Securities code: Hunan Yussen Energy Technology Co.Ltd(002986) securities abbreviation: Hunan Yussen Energy Technology Co.Ltd(002986) Announcement No.: 2022051
Hunan Yussen Energy Technology Co.Ltd(002986)
Non public offering of A-Shares in 2022
Feasibility analysis report on the use of raised funds (Revised Version)
In order to promote the rapid development of Hunan Yussen Energy Technology Co.Ltd(002986) (hereinafter referred to as "the company") business, improve the company's sustainable profitability and meet the needs of the company's future business development, the company plans to issue non-public shares to specific objects, and the total amount of funds raised shall not exceed 300 million yuan.
The feasibility analysis of the company's board of directors on the use of the funds raised by this non-public offering of shares is as follows:
1、 Use plan of the raised funds
The total amount of funds raised from this non-public offering of shares (including issuance expenses) is no more than RMB 300 million (including this amount). The net amount of funds raised after deducting issuance expenses is intended to be used for the following items:
The total investment of the project is planned to be invested in the raised funds
Project name (10000 yuan) (10000 yuan)
Light hydrocarbon comprehensive utilization project
1 phase I 338357 Xinjiang Haoyuan Natural Gas Co.Ltd(002700) 0000
2. Supplementary working capital 3000000
Total 368357 Jinzai Food Group Co.Ltd(003000) 0000
If the self raised funds need to be invested in place, the self raised funds shall be replaced according to the relevant procedures of the company. At the same time, without changing the investment projects of the raised funds, the board of directors of the company may appropriately adjust the investment sequence and amount of the raised funds of the above projects according to the actual situation of the investment projects of the raised funds. If the actual amount of raised funds (after deducting the issuance expenses) is less than the amount to be invested with raised funds for the above projects, the insufficient part will be solved by self raised funds.
2、 Background of the project invested by the raised funds
(I) in line with the national "14th five year plan" development plan
In July 2021, the national development and Reform Commission issued the 14th five year plan for the development of circular economy, which pointed out that vigorously developing circular economy and promoting resource conservation and recycling are of great significance to ensure national resource security, promote carbon peaking and carbon neutralization, and promote the construction of ecological civilization.
With the implementation of the policies of "double carbon" and "double control of energy consumption", the requirements for energy consumption standards of chemical industry devices are becoming increasingly strict. Comprehensively carrying out energy conservation and consumption reduction has become the key to the development of chemical industry. Steam is one of the important energy sources in the chemical industry, and the traditional methods of steam production by natural gas boilers and coal-fired boilers are bound to be limited under the influence of policies. The maleic anhydride plant at the core of the raised investment project adopts the process technology of n-butane oxidation to maleic anhydride, and a large amount of heat energy will be released in the reaction process. The project fully recycles the reaction heat to produce a large amount of high-quality steam energy, which can provide energy for the whole project and even surrounding enterprises. Compared with the traditional boiler steam production mode, it has significant advantages. It is an encouraged project, which is very in line with the development direction of the national "14th five year plan", It will be the key to the development of maleic anhydride industrial chain.
The company's "light hydrocarbon comprehensive utilization project phase I" raised and invested project will further make full use of the surplus alkane resources in Daya Bay petrochemical zone through 240000 T / a maleic anhydride unit, maleic anhydride hydrogenation unit (130000 T / a BDO + 190000 T / a DMS), 60000 T / a PBS unit, 46000 T / a PTMEG unit and 360 T / a oxidation catalyst unit, It will further improve the circular economy model of Huizhou petrochemical industry and new material industry. BDO, DMS, PTMEG and PBS, the main products of the project, can be used as basic materials for engineering plastics, high-end coatings, polyester fiber, spandex, rubber, degradable materials, solvents and cleaning agents in electronic industry. At the same time, they can also be used to further synthesize new material products with high added value. They are widely used in the field of new materials, new energy and degradable plastics. By optimizing the process and catalyst of the unit, the company can significantly reduce the production cost of maleic anhydride, and has strong competitiveness in producing basic chemical products by maleic anhydride method. The project raised and invested in this issuance can help the progress of the new material industry, promote the development of circular economy, promote resource conservation and recycling, and help the company further improve the circular economy development mode of itself and its chemical park.
To sum up, the construction of this raised investment project is a strategic measure of the company in line with the national "14th five year plan" development plan, which can provide assistance and guidance for the implementation of double carbon policy and promote resource conservation and the development of circular economy.
(II) conform to the company's strategic development planning objectives
The company has been engaged in the deep processing of LPG in Daya Bay petrochemical zone for more than ten years, and has become an important enterprise in the deep processing of LPG in the industrial chain of Daya Bay petrochemical zone. Based on long-term innovation and R & D, continuous process improvement and energy-saving optimization, the company mainly develops the liquefied gas deep processing industrial chain, expands and strengthens in the field of liquefied gas deep processing, and realizes the development goal of transformation and upgrading from chemical oil products to new chemical materials. At the same time, based on the rapid development needs of the company after listing and the long-term development goal of light hydrocarbon comprehensive utilization project, the land in Daya Bay petrochemical zone can no longer meet the development needs of the company. In order to achieve the goal of becoming bigger and stronger, "phase I of light hydrocarbon comprehensive utilization project" will build 240000 T / a maleic anhydride unit, maleic anhydride hydrogenation unit (130000 T / a BDO + 190000 T / a DMS), 60000 T / a PBS unit, 46000 T / a PTMEG unit and 360 T / a oxidation catalyst unit in Huizhou new materials industrial park adjacent to Daya Bay petrochemical zone, Further improve the C4 deep processing industrial chain, extend and develop the company's new chemical materials business, and help the common development of Daya Bay petrochemical park and Huizhou new materials industrial park.
At present, Daya Bay petrochemical park still has a large surplus of C4 alkane resources (mainly from hydrocracking, reforming and catalytic cracking units of CNOOC Huizhou petrochemical), and the "phase I of light hydrocarbon comprehensive utilization project" will further make full use of the surplus alkane resources, develop and expand the maleic anhydride industrial chain based on the characteristics of by-product steam of maleic anhydride unit, and produce maleic anhydride with higher added value New material products with wider application fields. At the same time, a certain scale of oxidation catalyst production and processing capacity will be formed to provide favorable support conditions for the development of the industrial chain. The project raised and invested in this issuance has fully considered the development of industry and market situation and the overall planning and layout of light hydrocarbon comprehensive utilization project. The industrial chain structure and product structure have high flexibility and development space, which will open a new chapter of the company's strategic development planning and meet the company's long-term strategic development planning objectives.
(III) the demand for new materials and products increased rapidly with the development of circular economy
With the continuous development of circular economy, the industrial chain development model of butane oxidation to produce maleic anhydride and maleic anhydride deep processing to produce downstream products will become a new trend in the development of petrochemical industry with its unique characteristics and advantages. Expanding maleic anhydride production capacity and reducing production cost can not only meet the growth demand of maleic anhydride in unsaturated polyester resin, but also meet the potential development demand of maleic anhydride in elastomer and deep processing of new material products and intermediates.
The central and local governments have tightened the supervision of "two high" projects. With the implementation of the policies of "double carbon" and "double control of energy consumption", the approval of BDO projects of alkyne aldehyde method has stalled, and the existing BDO units of alkyne aldehyde method will also face difficulties such as shutdown and production restriction. For the production of BDO products by maleic anhydride hydrogenation, the process route adopted is safer, environmental friendly, lower cost and more competitive. It will become the best choice of BDO production process under the development of circular economy. BDO is mainly used to produce polyester products, among which polybutylene terephthalate is a polyester with excellent performance, and the demand for engineering plastics is growing rapidly; Because BDO and ethylene glycol have similar chemical properties, it can replace ethylene glycol for the production of polyester fiber and polyester resin, and the potential market demand is very large. At the same time, the by-product in the production of 1,4-butanediol (BDO) from maleic anhydride γ - Butyrolactone (GBL) is a direct raw material for the production of NMP. BDO products also directly produce tetrahydrofuran γ - Butyrolactone is an important raw material for the further production of nitrogen methyl pyrrolidone (NMP) and polytetrahydrofuran (PTMEG). In recent years, the vigorous development of the new energy vehicle industry has driven the explosive growth of the demand for lithium-ion batteries, and the demand for nitrogen methyl pyrrolidone (NMP) as the electrode auxiliary material of lithium-ion batteries has also increased rapidly; NMP is also widely used in photoresist remover, LCD liquid crystal material production, precision instrument and circuit board cleaning agent in semiconductor industry. Therefore, BDO products have huge market space and wide potential applications. It has become one of the new chemical material products with the fastest demand growth in recent years.
With the improvement of people's living standards, people have higher and higher requirements for daily necessities. The demand for fibers with high elasticity, not easy to deform and good air permeability has increased significantly, and the corresponding demand for polytetrahydrofuran (PTMEG) has maintained a rapid growth. In addition, as a high-end chemical raw material, PTMEG is also widely used in the production of polyurethane rubber, medical polymer materials and surfactants, and can produce many high value-added products.
Dimethyl succinate (DMS) can be used as solvent in electronic industry. With the development of electronic industry, the demand is also increasing. Because of its high biodegradability, it can not only be used to synthesize degradable materials, but also be widely used in light stabilizers, high-grade coatings, fungicides, pharmaceutical intermediates, food additives, spices and so on.
In recent years, the national level has gradually restricted and prohibited the use of non degradable plastics in many fields, and the development of degradable materials industry has become hot. Due to its better physical properties, polybutylene succinate (PBS) can replace PLA in the field of degradable plastics or can be used in more high-end medical, food and other fields, which will show a very considerable market growth potential. The PBS process technology adopted by the company is based on process optimization and product modification research and development. The amount of by-product tetrahydrofuran in the reaction process is very small, and the product quality meets the food safety standard certification. It has more competitive advantages in improving product performance and reducing cost.
In general, the company's "light hydrocarbon comprehensive utilization project phase I" raised and invested in this issue forms a complete industrial chain of butane maleic anhydride BDO downstream new materials through the recycling and rational utilization of resources and energy, so as to improve the overall competitiveness of the project. The project meets the requirements of national industrial policy planning and environmental protection policy. The main products can meet the rapid growth demand for new material products in engineering plastics, high-end coatings, lithium batteries, electronic solvents, fibers and other industries under the development mode of circular economy to a certain extent. In the development direction of new materials, it has more innovative development potential and development space.
3、 Necessity of the project invested by the raised funds
(I) enhance the utilization of surplus LPG resources in Daya Bay petrochemical zone and improve the integration of circular economy in the park
At present, the company's main products are isooctane and MTBE. The above-mentioned products take isobutane, isobutene, n-butene and other components in LPG as the main raw materials. At the same time, the maleic anhydride products fully put into operation in 2022 can make a certain degree of utilization of some alkanes in LPG; However, the processing and production of the above products of the company does not make full use of alkane resources in Daya Bay petrochemical zone. The company's fund-raising project "light hydrocarbon comprehensive utilization project phase I" will further make full use of the surplus alkane resources in Daya Bay petrochemical zone through 240000 T / a maleic anhydride unit, maleic anhydride hydrogenation unit (130000 T / a BDO + 190000 T / a DMS), 60000 T / a PBS unit, 46000 t / a PTMEG unit and 360 T / a oxidation catalyst unit, which will further improve the circular economy model of Huizhou petrochemical industry and new materials, Promote the extension and development of petrochemical industry to new material industry.
(II) further enrich the company's product line and expand the company's development space
At present, the company's main production units are located in Daya Bay petrochemical zone, which provides convenient LPG raw material supply and perfect industrial chain support for the company's LPG deep processing business. However, with the rapid development of the company's business after listing, Daya Bay petrochemical zone also presents the disadvantage of tight park land for the development of the company. Taking the opportunity of the construction of Huizhou new materials Industrial Park, the company has planned the industrial development route of new materials business in Huizhou new materials industrial park. The construction of "phase I of light hydrocarbon comprehensive utilization project" will provide the company with 147600 T / a dimethyl succinate (DMS), 34200 T / A 1,4-butanediol (BDO), 46000 T / a polytetrahydrofuran (PTMEG) and 60000 T / a polybutylene succinate (PBS), This will greatly enrich the company's product line and expand the company's development space.
(III) improve the sustainable profitability and realize the long-term sustainable development of the company
The project "light hydrocarbon comprehensive utilization project phase I" has good market development prospects and economic benefits. While expanding the industrial scale, it will form a more advantageous industrial chain and new material product layout, reduce costs and increase efficiency, innovate and develop, continuously improve the company's sustainable profitability, further enhance the company's core competitiveness and ability to resist risks, and achieve the company's leapfrog development and long-term sustainable development goals, Safeguard the long-term interests of shareholders. (IV) fund guarantee to meet the company's business development
With the continuous increase of the company's business scale and capital structure, the demand for daily operation is mainly reflected in the continuous increase of the company's business scale and capital structure. Combined with the working capital demand of the company's development, the company plans to use 300 million yuan of the raised funds to supplement the working capital, which is conducive to providing capital guarantee for the company's future development.
4、 Feasibility of the project invested by the raised funds
(I) with the support of national industrial policies and the rapid development of new energy and new materials industry, the product market has great growth potential
The 14th five year plan for the development of circular economy focuses on supporting projects in the field of circular economy and in line with the dual carbon policy, and this project is different from the plan in many aspects
