Securities code: Zhangjiagang Zhonghuan Hailu High-End Equipmentco.Ltd(301040) securities abbreviation: Zhangjiagang Zhonghuan Hailu High-End Equipmentco.Ltd(301040) Zhangjiagang Zhonghuan Hailu High-End Equipmentco.Ltd(301040) issue convertible corporate bonds to unspecified objects
Feasibility analysis report on the use of raised funds
(Revised Version)
March, 2002
In order to promote the business development of Zhangjiagang Zhonghuan Hailu High-End Equipmentco.Ltd(301040) (hereinafter referred to as Zhangjiagang Zhonghuan Hailu High-End Equipmentco.Ltd(301040) "or" the company ") and further enhance the competitiveness of the company, the company plans to issue convertible corporate bonds (hereinafter referred to as" convertible bonds ") to unspecified objects to raise funds. The feasibility analysis of the company's board of directors on the use of the funds raised by issuing convertible bonds to unspecified objects is as follows: I. The use plan of the raised funds
The total amount of funds to be raised by the company in this issuance shall not exceed 360 million yuan (including 360 million yuan). After deducting the issuance expenses, it is proposed to be used for the following items:
Unit: 10000 yuan
No. project name total investment to be invested in raised funds
1 high end ring forging production line expansion project 13 Ping An Bank Co.Ltd(000001) 300000
2. Heat treatment intelligent production line project of key parts of superalloy 13 Ping An Bank Co.Ltd(000001) 300000
3. Supplementary working capital 10 Ping An Bank Co.Ltd(000001) 000000
Total 360 China Union Holdings Ltd(000036) 00000
If the actual funds raised in this offering (after deducting the issuance expenses) are less than the total amount of funds to be invested in this offering, the board of directors of the company will arrange the specific use of the raised funds according to the importance and urgency of the purpose of the raised funds, and the insufficient part will be solved through self owned funds or self financing. On the premise of not changing the investment project of the raised funds, the board of directors of the company can appropriately adjust the investment sequence and amount of the raised funds of the above projects according to the actual needs of the project. Before the funds raised from the issuance of convertible corporate bonds are in place, the company will invest in advance through its own or self raised funds according to the actual situation of the implementation progress of the investment project with raised funds, and replace them in accordance with the procedures specified in relevant laws and regulations after the raised funds are in place. 2、 Background of the project invested by the raised funds
(I) implementation of carbon neutralization policy in the context of climate warming
According to the World Meteorological Organization, the global average temperature from 2016 to 2020 is the warmest on record, about 1.1 ℃ higher than that from 1850 to 1900. The accelerated rise of global average sea level caused by global warming and the increase in the frequency of extreme weather events have attracted the attention of countries all over the world. In order to comprehensively deal with the problem of global warming, the United Nations has held climate change conferences for many times. Carbon emission reduction has become a global consensus. A new pattern of global climate governance has gradually taken shape. More and more countries are positioning carbon emission reduction as one of their national development strategies.
China's international commitments on climate change continued to improve. On the basis of fulfilling the 2020 emission reduction commitments in the Copenhagen agreement ahead of schedule, China made further emission reduction commitments than the independent contributions of countries in the Paris agreement at the 2020 United Nations General Assembly and climate ambition summit, and put forward the goal of achieving carbon neutrality and harmony around 2060 for the first time. The central government and national ministries and commissions accelerated the construction of plans, policies, regulations and systems related to carbon emission reduction. The Fifth Plenary Session of the 19th CPC Central Committee, the central economic work conference, the meeting of the Central Committee for comprehensively deepening reform and other important meetings of the CPC Central Committee have repeatedly stressed the need to speed up the formulation of an action plan for peaking carbon emissions by 2030. It is expected that at the beginning of the 14th five year plan, China's carbon emission reduction related policies and regulatory system will be preliminarily improved to ensure that the carbon peak and carbon neutralization targets are achieved on schedule.
(II) the market scale of wind power industry shows an increasing trend
In recent years, with the intensification of global resource constraints and the increasingly obvious climate warming, wind power has attracted more and more attention all over the world, and has developed rapidly with the joint efforts of all countries. Compared with other new energy technologies, wind power technology is relatively mature and has higher cost-effectiveness and resource effectiveness. Therefore, the development of wind power has maintained a rapid development speed in the past 30 years.
As the core component of wind power equipment, wind turbine has long working time, extremely heavy load and poor working environment. Therefore, the connecting parts of bearing and flange need to meet the requirements of large bearing, impact resistance, wear resistance and corrosion resistance. The bearings in the wind turbine mainly include yaw system bearings, pitch system bearings, gearbox bearings, etc. the yaw system generally adopts one set of bearings, the pitch system generally adopts three sets of bearings, the gearbox (also known as the speed increasing box) generally adopts one set of bearings, and one set of bearings generally requires two ring forgings as the main structure. The sustainable development of the wind power industry will bring sustained market demand to its supporting basic parts industry.
(III) national policies support the rapid development of forging industry
The state pays more attention to high-end forging technology with the changes of internal and external environment, and focuses on promoting the development of forging industry and downstream equipment manufacturing industry, providing a good policy environment for the development of forging products of the company. In 2015, The State Council's "made in China 2025" goal states: "by 2020, 40% of the core basic parts and components and key basic materials will be independently guaranteed, and the situation of being controlled by others will be gradually alleviated. The core basic parts (components) urgently needed by aerospace equipment, communication equipment, power generation and transmission and transformation equipment, construction machinery, rail transit equipment, household appliances and other industries And the advanced manufacturing technology of key basic materials have been popularized and applied. By 2025, 70% of the core basic parts and components and key basic materials will be independently guaranteed, 80 iconic advanced processes will be popularized and applied, some of them will reach the international leading level, a relatively perfect basic service system of industrial technology will be established, and an industrial innovation and development pattern of coordinated and interactive whole machine traction and basic support will be gradually formed. "
In 2018, the classification of strategic emerging industries (2018) issued by the National Bureau of Statistics (Order No. 23 of the National Bureau of Statistics) listed forging and powder metallurgy products manufacturing, wind turbine generator equipment and parts manufacturing as strategic emerging industries.
In 2021, the outline for the development of the forging industry in the 14th five year plan issued by China Forging Association stressed that we should take the road of "specialization, precision, specialty and innovation" and enhance the competitiveness of the industry through specialization and scale; Fully realize local automation of forging, reduce direct labor, and further develop digitization and informatization; Realize the technical route of green forging, cultivate special raw materials and die materials for subdivided industries, and ensure that the stability and reliability of forging equipment are significantly improved. With the support of China's relevant industrial policies, the forging industry has great development potential.
(IV) the development space of high-end heat treatment technology is still large
Heat treatment is a process of heating, heat preservation and cooling metal workpieces in a certain medium, and controlling their properties by changing the surface or internal structure of metal materials. At present, the technical level of China's heat treatment equipment still needs to be improved. Compared with developed countries, there is still a large gap, which is mainly reflected in the design and manufacturing technology, precision control technology, energy conservation and environmental protection technology of advanced heat treatment equipment. These gaps need not only the improvement of equipment, but also the accumulation of enterprise experience.
As China's heat treatment equipment is relatively old and technologically backward, it leads to high energy consumption and large environmental pollution. In the context of energy conservation and emission reduction and today's "carbon neutralization", the demand for high-efficiency, energy-saving and environment-friendly heat treatment equipment such as vacuum heat treatment equipment and controllable atmosphere treatment equipment will increase. In the heat treatment industry of industrial developed countries, advanced equipment such as high-pressure gas quenching vacuum furnace, vacuum carburizing high-pressure gas quenching furnace, multi-purpose furnace for controlling atmosphere and protective atmosphere heat treatment production line account for 75% ~ 85% of the total heat treatment equipment, while China's heat treatment industry only accounts for about 30%, and there is still a large space for substitution. 3、 Details of the project invested by the raised funds
(I) expansion project of high-end ring forging production line
1. Basic information of the project
Project Name: expansion project of high-end ring forging production line
Implementation subject: Zhangjiagang Zhonghuan Hailu High-End Equipmentco.Ltd(301040)
Construction site: Hexing Huashan Road, Jinfeng Town, Zhangjiagang City
Construction content: the total investment of the project is 130 million yuan, and the raised fund is proposed to be 130 million yuan. The project plans to expand the plant and add supporting facilities on the basis of the company's own idle land and the original workshop. After the completion of the project, the product structure of the company will be optimized, and the main production of ordinary forgings will gradually transition to special-shaped parts, so as to improve product quality and production efficiency, meet the growing market demand and improve the overall benefits of the company.
Project investment overview:
Unit: 10000 yuan
No. the investment amount of the project accounts for a large proportion of the raised funds invested
I. construction investment 1300000 100.00%
1. Project cost 1247801 95.98%
1.1 construction cost 408679 31.44% 1262566
1.2 software and hardware purchase cost 839122 64.55%
2. Other construction costs 147.65 1.14%
3. Reserve fund 374.34 2.88%
III. total 1300000 100.00% 1300000
2. Project necessity
(1) Improve the production capacity of special-shaped parts and comply with the product upgrading of downstream customers
With the higher and higher requirements of the downstream equipment manufacturing industry of the ring forging industry, especially in order to solve the development trend of the installed capacity of the wind power industry to large MW and the large-scale automation of construction machinery, the supporting parts are also required to develop to higher strength, greater weight and longer service life. The corresponding ring forging enterprises develop and produce slewing rings, flanges with rich varieties, various specifications, excellent quality and stable performance The ability and response speed of special-shaped ring forgings such as ring gear / ball valve are particularly important.
Through the implementation of this project, the large-scale forging equipment of precision ring rolling machine will be introduced. The inner and outer roll cores can adjust the special-shaped state without changing the die, which greatly reduces the process flow of special-shaped ring forgings, improves the production efficiency of products, and enables the company to undertake more high-end complex forging products. The continuous enrichment of the product matrix is beneficial for the company to extend to the high value-added products downstream of the forging industry chain, so as to form the overall product scale and supporting advantages, timely respond to the product upgrading requirements of downstream customers, and fully meet the growing market demand of customers. (2) Improve the level of production automation to meet the requirements of Intelligent Manufacturing in the future
Made in China 2025, issued by the State Council, proposes the strategic goal of comprehensively promoting the implementation of manufacturing power, which is an important action program for Chinese manufacturing enterprises to promote intelligent transformation. The automation level of the company's existing production equipment is not high, and it needs to rely on a large number of manual operation machines. At the same time, the heating and heat treatment processes of the heating furnace make the operating temperature of the workshop higher. In the high-temperature weather in summer, the temperature around the equipment can be as high as 50 degrees. The working environment of employees is poor, and the automation level is far from that of the most advanced factory. From a long-term perspective, it is not in line with the development direction of national intelligent manufacturing, nor conducive to the company to improve its production capacity and consolidate its core competitive advantage. The company urgently needs to improve its production automation level.
Through the implementation of this project, the company will introduce more advanced production lines, use Siasun Robot&Automation Co.Ltd(300024) equipment to replace labor, improve the automation of production process, speed up material turnover efficiency, reduce production costs and improve product production capacity, so as to improve the overall production efficiency and profitability of the company. The improvement of production automation level promotes the sustainable and healthy development of the company, lays a good foundation for the further improvement of the company's intelligent production level and the construction of intelligent factory, accumulates valuable experience, and meets the requirements of "intellectualization, specialization and greening" of manufacturing industry in the future.
(3) Reduce the company's production costs and maintain the company's sustainable profitability
Wind power ring forgings are one of the company's core products, but with the decline of wind power subsidies, customers have urgent requirements for cost reduction. At present, in the manufacturing process of wind power forging products, the cost of raw materials accounts for more than 70% of the production cost. At the same time, due to the long manufacturing process of wind power bearing and gear products, the material utilization rate is only 50% - 70%. Forging industry usually adopts the pricing mode of "raw material cost + processing fee". Since raw materials account for a high proportion of production cost, saving material cost is an important way to reduce the whole production cost.
The implementation of this project will improve the accuracy of the company's production of forgings and reduce the loss of raw materials in the finishing process. The precision ring rolling machine planned to be purchased can save 5% - 20% of raw materials in the process of making special-shaped ring forgings, which can effectively reduce the company's production cost and enhance the market competitiveness of the company's products. At the same time, advanced production
