has obvious advantages. For example, the average price of Chinese high-purity gas products is lower than the international market price. The use of domestic high-purity gas products can greatly reduce the manufacturing cost of downstream industries. Therefore, the localization of electronic special gas and even the whole special gas is an inevitable trend.
At present, the world's major multinational gas companies have production bases in China. Nearly 85% of China's electronic special gas market is monopolized by foreign-funded enterprises. In particular, China's self-sufficiency rate of high-end electronic special gas is very low. At present, China's electronic special gas industry is still in the primary stage of development. The product supply of China's electronic special gas enterprises is still relatively single, the overall industrial scale is small, and the strength of individual enterprises is insufficient. At this time, China's semiconductor industry from the previous 100 billion support plan to made in China 2025 coincides with the gestation and rise period of emerging growth points, and the demand for localization of electronic special gas is imminent, China's electronic special gas industry is facing unprecedented development opportunities.
Electronic specialty gas is the "blood" of the semiconductor industry. With the rapid expansion of China's semiconductor and display panel market, the import substitution of upstream raw materials including electronic specialty gas is of great significance. The implementation of this project is conducive to filling the Chinese gap in the field of high-end electronic specialty gas, breaking foreign monopoly and gradually replacing import. (3) Establish a high-quality image of the electronic special gas industry and improve the company's comprehensive strength and profitability
Driven by policy support and downstream demand, the volume and product variety of China's electronic special gas enterprises have developed rapidly, and the import substitution in this field has begun. Using the technology accumulated in the past 20 years to produce high-purity gas, the company has seen the dependence on electronics and special gases in chip technology, wafer, computer, semiconductor, aerospace and military. After years of research and cooperation with professional teams in the United States, the company plans to build the electronic special gas project based on existing resources. The project adopts advanced cleaner production technology and relies on the mature production process of the company and abroad to produce electronic core high-purity chemical materials, which is in line with the national energy development strategy and industrial policy and helps to break the foreign monopoly, It is of great significance to the strategic new industrialization and industrial structure adjustment of the region.
The state's attention and boost to high-tech industries are inseparable from the support of various auxiliary industries. A perfect industrial chain also plays a vital role in national economic security. The project will make full use of the advantages of resource concentration, accelerate the extension to the all-round field of electronics and special gases, actively seize the market opportunity, develop and expand through increasing technology and capital investment, enhance the comprehensive competitive strength, lay a good foundation for the sustainable development of enterprises, support the upgrading and development of national semiconductor, chip and other high-tech industries, and create wealth for the society, Produce good economic and social benefits.
3. Feasibility of project implementation
(1) In line with national energy strategy and industrial development direction
The project belongs to the super clean and high-purity reagent and electronic gas specified in Article 12 of petrochemical industry in Article 11 of the encouraged projects in the catalogue for the guidance of industrial restructuring (2019), belongs to the technological development and production of new fine chemicals, and also belongs to the electronic chemicals specified in Article 39 of the manufacturing industry of chemical raw materials and chemical products in the tenth category of the encouraged projects in the catalogue for the guidance of foreign investment industry (revised in 2017), It belongs to the development and production of fine chemicals, which meets the requirements of relevant national and local industrial policies.
The implementation of the project is in line with the national industrial policy. The product varieties have high added value and high technical content. It has good deep processing development potential and market development prospect. The project complies with the requirements of the Ministry of industry and information technology in 2021
The requirements of the guidance catalogue for the first batch of application demonstration of key new materials (2021 version) issued on December 31 and implemented from January 1, 2022.
(2) The demand for electronic special gas is strong and the supply is limited. The project helps to meet the demand for domestic substitutes
In recent years, the technology of downstream industries of electronic specialty gas has changed rapidly, so that the refinement of electronic specialty gas, the key material of these industries, has continued to improve. Moreover, due to the continuous transfer of electronic industry chain from global semiconductor to display panel to Asia and China Chinese mainland, the demand for electronic special gas based on integrated circuits and display panels has increased rapidly in recent years, which is far higher than the global growth rate. In recent years, China's semiconductor market has developed rapidly, and the rapid development of related downstream areas will drive the future demand for electronic special gas, and with the mitigation of future epidemic situation, Driven by the energy revolution and computing revolution, the semiconductor industry will continue to boom. The growth of global electronic specialty gas is mainly due to the strong demand in semiconductor, panel, storage, PCB, medicine and other fields. The rapid development of electronic specialty gas business will also inject new impetus into the company's performance.
(3) The company has the technical ability and business advantages to implement the investment projects with the raised funds
The company is a listed enterprise with gas production as its main business. It is an environmental protection enterprise mainly engaged in the recovery and utilization of tail gas in petrochemical industry. The company has independent intellectual property rights, and the process technology of gas recovery, separation and purification has been successfully used in actual production. The company established a subsidiary of electronic special rare gas in 2018. It is a rare electronic special gas production enterprise in China, from gas source to purification, mixing, testing and sales. It has produced other kinds of electronic grade gases for many years, providing high-quality electronic grade oxygen, nitrogen, argon and other products for major enterprises in the electronic industry.
The project adopts domestic and reliable equipment and mature process technology imported from abroad. The company has several professional detection and analysis personnel and professional high-purity gas and mixed gas analysis laboratories, including 6 sets of analysis and treatment systems, more than 30 sets of advanced imported analysis equipment such as chromatography and Fourier transform infrared spectrometer, which can realize the measurement of ppb level impurity content. In terms of safety management, the latest international standards of the same industry are adopted to ensure the safety of production, storage and transportation. In terms of technology and product quality, it can significantly improve China's level. Most products meet or break through the quality requirements of international top products and fill the gap in China's technology and market. The company has established a comprehensive information management platform including ERP and MES. The gas cylinder tracking system can monitor the gas cylinder status in real time. The device and process technology can ensure the maturity and reliability of the project investment. After being put into operation, it can produce stably and safely for a long time according to the needs of customers. The company strives to build a complete closed-loop industrial chain of raw materials, production, packaging and testing to achieve self-sufficiency, and will have significant advantages in cost.
The company also has a mature marketing team with rich practical work experience and strong market development ability. The sales manager and salesperson have been professionally trained, with clear team concept and strong cooperation. Since 2021, the company has successively signed sales contracts with a number of electronic special gas agents. The ultra-high purity electronic special gas has realized multi order sales, and the orders are gradually in large quantities, with strong market expansion ability.
4. Project investment estimate
The estimated total investment of the project is 7518523 million yuan, of which 570 million yuan is proposed to be raised. 5. Economic benefits of the project
After the completion of the project, the after tax internal rate of return of the project is 27.85%, the after tax investment payback period is 6.84 (including the construction period of 3 years), and the economic benefit is good.
6. Environmental impact assessment items for project filing
The relevant filing and environmental assessment of the project are still in the process, and the company will perform the approval or filing procedures according to the relevant requirements.
(II) 300000 t / a (27.5%) high clean food and electronic grade hydrogen peroxide project of Fujian Hunan Kaimeite Gases Co.Ltd(002549) body Co., Ltd
1. Project overview
The total investment of the project is 521444900 yuan, which is invested in 300000 t / a (27.5%) hydrogen peroxide project. The product scheme includes four products: electronic grade, food grade, industrial grade dilute and industrial grade concentrated hydrogen peroxide. The actual output of each product can be adjusted according to the market supply and demand. The project adopts anthraquinone fixed bed palladium catalyst process to produce hydrogen peroxide. This technology has the advantages of high product quality, low energy consumption, low cost and good safety performance. At the same time, it is suitable for large-scale production. It is listed in the first batch of cleaner production technology guidance catalogue of national key industries by the State Economic and Trade Commission, which belongs to cleaner production technology.
2. Necessity of project implementation
(1) The global hydrogen peroxide industry will usher in a new round of rapid development
Hydrogen peroxide, commonly known as hydrogen peroxide, is an important chemical product. Because the oxygen produced after its decomposition has a variety of effects such as bleaching, oxidation, disinfection and sterilization, and has the characteristics of no by-products and no special treatment, it is widely used in industrial and agricultural production such as papermaking, textile and chemical industry. Hydrogen peroxide is known as the "cleanest" chemical product because of its almost pollution-free characteristics. In recent years, its application market has been expanding. In addition to the three main application fields, it has also been continuously developed and applied to new uses.
In electronics, food and other fields, hydrogen peroxide as an oxidant has the advantages of reducing pollution and cost, and has great market potential. Hydrogen peroxide is an environment-friendly chemical product widely used in many industries. Therefore, it has attracted extensive attention from developed countries with sound environmental protection laws and regulations and has become a "hot" product to replace chlorine products. In recent 10 years, the global demand has increased rapidly, while the continuous development and technological progress of hydrogen peroxide industry have greatly reduced the sales price of hydrogen peroxide products, It has laid a good foundation for the wide use of hydrogen peroxide in these industries and its popularization and application in more industries. It can be expected that the world hydrogen peroxide industry will usher in a new round of rapid development.
(2) There are structural contradictions in the localized supply of hydrogen peroxide in China
At present, China's hydrogen peroxide production capacity, output and consumption are the first in the world. However, due to the unstable and explosive chemical properties of hydrogen peroxide and its certain sales radius (300 ~ 500 km), the production capacity of hydrogen peroxide industry is scattered, the concentration of production capacity remains at a low level, and the competition is fierce.
Relevant research shows that 83% of China's hydrogen peroxide production capacity is distributed in East China (63%), North China (6%) and
