Stock Code: Shenzhen Fluence Technology Plc(300647) stock abbreviation: Shenzhen Fluence Technology Plc(300647) listing place: Shenzhen Stock Exchange Shenzhen Fluence Technology Plc(300647)
Shenzhen Fluence Technology PLC.
(3602, venture capital building, No. 9, Tengfei Road, huanggekeng community, Longcheng street, Longgang District, Shenzhen) in 2022, shares were issued to specific objects through simple procedures
Feasibility analysis report on the use of raised funds
(Revised Version)
April, 2002
1、 Use plan of the raised funds
The total amount of funds raised in this issuance shall not exceed RMB 200 million (inclusive). After deducting the issuance expenses, they will be invested in the following projects:
No. project name total project investment amount of raised funds to be used (10000 yuan) (10000 yuan)
1. Construction of lithium battery cathode key material production base 32692322000000 phase I sub project
Total 32692322000000
Within the scope of this raised investment project, the board of directors of the company can appropriately adjust the amount of raised capital investment of the above projects according to the actual needs of the project. If the net amount of funds actually raised in this offering is lower than the capital demand of the project to be invested, the insufficient part shall be raised by the company itself. Before the raised funds are in place, the company will invest the funds raised with its own funds or other ways according to the actual situation of the project progress, and replace them after the raised funds are in place.
The implementation subject of the project is shengbihe (Honghe) new energy Co., Ltd. (hereinafter referred to as "shengbihe new energy"), which is a wholly-owned subsidiary of Gejiu shengbihe Industrial Co., Ltd. (hereinafter referred to as "Gejiu shengbihe"). After the raised funds of this issuance are in place, the company will invest them in the form of loans with reference to the fair loan interest rate of the market, and the implementation subject is responsible for the specific implementation of the investment projects with raised funds. 2、 Details of the project invested by the raised funds
(I) basic information of the project
The company has signed the investment agreement on the construction project of lithium battery cathode key material production base with the people's Government of Honghe Prefecture, and plans to build the project of "lithium battery cathode key material production base" in Mengzi economic and Technological Development Zone, Yunnan Province. This raised investment project is a sub project of the first phase of the project.
The company plans to build a complete industrial chain production base of "comprehensive recycling of waste lithium-ion battery materials → precursor / lithium carbonate → cathode materials" by introducing advanced equipment. The total investment amount of this raised investment project is 3269232 million yuan, and the proposed raised fund is 200 million yuan. The construction period of the project is 12 months. After the implementation of the project, new production capacity will be formed, including 10000 tons of ternary precursor, 3000 tons of lithium carbonate and 5000 tons of ternary cathode materials. After the project is put into operation, the ternary precursor and lithium carbonate products can be used not only for the raw material demand of the company's ternary cathode material production, but also for external sales.
This project is the first step of the company's plan to realize the capacity layout in the field of lithium battery cathode key materials through holding sun shengbi and new energy. In the future, the company will further increase human and capital investment according to the established strategy to help build a complete industrial chain cluster in which lithium battery materials are recycled to cathode material preparation in South China.
(II) necessity of project implementation
1. Grasp the opportunity of industrial development and meet the rapidly growing demand for orders
With the global energy shortage, environmental pollution and climate warming becoming increasingly prominent, China has put forward the major strategic objectives of "carbon peak" and "carbon neutralization", which has promoted the vigorous development of new energy vehicles and 5g new generation electronic products industry, and China's lithium-ion battery industry has welcomed new development opportunities. Benefiting from the strong demand of downstream application market, China's lithium battery cathode key material market also ushered in explosive growth. According to GGII data, from 2017 to 2020, the shipment of ternary cathode materials in China increased rapidly from 86000 tons to 236000 tons, with an average annual compound growth rate of 40.0%. From January to June 2021, the shipment of ternary cathode materials in China was 190000 tons, nearly doubling year-on-year. In 2020, the global shipment of ternary precursors was 420000 tons, a year-on-year increase of 34%. It is estimated that the global shipment of ternary precursors will reach 1.48 million tons in 2025, 3.52 times that in 2020. The rapid increase in shipments of ternary cathode key materials has not fully filled the gap in market demand. Due to excessive market demand and tight supply, the market price of ternary cathode key materials is also rising. According to the data of Shanghai Nonferrous Metals network, the commodity price of lithium carbonate in China increased by more than 350% and the commodity price of ternary precursor increased by about 60% from 2020 to 2021.
With the continuous growth of market demand, the company's existing capacity will not be able to continuously match the growing order demand of downstream customers. Through the implementation of this raised investment project, the company will add 10000 tons of ternary precursor, 3000 tons of lithium carbonate and 5000 tons of ternary cathode material capacity. The products can be widely used in consumer electronics, electric vehicles and other fields. This raised investment project will significantly improve the company's production and supply capacity, highlight the scale effect, and help the company seize market opportunities and comprehensively improve its competitiveness.
2. Expand the company's product line and improve the company's comprehensive strength and anti risk ability
The company's traditional main business is the R & D, production and sales of new heat dissipation devices of electronic products and LED lighting lamps, and provides high-quality LED lighting contract energy management and lighting engineering services for downstream customers. The company's product structure is relatively traditional and obviously affected by the epidemic. In order to optimize the company's product layout and resist the systemic risks caused by the slowdown of the original market growth, the company actively adjusts its development strategy and creates new performance growth points while maintaining the market advantages of the company's original products, so as to enhance the company's overall anti risk ability and profitability.
Through the implementation of this raised investment project, the company will add 10000 tons of ternary precursor, 3000 tons of lithium carbonate and 5000 tons of ternary cathode materials. By anchoring the production link of lithium battery materials in the upstream of the industry and expanding the business scale, the company will further build and improve the layout of the industrial chain of lithium battery cathode key materials, so as to obtain new profit growth points and improve the company's comprehensive market competitiveness and anti risk ability, Realize the comprehensive and sustainable development of the company's business.
3. Build an integrated layout and build the company's industrial chain to reduce costs
As the market demand for ternary cathode materials continues to expand, the limited supply capacity of upstream raw materials has caused the market price of ternary precursors and lithium carbonate and other products to continue to rise. According to the data of Shanghai Nonferrous Metals network, from 2020 to 2021, the commodity price of lithium carbonate in China increased by more than 350%, and the commodity price of ternary precursor increased by about 60%, which greatly increased the cost of traditional ternary cathode material manufacturers.
Therefore, through the implementation of this project, the company can create an integrated layout of "comprehensive recycling of waste lithium-ion battery materials → precursor / lithium carbonate → cathode materials". Through the comprehensive recycling of the recycled lithium battery, the precursor and lithium carbonate can be generated again, which is not only in line with the current development theme of green environmental protection and resource recycling, but also give full play to the synergy of the industrial chain, Reduce the production cost of ternary cathode materials, and then enhance the profitability of the company.
(III) feasibility of project implementation
1. The successive introduction of favorable policies has provided a solid guarantee for the development of the industry
In recent years, China has successively issued a number of industrial policies to encourage and promote the development of lithium-ion battery cathode material industry, guiding lithium-ion battery enterprises to optimize industrial layout, technological innovation, quality management and product performance, so as to promote the healthy development of China's lithium-ion battery industry. Yunnan provincial government further responded to the national strategic call, vigorously promoted the development of local new energy materials industry, and provided policy support for the development of related industries. In September 2021, the Yunnan provincial government issued the "14th five year plan" for scientific and technological innovation in Yunnan Province to promote the research and industrial development of key technologies such as new lithium-ion battery anode and cathode materials, diaphragm materials and fuel cell catalytic materials, as well as the research and development of technologies and equipment for the recycling of rare and precious metal secondary resources. In addition, for the resource recycling industry, China has also successively issued a number of incentive policies to promote the development of circular economy industry.
It can be seen that the key material industry of lithium-ion battery cathode and the recycling industry of waste battery materials have been strongly supported by national and local policies, and have a good external policy environment and broad market space. The raised investment project responds to the guidance of national industrial policies by building a complete industrial chain production base of "comprehensive recycling of waste lithium-ion battery materials → precursor / lithium carbonate → cathode materials" in Honghe Prefecture, Yunnan Province, It meets the development needs of green economy and has policy feasibility.
2. The project implementation has a solid technical foundation
Since its establishment, Gejiu shengbihe has always focused on the key materials of lithium battery cathode, established a senior R & D team led by 7 doctors, has an expert advisory committee composed of 9 senior experts and scholars, and has rich production and R & D experience. Focusing on the complete industrial chain of "comprehensive recycling of waste lithium-ion battery materials → precursor / lithium carbonate → cathode materials", Gejiu shengbihe has mastered the pretreatment technology of waste electrode materials, high-efficiency leaching technology of valuable metals, high selective humidification impurity separation technology of leaching solution, production technology of flexible ternary precursor Single crystal ternary material production technology and other core technologies and independent intellectual property rights. As of the date of the announcement of the feasibility analysis report, Gejiu shengbihe has more than 50 independent core key technologies, participated in the formulation of 2 provincial local standards, undertook and completed nearly 20 national and provincial science and technology plans and industrialization projects such as the Ministry of science and technology, the national development and Reform Commission and the Ministry of industry and information technology, including two topics of the national high technology research and development plan (863 plan), and won the Yunnan Province / Honghe Prefecture Science and technology award China Nonferrous Metals Association Science and Technology Progress Award and other honors. Gejiu shengbihe is an innovative enterprise recognized by the Department of science and technology of Yunnan Province and a lithium-ion battery material innovation team of Yunnan Province. It has academician Zhao Dongyuan workstation and Yunnan power battery material engineering technology research center. It is a specialized and new "little giant" enterprise recognized by the Department of industry and information technology of Yunnan Province and a vice chairman unit of China Shipbuilding Industry Group Power Co.Ltd(600482) battery recycling and echelon utilization alliance.
Shengbi and new energy, the main body of the project, are wholly-owned subsidiaries of Gejiu shengbi. Gejiu shengbi and its high-quality R & D team and rich technical reserves have laid a solid foundation for the smooth implementation of the project.
3. Rich sales management experience provides guarantee for project capacity digestion
The company has been deeply engaged in China's heat dissipation market for more than ten years. With excellent R & D and innovation ability, stable product quality and excellent sales ability, the company has successfully created the " Shenzhen Fluence Technology Plc(300647) " brand. This raised investment project is the first step for the company to vigorously explore the business field of its subsidiaries. Although there are some differences between this business field and the production process and customer object of the company's traditional business, after years of business practice, Shenzhen Fluence Technology Plc(300647) has successfully established a high-quality sales service team and mastered rich sales management experience. In the face of complex and changeable emerging businesses and market situations, the team can quickly make strategic adjustments and optimize sales strategies based on accumulated sales management experience, so as to improve sales efficiency. Therefore, the company has the ability to quickly cut into new customers and explore the market, which provides a solid guarantee for the digestion of new production capacity.
(IV) project investment calculation
The total investment of the project is 3269232 million yuan, of which the investment of raised funds is 200 million yuan. The specific investment is as follows:
Unit: 10000 yuan
No. project or cost name proportion of total investment in total investment proposed to use raised funds
1. Decoration cost 284600 8.71%-
2. Equipment purchase and installation cost 2501062 76.50% 2000000
3. Basic reserve fund 835.70 2.56%-
4. Initial working capital 400000 12.24%-
The total investment of the project is 3269232 100.00% 2000000
(V) expected income of the project
The construction period of the project is 12 months, the after tax internal rate of return of the project investment is 22.36%, and the after tax static investment payback period of the project is 5.72 years (including the construction period), which has good investment benefits.
(VI) project approval or filing
The project has obtained the registration certificate of Yunnan fixed assets investment project, and the registration project code is 220353259989-01580164; The project has obtained the reply of Honghe Ecological Environment Bureau on the environmental impact report of lithium battery cathode key material production base construction project (phase I) (red environmental review [
