Securities code: 002897 securities abbreviation: Wenzhou Yihua Connector Co.Ltd(002897) Wenzhou Yihua Connector Co.Ltd(002897)
Non public offering of A-Shares in 2022
Feasibility analysis report on the use of raised funds
January 2002
catalogue
interpretation...... 2 I. use plan of the raised funds 3 II. Basic information of this raised investment project 3 (I) Tianjin PV support core component production base construction project three
1. Basic information of the project three
2. Necessity analysis of project construction four
3. Feasibility analysis of project construction five
4. Project investment plan 6 (II) Yueqing photovoltaic support core component production base construction project seven
1. Basic information of the project seven
2. Necessity analysis of project construction seven
3. Feasibility analysis of project construction nine
4. Overview of project construction scheme 10 (III) full scene application R & D and experimental base construction project of photovoltaic support eleven
1. Basic information of the project eleven
2. Necessity analysis of project construction eleven
3. Feasibility analysis of project construction thirteen
4. Overview of project construction scheme 15 (IV) supplementary working capital projects fifteen
1. Basic information of the project fifteen
2. The need to replenish working capital 15 III. impact of this issuance on the company's operation, management and financial status 16 (I) the impact of this issuance on the operation and management of the company 16 (II) impact of this issuance on the company's financial situation sixteen
interpretation
In this report, unless the context otherwise requires, the following abbreviations have the following meanings:
Wenzhou Yihua Connector Co.Ltd(002897) / company / the company / issue means Wenzhou Yihua Connector Co.Ltd(002897)
Person / listed company
This non-public offering / this offering refers to the non-public offering of a shares, and the raised funds do not exceed 1077410900 yuan (including this number)
Yuan and 10000 yuan refer to RMB yuan and 10000 yuan
The State Council means the State Council of the people's Republic of China
NT means nextracker Inc
GCS means gamechange solar Corp
FTC means FTC solar, Inc
Soltec means Soltec Energias renewables, s.l.u
PVH means PV hardware solutions s.l.u
Trina Solar Co.Ltd(688599) means Trina Solar Co.Ltd(688599)
Zhengtai aneng refers to Zhejiang Zhengtai aneng Power System Engineering Co., Ltd
Photovoltaic power generation refers to the power generation technology that directly converts solar energy into electric energy by using photovoltaic effect
Photovoltaic support used to install, support and fix photovoltaic modules in photovoltaic power generation system refers to special function support. It can be divided into tracking support and fixed support according to whether it can automatically follow the sun
Through the combined action of mechanical, electrical, electronic circuits and procedures, the real tracking support refers to the equipment that adjusts the spatial angle of the plane of the Cecep Solar Energy Co.Ltd(000591) component relative to the incident sunlight to increase the irradiation amount of the sunlight projected on the Cecep Solar Energy Co.Ltd(000591) component and improve the power generation
The core part of Cecep Solar Energy Co.Ltd(000591) power generation system, which is used to convert Cecep Solar Energy Co.Ltd(000591) photovoltaic modules into electric energy and send them to the battery for storage, or promote the load to work
TTU refers to torque tube, square tube and torque tube; Rotating shaft and used to support purlin and Cecep Solar Energy Co.Ltd(000591) panel
Rail / purlin refers to a transverse bending (usually bidirectional bending) member used to fix Cecep Solar Energy Co.Ltd(000591) panels
BHA refers to bearing housing assy, bearing support assembly; It is used to connect the ground pile and the torque pipe to make the torque pipe rotate in the bearing assembly
BIPV refers to building integrated photovoltaic, which is a technology that integrates Cecep Solar Energy Co.Ltd(000591) power generation (photovoltaic) products into buildings
GW refers to gigawatt, which is 1000 times of MW (megawatt), and is the unit describing capacity or installed capacity in the photovoltaic industry
Note: any discrepancy between the total and the mantissa of the sum of the sub item values in this report is caused by rounding.
1、 Use plan of the raised funds
The total amount of funds raised from this non-public offering of shares does not exceed 1077410900 yuan (including this amount). The raised funds will be used to invest in the following projects after deducting relevant issuance expenses:
Unit: 10000 yuan
No. project name total investment amount proposed to be invested in raised funds
1 construction project of Tianjin photovoltaic support core component production base 45204.5840527.26
2. Yueqing photovoltaic support core component production base construction project 33243.6430319.74
3. Project 6894.096894.09 of full scene application R & D and experimental base construction of photovoltaic support
4. Supplementary working capital 30000.0030000.00
Total 115342.31107741.09
If the actual raised funds after deducting the issuance expenses in this non-public offering are less than the total amount of the raised funds to be invested in the above projects, the listed company will adjust the priority of the raised funds and the specific investment amount of each project according to the actual net raised funds and the priorities of the projects, and the insufficient raised funds shall be raised by the listed company itself. Before the funds raised from this non-public offering are in place, the listed company will invest in advance with its own funds or self raised funds according to the actual progress of the raised investment project, and replace them according to the relevant procedures after the raised funds are in place. 2、 Basic information of the raised investment project (I) construction project of Tianjin photovoltaic support core component production base
1. Basic information of the project
With the continuous increase of new PV installed capacity, the market demand for PV support, especially tracking support, increases. As a professional manufacturer of core components of photovoltaic support, the company plans to build a production base of core components of photovoltaic support in Tianjin to further meet the needs of the market and customers. The project plans to purchase land to build a new production plant and purchase supporting production equipment to improve the production capacity of TTU pipeline and purlin. The products produced in the project are the core components required for photovoltaic support manufacturing. The construction of the project will expand the company's production scale, meet the business needs of the company's rapid development, consolidate and further enhance the company's competitiveness and market position in the industry.
The implementation subject of the project is Tianjin Yihua Intelligent Manufacturing Co., Ltd., a wholly-owned subsidiary of the company.
2. Necessity analysis of project construction
(1) The project is conducive to the company's implementation of future development strategic planning and consolidation of market position
The company has long been committed to the R & D, production and sales of the core components of photovoltaic support, has won a good reputation in the international market, and the shipment has achieved sustained and stable growth; In the future, the company will simultaneously promote the development of China's photovoltaic market with good reputation and a wide range of customer groups. At present, driven by the vigorous development of the global photovoltaic market, China's photovoltaic industry continues to develop healthily, the industrial scale is growing steadily, the technology is making breakthroughs and innovations, and the scale of photovoltaic support industry is expanding synchronously. In recent years, with the gradual maturity of photovoltaic tracking support technology and the continuous expansion of market scale, according to the data of China Photovoltaic Industry Association, the market penetration of photovoltaic tracking support in China was 18.7% in 2020. Compared with the penetration of developed countries such as the United States, there is still much room for development of photovoltaic tracking support in China.
It can be seen that with the continuous increase of new PV installed capacity in China, the demand for PV support, especially tracking support, in the Chinese market will also be released rapidly. The implementation of the project will help the company seize the development opportunities of the Chinese market, strengthen the development of China's photovoltaic support market while consolidating the international market, and realize the dual track development strategy outside China.
(2) The project will help the company expand its production capacity and better meet the growing needs of customers
At present, with the planning and deployment of "carbon peaking and carbon neutralization", China's energy structure has accelerated its evolution and has begun to transform to cleaner, intelligent, electrification and integration. Taking clean energy as the leading and changing energy production mode will become the implementation route of energy strategy in the future. Cecep Solar Energy Co.Ltd(000591) as one of the core components of clean energy, its total installed capacity of power generation continues to grow, which further drives the increase of market demand for photovoltaic supports, and the market space of related products is broad in the future. In recent years, the company's photovoltaic support core components have been stably supplied to well-known enterprises at home and abroad such as NT, GCS, FTC, Trina Solar Co.Ltd(688599) , Zhengtai aneng, etc. with good quality and service, the company has won the trust of customers, the shipment volume and revenue scale have increased rapidly, and the existing production capacity is becoming saturated. With the increasing demand of Chinese enterprises for photovoltaic supports, the company's products will meet broader market demand in the future. If the capacity of relevant products of the company cannot be effectively expanded, the contradiction between supply and demand of products will gradually appear, and the lack of capacity will become the bottleneck restricting the future development of the company.
Therefore, in order to comply with the rapid growth of downstream market demand, it is necessary for the company to make layout in advance and improve the production capacity of the core components of the company's photovoltaic support, so as to better meet the needs of customers and improve the company's own profitability.
(3) The project is conducive to the company to obtain location advantages, reduce costs and improve market competitiveness
The main raw materials of the core components of photovoltaic support are steel, which has large weight and high transportation cost, and the steel industry has obvious regional characteristics. The project plans to build a production base of photovoltaic support core components in Tianjin, close to many large steel suppliers in Hebei, and the transportation cost of raw materials is significantly lower than that in the southeast coastal areas. At the same time, the Tianjin Port Co.Ltd(600717) port is convenient for sea transportation, and the transportation cost of finished products can be further saved after the company's products are delivered by sea. Moreover, the development and construction of photovoltaic power stations in China are concentrated in Hebei, Ningxia, Qinghai, Inner Mongolia, Xinjiang and northeast provinces. The construction of photovoltaic support core component production base in Tianjin can also better and more efficiently meet the market needs of Chinese customers.
After the project is completed and put into operation, it will effectively improve the production and supply capacity of core components of photovoltaic support, shorten the supply cycle, and obtain more favorable conditions in terms of logistics cost and raw material price. By making effective use of Tianjin's location advantages, the company will enhance its market competitiveness and anti risk ability.
3. Feasibility analysis of project construction
(1) The project actively responds to national policies and is encouraged and supported by national policies
With the continuous release and implementation of policies related to carbon peak and carbon neutralization in recent years, as an important branch in the field of renewable energy, the photovoltaic industry also continues to be supported by national policies. In February 2021, the guiding opinions on accelerating the establishment and improvement of a green and low-carbon circular development economic system issued by the State Council pointed out that it is necessary to "improve the utilization proportion of renewable energy, vigorously promote the development of wind power and photovoltaic power generation, and develop hydropower, geothermal energy, marine energy, hydrogen energy, biomass energy and solar thermal power generation according to local conditions
