Stock abbreviation: Ningbo Ronbay New Energy Technology Co.Ltd(688005) Stock Code: Ningbo Ronbay New Energy Technology Co.Ltd(688005) Ningbo Ronbay New Energy Technology Co.Ltd(688005) 2022 demonstration and analysis report on the issuance scheme of A-Shares issued to specific objects
March, 2002
Ningbo Ronbay New Energy Technology Co.Ltd(688005) (hereinafter referred to as " Ningbo Ronbay New Energy Technology Co.Ltd(688005) " or "the company") is a listed company on the science and Innovation Board of Shanghai Stock Exchange. In order to meet the capital needs of the company's business development and enhance the company's capital strength and profitability, in accordance with the company law of the people's Republic of China, the securities law of the people's Republic of China, the measures for the administration of securities issuance and registration of companies listed on the science and Innovation Board (for Trial Implementation) (hereinafter referred to as the "measures for the administration of registration") and other relevant laws, administrative regulations, departmental rules or normative documents, as well as the provisions of Ningbo Ronbay New Energy Technology Co.Ltd(688005) articles of association, The company has prepared the demonstration and analysis report on the issuance scheme of A-Shares issued to specific objects in Ningbo Ronbay New Energy Technology Co.Ltd(688005) 2022 (hereinafter referred to as "the demonstration and analysis report").
Unless otherwise specified in this demonstration and analysis report, relevant terms have the same meaning as in the plan for issuing A-Shares to specific objects in Ningbo Ronbay New Energy Technology Co.Ltd(688005) 2022. 1、 Background and purpose of this issuance of shares to specific objects
(I) background of this issuance
1. The goal of "double carbon" is accelerated, and the market space of new energy lithium battery materials industry is broad
In recent years, with global warming, energy shortage and increasingly prominent eco-environmental problems, governments have successively issued plans and supporting policies to encourage the development of new energy industry, highlighting the determination of countries around the world to protect the environment and develop renewable energy industry. In September 2020, Xi Jinping president announced to the world that China's carbon emissions would reach the peak by 2030 and strive to achieve carbon neutrality by 2060. China is a major carbon emitter in the world. Actively responding to climate change and actively proposing the "double carbon" goal will accelerate the pace of global carbon emission reduction. China will also usher in a historic turning point, which is also an inevitable choice to promote the transformation and upgrading of national new energy and related industries and realize long-term, healthy and sustainable economic development. In 2020, the EU issued the sustainable and intelligent transportation strategy, aiming to reduce carbon emissions in the transportation sector by 90% on the basis of 2020 in 2050; In 2021, EU countries finally passed the European climate act, paving the way for EU countries to achieve the goal of carbon neutrality by 2050. In 2021, the United States rejoined the Paris Agreement and promised to achieve carbon neutrality by 2050. Under the background that the global leading economy is moving towards carbon peak and carbon neutrality, the policy support and R & D investment of new energy vehicles continue to increase, and the global new energy vehicle industry shows an explosive growth trend. According to the data of the passenger Federation, in 2021, the global sales volume of narrow new energy passenger vehicles reached 6.23 million, with a year-on-year increase of 118%, the market penetration rate reached 7%, and the penetration rate of new energy vehicles in China and Europe reached 13%. Among them, in the fourth quarter of 2021, the penetration rate of new energy vehicles in China has exceeded 20%. GGII predicts that by 2025, the global sales volume of new energy vehicles will reach 26 million, with an average annual compound growth rate of about 41.42% compared with 2021. According to the statistics of China Automobile Industry Association, in 2021, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 3521000, with a year-on-year increase of 158%. In this stage of rapid increase in industry demand, China's industrial chains developed rapidly, the market scale expanded day by day, and the overall growth rate exceeded that of the world. Driven by the strong demand of the downstream market, the market scale of each link of lithium battery materials will grow rapidly.
According to the prediction of GGII, the global power battery shipment will reach 1550gwh by 2025, an increase of more than 300.0% compared with that in 2021, and the market space is huge. Cathode materials occupy the core link of power batteries and account for the largest proportion of costs. In 2021, the global shipments of ternary cathode materials accounted for 50.3% of cathode shipments, which is one of the main directions of cathode materials. At present, the market demand for ternary cathode materials in China is strong, and the relationship between supply and demand is tightening. Leading enterprises have expanded their production to cope with the rapidly growing market. According to GGII data, in 2021, the global shipment of ternary cathode materials was 740000 tons, with a year-on-year increase of 72.89%, driving the global shipment of ternary precursors to 720000 tons, with a year-on-year increase of 72.52%. The ternary cathode material and precursor industry has broad market space. It is expected that the global market demand for ternary materials will increase to 3 million tons and the global market demand for precursors will increase to 2.95 million tons in 2025. Therefore, the company needs to speed up the production capacity layout to meet the rapidly developing market demand and further improve the market share and core competitiveness.
2. The ternary advantage of high nickel is obvious, which is conducive to further improving industrial barriers
In recent years, the development trend of lightweight and intelligent technology of new energy vehicles puts forward the requirements of longer mileage and higher energy density for power batteries. According to GGII data, the global ternary shipment of high nickel in 2021 was 309000 tons, with a year-on-year increase of 120.71%, accounting for 41.76% of the total shipment of ternary cathode materials. High nickel ternary battery will continue to grow into the mainstream technology of long-life models. With the development of relevant technologies and the integration of vehicle platform functions, new energy vehicles will continue to develop towards higher energy density and longer mileage in the future, and the development trend of high nickel ternary lithium battery will become more and more obvious.
From the technical point of view, compared with other cathode materials, the technical barrier of high nickel ternary is higher, which requires not only a higher R & D technical threshold, but also more efficient and stable engineering and technical capacity and finer production management level. In terms of energy density, after the introduction of ultra-high nickel cathode material, the energy density of the cell has reached Shenzhen Jt Automation Equipment Co.Ltd(300400) wh / kg, widening the gap with lithium iron phosphate cell, which can better meet the development requirements of lightweight and intelligent new energy vehicles. From the market side, many multinational car companies choose the high nickel power battery technology route as a commercialization scheme to realize high-end application scenarios and high endurance mileage, which has accelerated the promotion and popularization of the high nickel power battery technology route. BMW, Volkswagen, Daimler, Hyundai, general motors, Ford and other international OEMs have accelerated their electrification transformation and launched a variety of medium and high-end passenger car models. The battery technology route is inclined to high nickel batteries, resulting in strong demand for high nickel batteries. From the cost side, the high nickel ternary cathode material uses less cobalt metal, which reduces the cost of raw materials and reduces the unit cost of high nickel ternary lithium battery, which is conducive to the popularization of new energy vehicles. Therefore, under the background that the ternary trend of high nickel is clearer, the competition pattern is clearer, and the leading enterprises will further benefit.
3. The company continues to strengthen the core advantages of high nickel cathode and practice the new integration strategy
In recent years, the company has carried out forward-looking strategic layout and continuous R & D investment in the field of high nickel ternary cathode materials and precursors, and has successfully mastered a number of industry-leading core technologies to effectively realize the achievement transformation of core technologies.
The company launched the first generation of ncm811 products in 2016, took the lead in realizing the large-scale industrialization of ncm811 products in China in 2017, and established the core competitive barrier in the field of high nickel cathode materials. Take the lead in developing and completing ni90 ultra-high nickel cathode material in China in 2019, and realize the industrialization of ultra-high nickel cathode products in 2020. The company's shipments to well-known power battery enterprises continued to rise, and the sales volume increased by nearly 100% year-on-year in 2021, maintaining the first shipment of high nickel cathode materials in China.
In 2021, the company formulated and implemented the "new integration" strategy, continuously deepened the professional advantages of high nickel cathode, and extended the industrial chain around the cathode field. On the one hand, it actively distributed the upstream resource smelting, battery recovery and precursor fields, on the other hand, it extended to the field of engineering equipment, optimized the production line design and improved the lean manufacturing capacity. Adhering to the concept of "being the strongest, cooperating with the strongest, and integrating with each other", the company takes the "seven modernizations" of specialization, integration, platform, ecology, digitization, globalization and organization as its business policy to comprehensively enhance its competitive advantage. The company has developed a number of key technologies for the production of nickel cathode materials, such as ultra-high voltage, single crystal nickel and other key materials without water washing technology, including nickel cathode production technology; Continue to conduct in-depth research on battery technology and materials, and research and develop the cathode materials of the next generation of batteries. By the end of 2021, the company had 141 registered patents (including 60 invention patents) outside China
Item), protect the core technology. In the last three years, the R & D investment was 1649627 million yuan, 1460411 million yuan and 359526 million yuan respectively. The continuous high R & D investment ensured that the overall R & D team size and strength occupied the leading position in the industry and promoted the steady improvement of the company's R & D technology level. By further improving the business partner and partner system, improve the long-term incentive mechanism for business backbone, and fully stimulate the vitality of the team.
(II) purpose of this issuance
1. Focus on the main business and improve the expansion ability of the industrial chain, promote the further implementation of the "new integration" strategy, firmly deepen the "new integration" strategic layout, adhere to the mission of developing the new energy industry, improving the human living environment, creating a better future for the company and employees and returning to the society, and take the vision of establishing a new energy industry cluster with first-class innovation ability and high commercial civilization as its vision.
The investment projects raised by this issuance will closely focus on the "new integration" strategy, mainly focus on the ternary cathode materials and precursors of the core business, and expand the scale of production capacity; In addition, through the investment project raised by this issuance, the company will continue to extend the industrial chain, strengthen process technology, equipment research and intelligent manufacturing system development, promote the leading engineering technology and form stronger technical barriers. In the future, the company will not only be able to design a new generation of production line and complete the construction efficiently, but also realize independent research and development in key equipment, Further improve the overall delivery capability and integrated solution capability.
Through the construction of this raised investment project, the company plans to comprehensively carry out the global strategic layout and lay a solid foundation for serving international strategic customers. At present, the company has accelerated the construction of production bases in Hubei, Guizhou, South Korea and other places, and plans to complete the construction of bases in Europe and North America by 2025 to realize the layout of global production bases. To sum up, the company will strive to practice the "new integration" strategy through the implementation of this raised investment project, continuously consolidate its main business, improve the expansion ability of the industrial chain, and expand the company's core competitiveness and influence in the field of lithium battery cathode materials.
2. Meet the rapidly growing market demand in the downstream and consolidate the company's leading position in the industry
Thanks to the long-term and rapid development of the new energy vehicle industry, the power battery and upstream lithium battery material industry is expected to achieve rapid growth, and there is still broad market development space in the future. Relying on its comprehensive advantages in product development and quality management, engineering technology and manufacturing, product supply and other aspects, the company has formed a deep strategic cooperation relationship with the upstream and downstream of the industrial chain, formed business synergy, innovation synergy and strategic synergy, and accelerated the development of the company and the whole industry. At present, the company has established a two-tier strategic cooperation relationship of "capital + business" with metal raw materials, resource recovery and precursor suppliers to jointly build a competitive high nickel ternary material industry chain and consolidate the company's leading position in the industry.
The company has fully entered the industry chain of the world's leading lithium-ion battery enterprises and is the core supplier of the supply chain of leading enterprises. Through deep binding with downstream high-quality customers, the company has realized the continuous rise of production capacity and shipment. Seizing the development opportunities of the lithium battery industry, the company has been deeply engaged in the field of lithium battery cathode materials, and has fully introduced and carried out in-depth cooperation with leading lithium-ion battery enterprises in the world, including Contemporary Amperex Technology Co.Limited(300750) , Farasis Energy (Gan Zhou) Co.Ltd(688567) , skon, Eve Energy Co.Ltd(300014) , honeycomb energy and so on. Downstream manufacturers have a long certification cycle for positive material and positive material precursor manufacturers, and will not be easily replaced after establishing a cooperative relationship. Therefore, the company has certain customer barriers. The growth of market demand at home and abroad and downstream high-quality customer resources provide a solid guarantee for the sustainable development of the company.
3. Optimize the capital structure and enhance the company's sustainable development ability
After the funds raised in this offering are in place, the company's total assets and net assets will increase accordingly, the asset liability ratio will decrease accordingly, and the company's capital structure will be further optimized, which is conducive to enhancing the company's solvency and reducing the company's financial risk.
With the smooth implementation of the raised investment project and the effective use of the raised funds, the gradual release of the project benefits will improve the overall business operation scale and economic benefits of the company, provide an important guarantee for the sustainable development and long-term profitability of the company, enhance the core competitiveness of the company and meet the interests of all shareholders. 2、 The necessity of this issuance of securities and its variety selection
(I) types of securities issued this time
The type of shares issued to specific objects this time is RMB ordinary shares (A shares) listed in China, with a par value of RMB 1.00 per share.
(II) necessity of selection of securities issued this time
The financing cost of the company through bank loans and other debt financing methods is relatively high, and the financing amount is relatively limited. If the fund source of this raised investment project is entirely based on bank loans, it will affect the stable financial structure of the company, increase operational and financial risks, and is not conducive to the stable development of the company.
The company's business development needs long-term financial support. The company can effectively reduce the debt repayment pressure through equity financing, which is conducive to ensuring the smooth implementation of the raised investment project and maintaining the reasonable and stable capital structure of the company. 3、 Appropriateness of the selection scope, quantity and standard of the issuing object
(I) appropriateness of the selection scope of the issuing object
The objects of this issuance are no more than 35 (including 35) securities investment fund management companies, securities companies, trust and investment companies, financial companies, insurance institutional investors, qualified foreign institutional investors (QFII), natural persons or other qualified investors that meet the conditions specified by the CSRC. Among them, securities investment fund management companies, securities companies, qualified foreign institutional investors and RMB qualified foreign institutional investors who subscribe for more than two products under their management shall be regarded as one issuance object. As the issuing object, trust companies can only subscribe with their own funds.
The final issuing object shall be approved by the board of directors or its authorized person according to the authorization of the general meeting of shareholders. After the issuance is reviewed by the Shanghai Stock Exchange and approved by the CSRC for registration, according to the relevant provisions of the CSRC and the Shanghai Stock Exchange, and according to the inquiry results and the guarantee of the issuance
