Securities code: Roshow Technoiogy Co.Ltd(002617) securities abbreviation: Roshow Technoiogy Co.Ltd(002617) Roshow Technoiogy Co.Ltd(002617)
Use of funds raised by non-public offering of shares in 2021
Feasibility analysis report (Revised Version)
April, 2002
1、 Use plan of the raised funds
The total amount of funds to be raised from this non-public offering is expected to be no more than 256745 million yuan (including this amount). The net amount of funds raised after deducting the issuance expenses is proposed to be invested in the following projects:
Unit: 10000 yuan
Project name project investment amount raised fund use amount No
1 third generation power semiconductor (silicon carbide) Industrial Park project 21 Shenzhen Cereals Holdings Co.Ltd(000019) 4000
2 large size silicon carbide substrate R & D center project 50000
3 supplementary working capital 12745
Total 272745256745
Note: the use amount of raised funds has deducted the amount of raised investment projects invested before the resolution date of the board of directors of the non-public offering of shares, as well as the financial investment newly invested and proposed to be invested from six months before the resolution date of the board of directors to the issuance. The total amount of the above-mentioned amount does not exceed 160 million yuan.
The total investment amount of the project is higher than the amount of funds to be raised this time, and the part will be raised by the company itself; At the same time, if the net amount of the actual raised funds after deducting the issuance expenses is lower than the amount used in the investment projects of the raised funds, the company will invest in the investment projects of the raised funds according to the priorities of the projects, and the insufficient part will be raised and solved by the company itself.
On the premise of not changing the projects invested by the raised funds, the board of directors of the company will adjust the investment sequence and amount of the raised funds of the above projects according to the actual needs of the projects. Before the funds raised from this non-public offering of shares are in place, the company will first invest with self raised funds according to the actual situation of the project progress, and replace them after the raised funds are in place.
2、 Details of the investment projects raised by the non-public offering of shares
(I) third generation power semiconductor (silicon carbide) Industrial Park Project
1. Basic information of the project
The project is organized and implemented by Hefei Luxiao semiconductor materials Co., Ltd. (hereinafter referred to as "Hefei Luxiao"), the holding subsidiary of Roshow Technoiogy Co.Ltd(002617) and the construction period is 24 months. The construction site is at the southeast corner of the intersection of Shuangfeng road and Yingzhou Road, Shuangdun Town, Changfeng County, Hefei City, Anhui Province. It is planned to produce 6-inch silicon carbide conductive substrate and other products. The project products have larger size, wider band gap, higher breakdown electric field With higher thermal conductivity, greater electron saturation and higher radiation resistance, the project will form an annual production capacity of 2400006-inch conductive silicon carbide substrates. The project will play an important role in meeting the rapidly growing market demand for silicon carbide substrates at home and abroad and promoting the improvement of substrate quality and yield.
2. Necessity of project implementation
(1) The project conforms to the national industrial policy and industry development direction
Wide band gap semiconductor materials are the key strategic materials encouraged by China's industrial policies. The 6-inch silicon carbide substrate materials to be produced in this project belong to the new materials urgently needed in the key application fields of national industrial planning. As the basic material of the third generation semiconductor, silicon carbide has obvious advantages and broad prospects in the application of specific fields, which belongs to the field supported by China's industrial policy. The support of the national industrial policy has promoted the breakthrough of the technical bottleneck of wide band gap semiconductor materials, enhanced the independent R & D ability of China wide band gap semiconductor company, and improved the overall competitiveness of the industry.
With the continuous progress of the company's technology and the continuous improvement of the product quality of silicon carbide crystal chips, the company has the technical strength to expand production capacity and promote the localization and substitution of silicon carbide substrate materials. This project is in line with the national industrial policy and the development direction of the industry.
(2) The implementation of the project can alleviate the downstream market's dependence on foreign imports of silicon carbide materials
According to the guidance catalogue of key products and services of strategic emerging industries (2016 Edition) issued by the national development and Reform Commission, silicon carbide and other electronic functional materials are listed in the catalogue of key products of strategic emerging industries. According to the guidelines for the development of new materials industry jointly issued by the Ministry of industry and information technology, the national development and Reform Commission, the Ministry of science and technology and the Ministry of Finance in December 2016, wide band gap semiconductor materials are "key strategic materials" to encourage development, and large-size silicon carbide single crystals are "new materials urgently needed to break through key application fields". In addition, after the 12th Five Year Plan and the 13th five year plan, silicon carbide semiconductor was listed in the key support areas of the 14th five year plan again in March 2021.
As the key raw material for the manufacturing of wide band gap semiconductor devices, the technical threshold for the manufacturing of silicon carbide substrate materials is high. The manufacturers that can stably supply 6-inch silicon carbide substrates to enterprise users in China are relatively limited. Affected by the economic situation such as the Sino US trade environment, the supply of raw materials of Chinese silicon carbide device manufacturers has been restricted to a great extent in recent years, and the downstream market is in short supply. Improving the localization rate of silicon carbide substrate materials and realizing import substitution are the industrial bottlenecks that China's wide band gap semiconductor industry urgently needs to break through.
By further optimizing the process technology, the project will form an annual production capacity of 240000 pieces of 6-inch conductive silicon carbide substrate after the completion of the project, which can realize the stable batch supply to downstream customers and alleviate the urgent demand for silicon carbide substrate materials in the downstream market.
(3) Enrich the company's product line, enhance the company's core competitiveness and expand new profit growth points
Due to the impact of macro-economy outside China, the competition in the industry where the company is located is intensifying, and the downstream demand of the industry is uncertain; The price of upstream materials is affected by multiple international and Chinese factors, and the price fluctuates greatly, which has a certain impact on the operation. Only by constantly adjusting the product structure, actively developing new products, reducing costs through technological transformation and management improvement, forming differentiated advantages with competitors through innovation, increasing market competitiveness, and making use of Luxiao's brand, technology and scale advantages, can the company continue to maintain China's leading level.
In order to meet the needs of the company's sustainable development and develop the company's strategic emerging industries with new technologies and products, the company has successfully developed silicon carbide long crystal equipment with the support of the original sapphire production technology. The funds raised from this non-public offering are mainly used to invest in the production of silicon carbide crystal materials and the construction of large-size silicon carbide substrate R & D center. The company will continue to focus on the third-generation semiconductor crystal industry, Expand the application of silicon carbide in new energy vehicles, 5g communication, photovoltaic power generation, rail transit, smart grid, aerospace and other fields.
The company's use of the raised funds can enrich product types and specifications, maintain market competitiveness and lay a solid foundation for future performance growth.
3. Feasibility of project implementation
(1) The broad market prospect provides a good market foundation for the implementation of the project
At present, silicon carbide has many applications in power electronics fields above 600V, such as FPC power supply, photovoltaic inverter, motor controller of new energy vehicles, on-board charger, DC-DC and charging pile, and this material will also be more and more used in white appliances, rail transit, medical equipment, national defense and military industry. According to the relevant prediction of yole D é veloppement (yole), an industrial research institution, the output value of silicon carbide (SIC) power semiconductor market will reach US $2.562 billion by 2025, and the compound annual growth rate of the market between 2019 and 2025 will reach 29.59%. Therefore, the broad market prospect provides a good market foundation for the implementation of the project.
Development trend of silicon carbide from 2019 to 2025
Data source: yole D é veloppement (yole) (11 / 2020)
According to IHS data, the global demand for silicon carbide devices is expected to reach US $1.644 billion in 2023, with a compound growth rate of about 26.6% from 2017 to 2023; The main downstream application scenarios include EV, fast charging pile, UPS power supply (Communication), photovoltaic, rail transit, Aerospace Military Industry and other fields. Among them, the electric vehicle industry is expected to usher in a rapid outbreak, and there is a large market space for communication, photovoltaic and so on. With the decrease of the cost of silicon carbide devices, the cost performance advantage of the whole life cycle is expected to be continuously amplified, and the potential replacement space is huge.
(2) Implementation of projects supported by relevant national industrial policies
The products produced by this raised investment project belong to the key products and materials encouraged and supported by the state. At present, China has formulated a series of industrial support policies and industrial development plans for the semiconductor industry. After the 12th Five Year Plan and the 13th five year plan, silicon carbide semiconductor has been listed in the key support areas of the 14th five year plan again:
The 12th Five Year Plan for the development of national strategic emerging industries issued by the State Council in July 2012 puts forward the overall development goals for China's core electronic basic industries in the 12th Five Year Plan. The plan clearly points out that we should focus on mastering the manufacturing technology of new generation semiconductor materials and devices, and the integrated circuit design, manufacturing, packaging and testing technology should reach the international advanced level; Realize the synchronous development of the next generation of display devices with the international advanced level; New key components meet the needs of the Chinese market and have international competitiveness; Special electronic instruments, equipment and materials basically meet China's supporting needs and form a core competitiveness.
In March 2016, the national two sessions issued the "13th five year plan", aiming at the power device industry: strengthen the linkage with the whole machine industry, promote device development with the market, drive manufacturing with design, and promote the development of "virtual IDM" operation mode; Build a national R & D Center for semiconductor power devices to realize the research and development of the whole industrial chain from "material device wafer packaging application"; Vigorously develop domestic IGBT industry and promote the application of SiC and Gan devices.
In March 2021, the outline of the 14th five year plan for national economic and social development of the people's Republic of China and the long-term goals for 2035, which was deliberated and adopted at the fourth session of the 13th National People's Congress, pointed out that we should concentrate advantageous resources to tackle key core technologies, including the R & D of key materials such as circuit design tools, key equipment and high-purity targets, the advanced technology of concentrated circuits and insulated gate bipolar transistors (IGBT) Micro electro mechanical systems (MEMS) and other characteristic processes have made breakthroughs, advanced storage technology has been upgraded, and wide band gap semiconductors such as silicon carbide and gallium nitride have been developed. (3) The company has the talent, technology, market and other necessary conditions for the implementation of the project
In terms of talent accumulation and reserve, the company has Zhejiang Provincial Research Institute, postdoctoral research workstation, provincial technology center and other platforms, has an excellent R & D team, has undertaken national, provincial and ministerial science and technology plan projects for many times, and has won science and technology awards at all levels for many times. By the end of September 2021, the company had participated in the preparation and revision of 48 national / industrial standards, and had nearly 20 leading scientific and technological achievements in China, with profound technological accumulation and rich talent reserves. The company has reserved Dr. Chen zhizhan, an earlier expert in silicon carbide crystal growth research in China. Dr. Chen zhizhan began to study the growth of silicon carbide crystals in 1998 and has 23 years of rich experience. Dr. Chen zhizhan has long worked in Shanghai Institute of silicate, Chinese Academy of Sciences. He has successively served as assistant researcher, associate researcher and researcher. He is now a researcher, professor and chief scientist of Shanghai Normal University. Dr. Chen zhizhan took the lead in carrying out research on silicon carbide crystal growth and processing in China, with a scientific research fund of more than 100 million yuan. He assisted in the construction of China's first complete pilot line for silicon carbide crystal growth and processing, published more than 100 papers, authorized more than 50 patents and published a monograph.
In terms of technology accumulation, the company has accumulated a lot of experience in the production of sapphire long crystal furnace during the layout of sapphire business. Due to the similarity between the growth of sapphire crystal and silicon carbide crystal, the company also has strong strength in the long crystal furnace for the growth of silicon carbide crystal. Relying on its deep accumulation in sapphire business, the company has broken through several key technologies of silicon carbide long crystal furnace and long crystal link. At present, the company has mastered the overall solution technology and process scheme for the growth, processing, cutting, grinding, polishing and washing of silicon carbide single crystal, and the product indicators are at the leading level in the industry, especially breaking through the key technologies such as high-quality crystal growth, high-precision crystal orientation processing, near zero damage surface processing, surface trace pollution control, high geometric precision processing, surface stress elimination and so on.
In addition, the company has certain advantages in market and brand. Luxiao brand has become a well-known brand in the industry. Brand and customer resources have become one of the most important intangible assets of the company. Luxiao enamelled wire has been rated as "Zhejiang famous brand", and Luxiao trademark has been recognized as a famous trademark in Zhejiang Province. The company always adheres to the value orientation of customer needs to ensure that it can develop products that meet customer needs, and has established good cooperative relations with well-known enterprises at home and abroad, such as Samsung, LG, embrako, Emerson, Midea, Chint, Changhong, Haier and Qianjiang refrigeration, with rich customer resources. In terms of silicon carbide business, the company has comprehensively carried out sample verification and product substantive sales of downstream customers on the basis of early market and customer cultivation. At present, the company has established substantive business contacts with a number of important customers.
To sum up, the company has all the necessary conditions for the implementation of the project, such as talents, technology, market and so on.
(4) The project is implemented with the strong support of local governments at all levels
The construction site of the project is the mayor of Hefei
