Securities abbreviation: Beijing Tianyishangjia New Material Corp.Ltd(688033) securities abbreviation: 688033 Beijing Tianyishangjia New Material Corp.Ltd(688033)
(500m north of South Railway, xixinlitun village, Shangzhuang Town, Haidian District, Beijing)
Issue A-Shares to specific objects in 2022
Feasibility analysis report on the use of raised funds
January 2002
1、 Use plan of the raised funds
Beijing Tianyishangjia New Material Corp.Ltd(688033) (hereinafter referred to as ” Beijing Tianyishangjia New Material Corp.Ltd(688033) ” or “the company”) in order to further enhance the comprehensive competitiveness of the company, according to the development needs of the company, it is planned to issue A-Shares to specific objects, and the total amount of funds raised will not exceed 2369041600 yuan. After deducting the issuance expenses, the actually raised funds will be used in the following directions:
Unit: 10000 yuan
No. project name total amount of proposed investment amount of proposed raised funds
1 high performance carbon ceramic actuator industrialization 153898.00 131904.00 construction project
2. Construction project of automatic 40300.17 35000.16 intelligent weaving production line for carbon material products
3. Supplementary working capital project 70000.00 70000.00
Total 264198.17 236904.16
Within the scope of the above-mentioned projects invested with raised funds, the company can appropriately adjust the investment sequence and specific amount of the corresponding projects invested with raised funds according to the actual situation such as project progress and fund demand; Before the raised funds are in place, the company may, according to the actual situation of the projects invested with the raised funds, invest with the self raised funds first, and replace them after the raised funds are in place. After the raised funds are in place, if the actual net amount of raised funds after deducting the issuance expenses is less than the total amount of raised funds to be invested, the insufficient part shall be solved by the company with self raised funds. 2、 Necessity and feasibility analysis of the project invested by the raised funds (I) industrialization construction project of high performance carbon ceramic actuator
1. Project overview
The company has been committed to the research and development of carbon matrix composite products for many years, has made a breakthrough in the technology of carbon ceramic brake disc products, and has the capacity of industrialized production. The product of the project, carbon ceramic brake disc, has a production capacity of 150000 sets / year after being put into operation. It is mainly used for the braking system of new energy vehicles, medium and high-end passenger vehicles, commercial vehicles and special vehicles. The total investment of the project is 1538.98 million yuan, and the investment of the raised funds to be used is 1319.04 million yuan. The raised funds of the project will be mainly used for the purchase of production and testing equipment, new plants, etc.
2. Necessity of project implementation
(1) Actively respond to national policies and contribute to the development of China’s new material industry
New material industry is an important part of China’s raw material industry, a basic industry supporting national economic development and a key field to win international competitive advantage. It is the main force of industrial foundation reconstruction and the main battlefield of industrial green development. As one of the seven strategic emerging industries in China and one of the ten key development areas of “made in China 2025”, new materials are the industrial basis for the transformation and upgrading of the whole manufacturing industry. As a key material in the field of new materials, carbon matrix composites have been included in the key areas of the “14th five year plan” for the development of raw material industry. The product of this project is carbon fiber (CF) reinforced ceramic (silicon carbide SiC and silicon SI) matrix composite brake disc. In the world, the first research on the application of carbon ceramic composites to brake friction materials began in the 1990s. German Aerospace Institute and SGL (Sigri group) took the lead in this field and successfully used in a small number of high-end vehicles. Subsequently, the United States, France, Japan and South Korea also carried out research in the field of carbon ceramic brake materials, and finally realized their application. China began to study carbon ceramic composites as aerospace structural components in the 1980s, but as brake friction materials, China did not pay attention to them until the early 21st century. At present, only a few enterprises have the relevant technologies and processes for industrialized preparation of carbon ceramic automobile brake discs.
Through years of R & D accumulation, the company has made a breakthrough in the core technology and production process of carbon ceramic brake disc products, and plans to build the project. The implementation of the project is the company’s positive response to the call of the national policy to encourage new material industry. The implementation of the project is conducive to improving the product quality of national carbon matrix composites and promoting the development of advanced industrial foundation and industrial chain modernization.
(2) Grasp the industry development and market opportunities and carry out industrial layout in advance
Compared with traditional cast iron brake discs, carbon ceramic brake discs have the advantages of lightweight, high temperature resistance and wear resistance (long service life), while avoiding the problem of easy corrosion of traditional metal discs. Carbon ceramic brake discs significantly improve the stability of friction performance in different external environmental media (moisture, mold and oil), and have become lightweight As an important research direction of friction materials with high braking efficiency and all environment application, it is recognized as a new generation of ideal braking materials, and it is also the main development direction of automotive high-end braking products. Due to the relatively high production cost, carbon ceramic brake discs are widely used in aircraft, high-performance sports cars and other fields.
In recent years, new energy vehicles have ushered in a period of rapid development, the penetration rate of new energy vehicles has gradually increased, and the technology of new energy vehicle industry has become increasingly mature. Lightweight is a clear trend in the development of new energy vehicles. The new energy vehicle industry development plan (2021-2035) officially released by the general office of the State Council in 2020 proposes to break through common energy-saving technologies such as vehicle lightweight. The energy saving and new energy vehicle technology roadmap 2.0 revised and prepared under the leadership of China Automotive Engineering Society also defines the development direction of vehicle lightweight in China in the future. In addition, with the rapid development of new energy vehicle power system and the increasing progress of intelligent automation technology, the new generation of new energy vehicles also put forward higher requirements for the stability of braking system. In this context, the lightweight and high stability characteristics of carbon ceramic brake disc can be brought into play, and the subsequent market space will be expanded. At present, many automobile enterprises have carried out the assembly or research of carbon ceramic brake parts. Relying on the technical accumulation in the field of carbon matrix composites, the company has conducted in-depth research and development on carbon ceramic brake disc products in recent years, and has made good progress in relevant cooperation with many automobile enterprises. Based on the overall research and judgment of the future automobile brake market, the company plans to build the project, carry out industrial layout in advance, occupy the leading position in the industry, and lay the foundation for the future sustainable development of the company.
(3) Expand the company’s business scope and create new profit growth points
Since its establishment, the company has always adhered to the original intention of “prospering the country through science and technology and serving the country through industry”, and focused on the “441” enterprise development strategy, committed to the technological innovation, product R & D and industrial application of new materials in the field of large transportation and new energy. While continuing to focus on the main business of high-speed railway powder metallurgy brake pads, we will increase R & D investment in carbon matrix composites, new energy photovoltaic Cecep Solar Energy Co.Ltd(000591) thermal field materials, national defense carbon carbon heat-resistant materials, structural and functional integrated carbon fiber composites and braking systems, so as to build a platform company of new materials for industrial consumer products.
The project is an important embodiment of the company’s development strategy and conforms to the long-term development plan formulated by the company. After the project is put into operation, the company’s business will further extend to the large transportation field, which is conducive to enriching the company’s business scope, improving the company’s profitability, enhancing the anti risk ability and further improving the company’s core competitiveness.
3. Feasibility of project implementation
(1) National and local development plans strongly support
The state attaches great importance to the development of new material industry, especially carbon matrix composites, and has successively issued a number of plans and policies in relevant fields, which has laid a good policy foundation for the successful implementation of the project.
In 2017, the Ministry of industry and information technology, together with the development and Reform Commission, the Ministry of science and technology and the Ministry of finance, studied and prepared the guide for the development of new material industry, specifying the key directions and tasks, mainly including: “reducing the production cost of carbon / carbon and carbon / ceramic composites and improving the share of special friction materials in the field of aviation braking”; “Strengthen the research on the preparation process of advanced flame retardant, sound insulation and noise reduction polymer materials, braking materials and magnesium and aluminum alloys for rail transit equipment, and speed up
In 2018, the AQSIQ, jointly with the Ministry of industry and information technology, the development and Reform Commission, the Ministry of science and technology, the State Administration of science, technology and industry for national defense, the Chinese Academy of Sciences, the Chinese Academy of engineering, the national accreditation Regulatory Commission and the National Standards Commission, issued the action plan for new material standard navigation (2018-2020) after deliberation and approval at the third meeting of the national new material industry development leading group, It is proposed to focus on the development of 8 types of “pilot” standards, including carbon fiber and its composites, superalloys, special alloys for high-end equipment, advanced semiconductor materials, new display materials, additive manufacturing materials, new rare earth materials and graphene.
In 2021, the fourth session of the 13th National People’s Congress adopted the 14th five year plan for national economic and social development of the people’s Republic of China and the outline of long-term objectives for 2035, It is proposed to “focus on the new generation of strategic emerging industries such as information technology, biotechnology, new energy, new materials, high-end equipment, new energy vehicles, green environmental protection, aerospace and marine equipment, accelerate the innovative application of key core technologies, enhance the ability of factor support, and cultivate and expand new kinetic energy for industrial development”.
At the same time, the project is located in Jiangyou high tech Industrial Park (formerly known as Jiangyou Industrial Development Zone). The park is a provincial industrial development zone approved by Sichuan provincial Party committee and provincial government in 1992. It was identified as a provincial key development zone by the provincial government in 2001. In 2018, it was approved by the Sichuan provincial government as a provincial high-tech industrial park, with high-end equipment manufacturing, biomedicine, new materials and other leading industries. The project meets the industrial planning of the local government.
(2) The downstream market has broad development space in the future
The carbon ceramic brake disc of the project is mainly used in the newly installed vehicle market (including new energy vehicles, medium and high-end passenger vehicles, commercial vehicles and special vehicles) and the automotive aftermarket (vehicle modification).
In terms of new vehicle market, according to the statistical data of China Automobile Industry Association, as of November 2021, the production and sales of new energy vehicles had completed 3.023 million and 2.99 million respectively, with a year-on-year increase of 1.7 times and a market penetration rate of 12.7%. According to the new energy vehicle industry development plan (2021-2035) of the State Council, the sales proportion of new energy vehicles will reach 20% of the total vehicle sales by 2025. According to the implementation plan of eight key projects in the medium and long term development plan of automobile industry issued by China Society of automotive engineering, the sales volume of new energy vehicles will reach 7 million and the ownership will exceed 20 million in 2025. The Shanxi Guoxin Energy Corporation Limited(600617) automobile market has entered a stage of rapid development and has broad development space in the future.
Carbon ceramic brake disc is of great significance to solve the lightweight of new energy vehicles and improve braking stability. Made in China 2025 issued by the State Council has clearly identified carbon fiber and its composite auto parts technology as an important development direction in the field of energy-saving and new energy vehicles. At present, Weilai, Byd Company Limited(002594) and other Shanxi Guoxin Energy Corporation Limited(600617) automobile manufacturers have assembled high-performance braking systems on a large scale. Tesla launched its carbon ceramic braking kit in 2021, leading the braking upgrading trend of new energy vehicles. In the future, with the development of new energy vehicle technology and market upgrading, domestic new energy vehicles will continue to impact on the positioning of medium and high-end brands. The demand for high-performance braking system in the Chinese market is more obvious, and carbon ceramic brake disc products will enter a new development period. In addition to the new energy vehicle market, the consumption proportion of medium and high-end passenger vehicles in China has gradually increased, and the market demand upgrading of commercial vehicles and special vehicles has further improved the market space of carbon ceramic brake disc products.
In terms of automobile aftermarket, the proportion of automobile refitting in China is only 5%, which is still in its infancy and has great development potential compared with 80% in European and American countries. The working procedures for motor vehicle inspection (ga801-2019) issued by the Ministry of public security in September 2019 expanded the scope of automobile refitting and actively promoted the development of automobile refitting market. The report of prospective industry research institute predicts that the scale of China’s automobile refitting market is expected to exceed 200 billion yuan in 2025, and the compound annual growth rate from 2019 to 2025 will reach 13%. “High end, branding, quality, personalization and customization” is the mainstream direction of the automotive after-sales and modification market in the future. Carbon ceramic brake disc, as a popular option for automotive modification, has a broad market space.
To sum up, the rapid development of Shanxi Guoxin Energy Corporation Limited(600617) automobile and other types of automobile industry and the gradual opening of automobile post market space have laid a good foundation for the product consumption of the project.
(3) The company has an experienced R & D team and a mature technical foundation
In order to smoothly promote the company’s industrial upgrading and realize the needs of the company’s long-term development strategy, the company has invested a lot of resources in the technical research and production management improvement of carbon and ceramic matrix composites, and has continuously introduced high-end talents in the industry. The R & D team has more than doubled, and a relatively perfect R & D organization structure has been formed. The existing R & D team has senior industry experts as the core technical force, and has gathered a number of technicians who have long been engaged in the R & D of carbon matrix and ceramic matrix composites, with profound technical experience.
In the preparation process of carbon ceramic moving disc, the company has made major breakthroughs in core technology and made several original process improvements, so that the carbon ceramic moving disc has ultra-high strength and excellent temperature resistance, and greatly reduces the production cycle. The products of the project can improve the braking stability, service life and rust resistance, and can meet the needs of various models, including new energy vehicles, commercial vehicles and special vehicles. In the R & D process, the company cooperated with China’s top automobile enterprises and completed all bench test verification through continuous technical upgrading and optimization. The test results show that the product performance is excellent.
In terms of personnel reserve, the company has 22 professional and technical R & D teams in the field of carbon ceramic composites, including 11 with master’s degree or above, including 1 with doctor’s degree. The team members are from well-known universities at home and abroad, such as Northwest University of technology, Beijing University of science and technology, Harbin Engineering University and Beijing University of technology. The technical team members have been engaged in the research and development of carbon matrix composites for many years. The excellent technical R & D team is the leader of the project
