Xinxiang Chemical Fibre Co.Ltd(000949) about
Feasibility analysis report on the use of funds raised by non-public offering in 2022 I. investment plan of the raised funds
Xinxiang Chemical Fibre Co.Ltd(000949) (hereinafter referred to as "the company") the total amount of funds raised in this non-public offering does not exceed 1380 million yuan. The net amount of the total amount of funds raised after deducting the issuance expenses will be used for:
Unit: 10000 yuan
No. project name total amount of the project proposed to use the amount of funds raised this time
1. Phase III project of 104466767000000 items of high-quality ultra-fine denier spandex fiber with an annual output of 100000 tons
2. 10000 tons of biomass cellulose fiber project 72603484800000
3. Supplementary working capital 20 China Vanke Co.Ltd(000002) 000000
Total 1970702413800000
In order to ensure the smooth progress of the investment project with raised funds and protect the interests of all shareholders of the company, before the funds raised in this non-public offering are in place, the company will invest in advance with self raised funds according to the actual needs of the project progress, and replace them according to the procedures and time limit specified in relevant laws and regulations after the raised funds are in place.
If the actual net amount of funds raised in this non-public offering is lower than the above amount of funds to be invested, the insufficient part shall be solved by the company's self raised funds. On the premise of not changing the project invested by raising funds, the board of directors of the company can appropriately adjust the investment sequence and amount of the raised funds of the above projects according to the actual needs of the project.
2、 Necessity and feasibility of this fund raising
(I) phase III project of 100000 tons per year high-quality ultra-fine denier spandex fiber project
1. Project overview
The phase III project of the company's annual output of 100000 tons of high-quality ultra-fine denier spandex fiber project aims to build "Egret" spandex into one of the high-quality product brands in China's Spandex Industry by building a large-scale differentiated ultra-fine denier spandex fiber production base in China, expand the proportion of differentiated spandex fiber products and improve the company's competitive advantage in differentiated spandex market segments.
The total investment of the third phase of the project with an annual output of 100000 tons of high-quality ultra-fine denier spandex fiber is 1044667600, with stable process parameters, high product quality, low material and energy consumption and good operation benefits. Through process adjustment, changing additives and process parameters, the production line of the project is as flexible as possible, and can produce fine denier, ultra-fine denier and other differentiated spandex fibers with special properties such as temperature resistance, chlorine resistance and easy dyeing.
2. Necessity and feasibility of the project
(1) Enhance the business technology level and enhance the competitiveness of the company's Spandex business
The project adopts the sixth generation continuous polymerization dry spinning production process, that is, the complete set of 120 head spinning corridor continuous polymerization dry spinning technology. After the completion of the project, an annual output of 40000 tons of fine denier, ultra-fine denier shiny or translucent spandex fiber will be formed. The project adopts high-density spinning technology, the number of silk cakes per unit reaches 120, and the spinning speed reaches 1000m / min, which greatly improves the production efficiency of fine denier silk. With the use of new technologies, the cost and production efficiency advantages of the company in spandex business will be more obvious. Especially in the context of stricter national environmental protection policies, the use of new technologies will effectively improve the comprehensive competitiveness of the company.
(2) Improve the business structure of Spandex Products and adapt to the changes of market demand
With the lightweight of textile fabrics, the demand proportion of fine denier spandex products is increasing. According to the 2021 annual report of spandex industry chain released by China chemical fiber information network, the market share of products with 20d and below in the spandex market increased from 21.6% in 2020 to 23.0% in 2021. The fine denier trend of spandex industry is obvious. In addition, according to wind information data, in March 2022, the price of 20d spandex on the market was about 30% higher than that of 40d spandex, and the profitability of fine denier spandex was strong. The products of this raised investment project will mainly be 10d, 15d, 18D and 20d ultra-fine denier spandex yarn. According to the changes of market environment, the company timely builds high-quality ultra-fine denier spandex project, which can effectively optimize the company's Spandex product structure, improve the profitability of the company's products and adapt to the changes of market demand.
(3) The company has complete spandex business system and strong technical strength
The company is a "national textile technology innovation demonstration enterprise", "Henan Province Technology Innovation Demonstration Enterprise", "Henan Province energy conservation and emission reduction technology innovation demonstration enterprise", "China chemical fiber industry intelligent manufacturing excellent enterprise", "China chemical fiber industry green manufacturing excellent enterprise", "national chemical fiber industry" 13th five year plan "high-quality development leading enterprise" "National chemical fiber industry '13th five year' green development demonstration enterprise" and "Henan Manufacturing leading goose enterprise". The company has R & D platforms such as postdoctoral scientific research workstation, Henan chemical fiber engineering technology research center, Henan fiber green manufacturing engineering technology research center and Xinxiang differentiated spandex engineering technology research center. The company's "Egret" spandex products have won the certification of international environmental protection and ecological textiles. The products sell well in China and are exported to Europe, North America, Asia and other places.
The project plant area has complete supporting public engineering facilities, such as water supply, power supply, steam supply, etc. The supply of main raw materials required for the production of spandex in this project is sufficient. The company has maintained good cooperative relations with many suppliers for a long time, which can ensure the stable and timely supply of raw materials and meet the production and development needs of enterprises. In addition, the company has a team of skilled, honest, dedicated, young, capable and efficient technicians and production workers, which lays a solid technical and talent foundation for the steady and efficient development of the company's spandex industry.
3. Project construction content
(1) Implementation subject
The implementation subject of the project is the company.
(2) Site selection
The project site is located in the south of Xinchang North Road and the west of Bailu Avenue, Xinxiang Industrial cluster area, Xinxiang City. (3) Construction scale
After the completion of the project, the company will have an annual production capacity of 40000 tons of fine denier or translucent spandex.
(4) Project construction period
The construction period of the project is from July 2022 to December 2023, and the construction period is 18 months.
4. Total investment and benefit calculation
No. proportion of project investment (10000 yuan)
I. construction investment 8869352 84.90%
1. Equipment purchase cost 7781622 74.49%
2. Construction cost 599638 5.74%
3. Installation cost 267474 2.56%
4. Other expenses of engineering construction 881.03 0.84%
5. Basic reserve fund 132515 1.27%
II. Land use right 135000 1.29%
III. financial expenses during construction period 338100 3.24%
IV. auxiliary working capital 1104224 10.57%
Total 10446676 100.00%
After the completion of the project, the average annual sales revenue will be 1569714300 yuan, the total annual profit will be 224292400 yuan, and the after tax internal rate of return will be 14.96%.
5. Acquisition of project qualification documents
On August 20, 2020, the project obtained the registration certificate of enterprise investment projects in Henan Province (project code: 202041077228-03069230) issued by the Economic Development Bureau of the Management Committee of Xinxiang economic and Technological Development Zone.
On November 19, 2020, the project obtained the reply on the environmental impact report of Xinxiang Chemical Fibre Co.Ltd(000949) annual output of 100000 tons of high-quality ultra-fine denier spandex fiber project issued by Xinxiang Ecological Environment Bureau (Xin Huan Shu Shen [2020] No. 20).
On June 10, 2020, the company obtained the land use right certificate for the construction of the project (Certificate No.: Yu (2020) Xinxiang real estate property right No. Xiamen Hexing Packaging Printing Co.Ltd(002228) 4).
(II) biomass cellulose fiber project with an annual output of 10000 tons
1. Project overview
The company's 10000 ton biomass cellulose fiber project aims to build a large-scale renewable cellulose fiber production base in Northwest China in Xinjiang, make full use of local industrial advantages in raw material supply, energy and supporting facilities, transportation and logistics, customer excavation, policy implementation, etc., actively participate in the construction of the "the Belt and Road" and optimize the company's industrial layout, Further consolidate the company's market position in the field of biomass cellulose filament.
The total investment of the company's annual output of 10000 tons of biomass cellulose fiber project is 726034800 yuan. The project plans to adopt the current advanced technology in the biomass cellulose filament industry at home and abroad. The project equipment plans to adopt the domestic advanced continuous spinning machine. The transmission system, winding system, traverse system and exhaust system of the spinning machine have been optimized and upgraded. The spinning system is efficient, environmentally friendly and applicable to a wide range of product specifications and models. It is an advanced intelligent spinning equipment in the current industry.
2. Necessity and feasibility of the project
(1) Optimize the company's production capacity layout and promote the company's business development in Xinjiang
Xinjiang is a key area of China's western development and the "the Belt and Road" strategy. It is an important gateway to China's opening up and an important base of strategic resources. Mushuk City, where the project is located, is an important node of the "Silk Road Economic Belt" and the "China Pakistan Economic Corridor". In 2011, the company set up a wholly-owned subsidiary Xinjiang Bailu Fiber Co., Ltd. in Xinjiang to be responsible for the production of raw material cotton pulp. At the same time, the company exports a large number of products to customers in South Asia and Middle East countries or regions such as Pakistan, India and Turkey every year.
The completion of the project will help to optimize the production capacity layout of the company's biomass cellulose filament business, make full use of the resource endowment and industrial advantages of the project in terms of local raw material supply, energy and supporting facilities, logistics export and international Chinese market excavation, and promote the landing and development of the company's business in Xinjiang. It is a concrete embodiment of the in-depth implementation of the national western development strategy and is in line with the requirements of the Ministry of industry and information technology The guiding opinions on the high-quality development of chemical fiber industry issued by the national development and Reform Commission in April 2022 "encourages leading enterprises to build integrated bases of the whole chemical fiber textile industry chain in central and western regions such as Guangxi, Guizhou and Xinjiang, and form an efficient collaborative supply chain system with surrounding countries and regions".
(2) Lead the transformation and upgrading of greening, automation and intelligence to ensure the sustainability of the company's competitiveness. Through the construction of this project, the company will adopt the glue making process and acid bath process technology with high energy-saving and environmental protection level. Among them, the large-capacity dry yellowing technology used in the glue making process is an advanced process in the cellulose filament industry at home and abroad, with remarkable energy-saving effect. The continuous spinning machine proposed to be adopted for the main equipment of the project has the advantages of high spinning speed, flexible varieties and small environmental impact. The construction of this project improves the automation, intelligence and informatization level of the company's biomass cellulose filament production line, helps to improve the delivery capacity of the company's end products, expand market coverage, ensure the consistency and stability of products, so as to ensure the continuous improvement of the company's competitiveness, and gradually improve the technological innovation ability and green production level of the whole industry as an industry leader, Promote the overall high-quality development of biomass cellulose filament industry.
(3) The company has strong R & D strength and rich project experience
After years of continuous research and development, the company has accumulated an advanced comprehensive technical system in terms of equipment technology and process level of biomass cellulose filament. On the basis of learning from advanced technologies at home and abroad, through continuous R & D and innovation, the company has continuously upgraded its equipment and products, and continuously improved the intelligence and automation level of the production line. According to the actual needs of the project construction, the project establishes a production and management team by establishing a wholly-owned subsidiary in Xinjiang, which is responsible for the project planning, project establishment, design, organization and implementation, and formulates an effective enterprise management and talent incentive system to ensure the level of quality management and production management, ensure the safety and reliability of production, and promote the development of cost reduction and efficiency increase of the enterprise.
3. Project construction content
(1) Implementation subject
The implementation subject of the project is Xinjiang Tianlu New Material Technology Co., Ltd., a wholly-owned subsidiary of the company. The company plans to pay in full
