Chengdu Wintrue Holding Co.Ltd(002539)
Feasibility analysis report on the use of funds raised by non-public offering of shares
In order to consolidate the main business, incubate new profit growth points and supplement working capital, Chengdu Wintrue Holding Co.Ltd(002539) (hereinafter referred to as "the company" or "the company") plans to raise funds by non-public offering of shares for "linkage production project of new energy materials and slow and controlled release compound fertilizer produced by comprehensive utilization of phosphate rock resources" and "supplement working capital" and other projects.
The feasibility analysis of the use of the funds raised by this non-public offering is as follows: I. The use plan of the funds raised this time
The total amount of funds raised from this non-public offering of shares shall not exceed 250 million yuan (including), which is intended to be used for the following items after deducting the issuance expenses:
Unit: 10000 yuan
No. project name total investment of the project amount of raised funds to be invested
1. Comprehensive utilization of phosphate rock resources to produce new energy materials 459500.00 200000.00 and slow and controlled release compound fertilizer linkage production project
2. Supplementary working capital project 50000.00 50000.00
Total 509500.00 250000.00
If the actual amount of raised funds (after deducting the issuance expenses) is less than the amount of raised funds to be invested in the above projects, within the finally determined investment projects of the raised funds, the company will adjust and finally determine the specific investment projects, priorities and specific investment amount of each project according to the actual amount of raised funds and the priorities of the projects, The insufficient funds raised shall be raised by the company itself. Before the funds raised from this non-public offering are in place, the company will invest in advance with self raised funds according to the actual situation of the project progress, and replace them after the raised funds are in place.
2、 Basic information of raised investment project (I) linkage production project of new energy materials and slow and controlled release compound fertilizer produced by comprehensive utilization of phosphate rock resources
1. Project overview
Project Name: integrated production of new energy materials and slow and controlled release compound fertilizer by comprehensive utilization of phosphate rock resources
Yuntu new energy materials (Jingzhou) Co., Ltd
Project implementation location: East of Chuangye Avenue, Lingang Industrial Park, Lexiang street, Songzi City, Hubei Province
The source of land for project implementation is self owned, and the source of plant for project implementation is self built
The project plans to build an annual capacity of 350000 tons of battery grade iron phosphate and 600000 tons of slow and controlled release compound fertilizer, as well as the front-end supporting capacity of 1.5 million tons of phosphate ore beneficiation, 1 million tons of sulfur to sulfuric acid, 300000 tons of wet process phosphoric acid (converted into pure) and 300000 tons of refined phosphoric acid and relevant supporting facilities.
2. Necessity of project implementation
(1) Help the company to achieve the strategic goal of "continuously building the advantages of the whole chemical fertilizer industry chain and striving to be the world's leading provider of efficient planting comprehensive solutions"
The development of slow and controlled release compound fertilizer is not only an important content of transformation and upgrading and structural optimization of compound fertilizer industry, but also the development direction of national policy and market demand. With the continuous increase of policy support by the state and the improvement of farmers' awareness of rational fertilizer use, slow and controlled release compound fertilizer will usher in a strong development momentum in the future, and will also become the main direction of product R & D and continuous optimization of compound fertilizer enterprises. However, head enterprises have strong R & D strength and technical support, and their advantages will become more and more obvious.
At present, the chemical fertilizer industry is in a critical period of reform and reshuffle. Guided by the national agricultural policy, the company implements the four-wheel drive marketing mode of "resources + marketing + technology + service", continues to promote the cost leading development strategy, and speeds up the transformation of the company from a compound fertilizer manufacturing enterprise to an efficient planting comprehensive solution provider. The implementation of the project is an important measure for the company to extend the industrial layout and further reduce costs. It is not only conducive to incubating new profit growth points for the company, but also conducive to expanding the scale of the company's compound fertilizer and phosphorus chemical industry, which is in line with the company's long-term development strategy. (2) Seize the favorable period of iron phosphate development, extend the industrial chain and further consolidate the company's competitive advantage in the industrial chain
Iron phosphate is the precursor material of lithium iron phosphate. With the surge in demand for lithium iron phosphate, there is a large demand space for iron phosphate in the future. The phosphorus source accounts for the largest proportion in the preparation cost of iron phosphate. At present, the company has rich phosphate rock resources, precipitated in the phosphorus chemical industry for many years, and has accumulated rich production management experience and technical reserves, which can provide perfect resource matching and production and management guarantee for iron phosphate project, with outstanding advantages in production cost and industrial synergy. Under the above background, on the basis of strengthening the main business, the company grasps the favorable period for the development of iron phosphate, timely layout, increase investment, improve the industrial chain, further extend the company's phosphorus chemical industry chain, form a complete industrial chain of "phosphate rock phosphoric acid iron phosphate", expand the company's phosphorus chemical industry scale and enrich phosphorus chemical products, Further consolidate the company's industrial chain competitive advantage.
3. Feasibility of project implementation
(1) Mature and stable technology and process route have laid a solid technical foundation for project implementation. 1) the company has talent and technology accumulation in relevant fields
In the field of compound fertilizer, the company has gathered a large number of industry technical experts and R & D teams, with strong product R & D, technological innovation and technical service capabilities. At present, the company has established national and provincial enterprise technology centers, Sichuan new environmental protection water-soluble fertilizer engineering technology research center and other R & D platforms, and maintained close exchanges with the cultivated land quality monitoring and protection center of the Ministry of agriculture and rural areas, the National Agricultural Technology Extension Service Center, Sichuan University, Sichuan University of light and chemical technology, as well as foreign agricultural science and technology companies and professional organizations, Committed to the R & D, promotion and application of new fertilizers. The company has mastered the core technology of new fertilizers such as nitro compound fertilizer, water-soluble fertilizer, agricultural ammonium potassium nitrate and slow-release and controlled-release fertilizer, and participated in the drafting of 4 industrial standards and 1 international standard.
2) The project itself has mature technology
The raised investment project involves the production of slow and controlled release compound fertilizer, and the company will select mature production technology. The complex of three types of technologies, including outer membrane technology, internal addition of slow-release agent technology and mixing, is adopted to realize the outer membrane of parent fertilizer, internal addition of slow-release agent in the production process and the mixing at the end, so as to better meet the market demand. The company's technical accumulation in the field of compound fertilizer has laid a solid foundation for the implementation of this raised investment project.
Phosphoric acid production is the basis of phosphorus chemical industry. Developed countries have basically realized the replacement of thermal phosphoric acid with purified wet process phosphoric acid, and carried out the development, research and production of new products and technologies.
In recent years, China's well-known scientific research institutes and large resource phosphorus chemical enterprises have successively entered the field of wet process phosphoric acid purification. Sichuan University and central China Normal University have carried out diversified R & D and mass production successively. The scale of single unit for phosphoric acid purification production has also increased from thousands of tons to 100000 tons. As the purification process of wet process phosphoric acid in China becomes more and more mature, the comprehensive utilization level of wet process phosphoric acid continues to improve.
In this raised investment project, the battery grade iron phosphate production line will adopt the mature phosphoric acid wet process to complete the production of battery grade iron phosphate through iron dissolution reaction, oxidation reaction, crystallization aging, filtration, filter cake washing, drying, dehydration, crushing modification, packaging, sewage treatment and other processes. Relying on the production management experience and technical reserves accumulated in phosphorus chemical industry for many years, the company has carried out technical cooperation with Sichuan University and other universities and professional institutes to provide strong technical support for the project.
(2) The company has rich experience in relevant industrial operation, which can effectively ensure the smooth implementation of raised investment projects
The project is supported by the construction of phosphoric acid and sulfuric acid projects required for the preparation of iron phosphate. At the same time, the by-products in the production of iron phosphate - low-grade phosphoric acid and slag acid are used to produce compound fertilizer, so as to realize the comprehensive utilization of resources and obvious industrial synergy. Over the years, the company has accumulated rich production management experience and technical reserves in compound fertilizer industry and phosphorus chemical industry.
The complete industrialization system and rich industrialization operation experience can effectively improve the project operation efficiency, fully tap the added value of all links of the industrial chain, disperse the company's operation risks, and provide effective guarantee for the implementation of this raised investment project.
(3) As an important direction of fertilizer development, slow and controlled release compound fertilizer has a huge development space
Slow and controlled release compound fertilizer can release nutrients synchronously according to the nutrient absorption law of crops, improve the fertilizer utilization rate and reduce the number and times of fertilization. Nutrients are released slowly and will not cause damage to crop roots due to excessive local fertilizer concentration. At the same time, slow and controlled release compound fertilizer can also improve the growth stress resistance of crops, improve Shenzhen Agricultural Products Group Co.Ltd(000061) quality, and avoid the situation that topdressing is impossible due to irresistible factors such as climate. As a new type of fertilizer with environmental protection, high efficiency, time saving and labor saving, slow and controlled release compound fertilizer has become an important direction of fertilizer development in China after years of rapid development. According to the statistics of the world agrochemical network, the application area of new fertilizers in China reached about 1 billion mu in 2017, of which the output of slow-release and controlled-release compound fertilizer is estimated to be 3-3.6 million tons if calculated according to pure products. In the future, the compound annual growth rate of slow and controlled-release fertilizer will be between 10-15%. By 2025, the output of slow and controlled-release fertilizer in China is expected to reach 7.55-11.26 million tons and the output value is about 21.1-31.5 billion yuan.
(4) As the precursor of cathode material, iron phosphate has strong market demand, which provides a broad market space for the digestion of production capacity of raised investment projects
Under the background of global carbon peak and carbon neutral development, the development potential of new energy vehicles and energy storage industry is huge. The power demand of new energy vehicles and the energy storage demand of electricity and communication show explosive growth, driving the rapid growth of the demand for power batteries and energy storage batteries. Lithium iron phosphate cathode material is generally favored by the market because of its safety, high capacity, discharge, fast charging and low cost. It has become an important development direction of cathode materials for power batteries and energy storage batteries. From 2016 to 2020, China's apparent consumption of lithium iron phosphate increased from 81600 tons to 132800 tons, with a compound annual growth rate of about 12.95%. According to Gf Securities Co.Ltd(000776) prediction, with the explosion of demand for power batteries and energy storage batteries, it is expected that the demand for lithium iron phosphate will reach 3.12 million tons in 2025, with great growth potential in the future. As the key and core precursor raw material for the manufacture of battery grade lithium iron phosphate, iron phosphate has broad market prospects in the future under the trend of continuous downward policy driven superposition cost.
Figure: apparent consumption of lithium iron phosphate in China from 2016 to 2020
Data source: Baichuan Yingfu
4. Project investment estimation
The estimated total investment of the project is 4595 million yuan, mainly including construction investment of 3984.4666 million yuan, interest during construction period of 110.5335 million yuan and working capital of 49.9999 million yuan.
Project name project investment amount (10000 yuan)
1、 Construction investment 398446.66
(I) fixed assets expenses 383759.04
1. Equipment purchase cost 223558.42
2. Main material cost 52039.74
3. Installation cost 32470.43
4. Construction cost 66316.70
5. Other expenses 9373.75
(II) intangible assets 9988.00
1. Land use fee 9988.00
(III) other assets 950.00
1. Production personnel preparation fee 950.00
(IV) reserve fund 3749.62
2、 Loan interest during construction period 11053.35
3、 Working capital
