Securities code: Ucloud Technology Co.Ltd(688158) securities abbreviation: Shenzhen United Winners Laser Co.Ltd(688518) Shenzhen United Winners Laser Co.Ltd(688518)
(101, plant 1, No. 6352, Pingshan Avenue, Shatian community, Kengzi street, Pingshan District, Shenzhen)
Issue A-Shares to specific objects in 2022
Feasibility analysis report on the use of raised funds
May, 2002
1、 Use plan of the raised funds
The total amount of funds raised from the company's issuance of A-Shares to specific objects this time shall not exceed 990 million yuan. The net amount after deducting the issuance expenses is proposed to invest in the following projects:
Unit: 10000 yuan
Sequence project name total investment amount proposed to use raised fund amount No
1 Shenzhen United Winners Laser Co.Ltd(688518) East China base expansion and technology center construction project 50169003 Shanghai Pudong Development Bank Co.Ltd(600000)
2 Shenzhen United Winners Laser Co.Ltd(688518) Shenzhen base construction project 50308003800000
2.137623 Shenzhen Kedali Industry Co.Ltd(002850) 000 project of capacity construction of high-precision laser and laser welding complete equipment
2.2 digital operation center construction project 1268500950000
3. Supplementary working capital 25 China Vanke Co.Ltd(000002) 500000
Total 125477009900000
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 the progress and capital demand of the project. Before the raised funds are in place, the company can invest with self raised funds according to the actual situation of the investment project with raised funds, 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 its own funds or self raised funds.
If the total amount of funds raised by this issuance to specific objects is adjusted due to changes in regulatory policies or the requirements of issuance registration documents, it will be adjusted accordingly at that time. 2、 Necessity and feasibility analysis of the project invested by the raised funds (I) Shenzhen United Winners Laser Co.Ltd(688518) East China base expansion and technology center construction project
1. Project overview
The project is implemented by Jiangsu Lianying, a wholly-owned subsidiary of the company, with a total investment of 501.69 million yuan. The investment amount of the proposed raised funds is 360 million yuan, and the construction period is 2 years. The raised funds of the project will be mainly used to purchase the plant rented by Jiangsu Lianying to obtain stable production land; Build new plants and purchase supporting production equipment to improve the company's production capacity; Build proofing and welding material verification laboratory, DOE laboratory based on customers' future products, and purchase supporting R & D equipment to improve the company's technical ability to serve customers in East China and surrounding areas.
2. Necessity analysis of project implementation
(1) The need to improve the layout of East China and improve regional service capacity
East China is one of the most economically dynamic regions in China. It is also the gathering place of Shanxi Guoxin Energy Corporation Limited(600617) automobile industry in China, bringing together China's major new forces in new energy vehicle manufacturing. Based in Shenzhen and strategically located in East China, the company has established a wholly-owned subsidiary Jiangsu Lianying in Liyang City, Jiangsu Province, and developed it into an important production, technology and customer service base of the company. At present, East China has become the company's main sales area, and customers in East China have become an important source of revenue for the company.
With the rapid growth of business scale in East China and the continuous increase of customers in East China, higher requirements are put forward for the production and operation capacity and customer service capacity of the company's East China base. In order to meet the needs of business development in East China, improve the customer service capacity in East China and continue to consolidate the company's market position in East China, the company urgently needs to further improve the technology, production and operation capacity of East China base, so as to promote the continuous growth of the company's business in East China.
Based on the company's existing East China base, the project will further expand the production plant and build a new technology center to build a more comprehensive functional system, so as to improve the layout of East China base. The implementation of this project will help the company integrate regional resources, improve the nearby supporting service capacity, give full play to the localization advantage, improve the response speed to customer needs and customer service quality, and lay a solid foundation for the sustainable and stable development of business in East China in the future.
(2) The need to improve the production capacity of laser welding intelligent equipment and seize the development opportunities of the industry
The company is a leading service provider of complete sets of laser welding equipment and automation solutions in the industry. With excellent product performance and excellent customer service ability, the company's equipment has been recognized by leading customers in downstream industries such as power battery, consumer electronics, automobile and hardware, optical communication and so on. Benefiting from the continuous and rapid growth of downstream market demand, the business scale of the company continues to expand. In 2021, the company achieved an operating revenue of 1.4 billion yuan, a year-on-year increase of 59.44%. The rapidly growing downstream demand poses great challenges to the company's delivery capacity and capacity guarantee ability.
The company's East China base is mainly responsible for the production of complete sets of laser welding equipment. The complete set of laser welding equipment has the characteristics of customization and non standardization. It needs to be processed, assembled and debugged on the company's site, and the complete set of equipment supporting the laser is huge. The processing and assembly cycle on the company's production site takes 1-4 months, occupying a large area of the production site and a long time. The company's existing production site can no longer meet the needs of production space brought by order growth, and the production capacity can no longer meet the needs of business growth. Therefore, the company needs to expand the production site and improve the production and delivery capacity of complete sets of laser welding equipment, so as to seize the development opportunity of the industry and further improve the market share of products. The project will further expand the production and manufacturing capacity of complete sets of laser welding automation equipment and workbench in the company's East China base by building a new production workshop and purchasing production equipment and logistics storage equipment. The implementation of the project will help alleviate the current shortage of production and manufacturing sites of the company, improve the market supply capacity of the company's products, meet the growing market demand of customers, ensure the healthy and sustainable development of the company, and consolidate the market position of the company in the field of laser welding equipment.
(3) The need to attract and condense outstanding talents in East China and improve the level of technological development and process
Laser welding equipment industry is a technology intensive industry, covering a wide range of technology applications, involving laser optics, electronic technology, computer software development, power supply, automatic control, mechanical design and manufacturing and other disciplines. It has a high technical threshold, requires strong development and design ability, process equipment ability, high requirements for technicians, and requires continuous R & D investment of enterprises. The company is a leading enterprise in the field of laser welding equipment. Thanks to the company's long-term R & D and technical personnel investment, the company's R & D investment exceeded 100 million yuan for the first time in 2021, reaching 1033217 million yuan. However, with the continuous iteration of downstream customer products, customer needs are increasingly diversified, and with the continuous expansion of downstream application fields, new application processes and new processing requirements are emerging, which all put forward higher requirements for the company's technicians. The company needs to continuously attract excellent talents to continuously improve its customer service ability.
Laser welding equipment is a non standardized product that needs to be independently designed according to customer requirements. Its performance directly affects the production quality and efficiency of downstream customers. Therefore, companies often need to conduct proofing verification before obtaining customer orders, and batch orders can be obtained only after the proofing results meet customer needs. In addition, the non standardized production characteristics require the company to carry out a large number of process verification and commissioning in the process of mass production, so as to ensure the stability of the company's product performance and quality and enhance the competitiveness of the company's products.
At present, the company's technical and process personnel are mainly concentrated in Shenzhen. Although the proofing center has been established in Jiangsu Lianying, due to the weak equipment and staffing, it generally needs to be sent to Shenzhen for proofing according to the proofing needs of customers in East China. The efficiency of information feedback and communication is low, which is not conducive to providing timely services for customers in East China. After years of continuous development, the company has accumulated many high-quality customers in East China. In recent years, the proportion of customer proofing demand in East China continues to rise. In 2021, it surpassed customers in South China and became the customer group with the largest proofing demand. In order to improve the customer service ability in East China and the ability to cooperate with customers in East China to develop new processes, the company urgently needs to improve the technology and process capacity construction of East China base.
Relying on Changzhou municipal enterprise technology center and Changzhou high precision laser welding technology engineering technology research center, the project will build the company's East China Technology Center, build DOE laboratory, proofing and welding material verification laboratory and supporting office space for technicians based on customers' future products, attract outstanding technical and process talents in the Yangtze River Delta, and improve the technology and process development capacity of the company's East China base, Better serve customers in East China.
(4) The need to ensure the stability of the business site and reduce the business risk of the company
Business site is the carrier of production capacity of manufacturing enterprises and an important cornerstone of their stable development. When the company initially laid out the East China market, in order to seize the market demand and rapidly expand production capacity, the company carried out product production by renting factories. In the subsequent development process, relying on the innovative manufacturing base of power battery energy storage industry in Liyang high tech Industrial Development Zone, Jiangsu Province, the company continued to explore the market, explore customers, layout production capacity, and built its own production plant close to the leased plant, realizing the further expansion of business scale.
At present, the leased plant is still the main production house of Jiangsu Lianying, a subsidiary of the company. However, the leased plant may not be renewed when it expires, and the rent may rise, which is not conducive to the long-term stability of the company's production capacity, and the competitiveness of the company's products may be reduced due to the rise of costs. In addition, the leased plant (phase I plant) of Jiangsu Lianying is located in the middle of its own plant (phase II plant) and the plant (phase III plant) planned to be constructed this time (see the figure below for details). In order to realize the unified planning of phase I, phase II and phase III production bases, it is necessary for the company to purchase the existing phase I leased plant in Liyang to ensure the stability of production and operation and further coordinate and optimize the functional layout of each production base.
The project will purchase the existing leased plant (phase I plant) located at No. 88, Hongye Road, Liyang City. The implementation of the project will help to ensure the continuation of the original production capacity, improve the stability of the company's production and manufacturing site and reduce the company's operation risk; It is conducive to the unified layout and cluster management of the company's East China production base, and give full play to the scale effect.
3. Feasibility analysis of project implementation
(1) The broad application market prospect provides capacity digestion space for the implementation of the project
The company is a leading supplier of precision laser welding equipment and automation solutions in China, specializing in the R & D, production and sales of precision laser welding machines and complete sets of laser welding automation equipment. The company's products are widely used in power batteries, consumer electronics, automotive and hardware, optical communications and other fields. Benefiting from the rapid growth of downstream market demand, the company's production capacity is becoming increasingly scarce.
In the field of power batteries, thanks to the rapid development of new energy vehicles and the continuous upgrading of battery technology, global power battery shipments continued to grow rapidly. According to the statistics of lithium battery research institute of SAIC, the shipment volume of China Shipbuilding Industry Group Power Co.Ltd(600482) battery in 2021 was 220gwh, with a year-on-year increase of 165%. According to its prediction, the global shipment volume of power battery will reach 1550gwh in 2025 and 3000gwh in 2030, and China's global market share will stabilize at more than 50%.
In the field of automobile manufacturing, with the rapid development of new energy vehicles and the promotion and application of vehicle technologies such as automatic driving, the sales volume of the global new energy vehicle market continues to grow rapidly. According to the information of the Ministry of industry and information technology, the production and sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles both exceeded 3.5 million in 2021, reaching 3.545 million and 3.521 million respectively, with a year-on-year increase of 1.6 times and a rapid growth. According to the prediction of lithium battery research institute of Gaogong Industry Research Institute, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles will reach 12.88 million in 2025, a compound increase of 38% over 2021.
In the field of consumer electronics, with the continuous upgrading of consumer demand, the continuous development of technologies and applications such as online education, remote office, Internet equipment and VR / AR, as well as the development and application of new technologies such as 5g, optics and folding screen, the demand of consumer electronics market has achieved steady development. According to the public data of statita, the scale of the global consumer electronics market will increase from US $1085.8 billion in 2021 to US $1135.7 billion in 2026, which is in a high and stable state and has a large market scale; The revenue of China's consumer electronics market will increase from US $300.1 billion in 2021 to US $323.9 billion in 2025, and the growth rate of revenue is higher than that of the world.
In conclusion, the main downstream application markets of the products corresponding to the project are in good development, providing a favorable market environment for the digestion of the new capacity of the project.
(2) The accumulation of high-quality customer resources provides a customer base for the implementation of the project
As a leading supplier in the field of laser welding equipment, the company always adheres to the service concept of "customer first, quality first", takes customer demand as the guidance, and sets up a localized professional marketing service team to provide customers with personalized and timely services. After years of development and accumulation, with strong market development ability, perfect manufacturing process and strict quality control level, the company has accumulated many high-quality customer resources, including well-known enterprises in Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) , Gree intelligence, Foxconn, Tyco Electronics, Shenzhen Everwin Precision Technology Co.Ltd(300115) , Panasonic, Samsung, AVIC power, ATL and other industries. The company's good customer resources provide a customer base for the digestion of the new capacity of the project.
(3) Strong technological innovation strength provides technical basic support for the implementation of the project
Focusing on technology R & D, the company has established five R & D centers: laser R & D center, laser process R & D center, R & D Engineering Center, intelligent software R & D center and special laser equipment R & D center. Relying on the perfect R & D system and R & D platform, the company
