Securities code: 003009 securities abbreviation: Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) Shaanxi Zhongtian Rocket Technology Co.Ltd(003009)
Use of funds raised by public issuance of convertible corporate bonds
Feasibility analysis report
January 2002
1、 Application plan of the raised funds
The total amount of funds raised from this issuance of convertible bonds shall not exceed 495 million yuan (including 495 million yuan). After deducting the issuance expenses, the net amount of funds raised will be used to invest in the following projects:
Unit: 10000 yuan
No. project name total investment amount proposed to raise funds
1 large scale thermal field material production line capacity improvement construction project (phase II) 26300.00 26300.00
2. Supplementary construction project for military production capacity 12900.00 12900.00
3. Supplementary working capital 10300.00 10300.00
Total 49500.00
If the net amount of the raised funds after deducting the issuance expenses is less than the amount to be invested in the above-mentioned investment projects with raised funds, the insufficient part of the raised funds shall be solved by the company with its own funds or other financing methods. Before the funds raised in this offering are in place, the company can invest in advance with its own or self raised funds according to the actual progress of the investment project with the raised funds, and replace them in accordance with the procedures specified in relevant laws and regulations after the raised funds are in place. Within the scope of the above-mentioned investment projects with raised funds, the board of directors of the company may appropriately adjust the specific amount of the corresponding investment projects with raised funds according to the actual situation such as project progress and fund demand.
2、 Introduction to the investment projects of the raised funds
(I) capacity improvement construction project of large-scale thermal field material production line (phase II)
1. Basic information of the project
After the completion of the project, the material capacity of newly increased carbon / carbon thermal field is 350 tons / year. All the project funds come from raised funds. The construction site of the project is located in the Yanliang plant area (Xi'an Yanliang National Aviation High Technology Industrial Base) of Xi'an Chaoma Technology Co., Ltd. (hereinafter referred to as "Chaoma technology"), a subsidiary of Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) (hereinafter referred to as " Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) ").
The construction period of the project is 18 months. The total investment of the project is 263 million yuan, including 242 million yuan of construction investment and 21 million yuan of initial working capital.
2. Necessity of project construction
(1) Comply with the needs of market development
① "Carbon neutralization" has become a global consensus. Photovoltaic power generation, as the main clean energy for carbon emission reduction, will usher in rapid growth
More than 130 countries around the world have put forward the climate goal of "zero carbon" or "carbon neutrality". China has announced to the world that it will achieve "carbon peak" by 2030 and "carbon neutralization" by 2060. By 2030, China's carbon dioxide emissions per unit of China's GDP will decrease by more than 65% compared with 2005, and the proportion of non fossil energy in primary energy consumption will reach about 25%.
In order to achieve the above goals, it is imperative to develop renewable energy. Among all kinds of renewable energy, Cecep Solar Energy Co.Ltd(000591) has become the fastest growing renewable energy with its remarkable advantages of cleanness, safety, inexhaustible and inexhaustible. Photovoltaic power generation has become a clean, low-carbon energy form with price advantage in many countries. The photovoltaic industry began to be led by the government and driven by subsidies, and transformed into an alternative drive for traditional fossil energy in the era of affordable Internet access. The industry development ushered in a sustained and healthy endogenous power, and the global installed capacity continued to grow. In 2020, the global PV installed capacity will increase by 130gw, a record high. Driven by the goal of "carbon neutrality" in many countries and the transformation of clean energy, China Photovoltaic Industry Association predicts that the global average annual new installed capacity will reach 210-260gw during the 14th Five Year Plan period.
In 2020, China's PV installed capacity increased by 48.2gw, a year-on-year increase of 60.1%, and the cumulative installed capacity reached 253gw, ranking first in the world. As the key period and window period of "carbon peak", China's photovoltaic market will enter the next stage of rapid development. China Photovoltaic Industry Association predicts that the average annual new installed capacity of China's photovoltaic industry during the "14th five year plan" will reach 70-90gw.
② With the rapid growth of photovoltaic, the triple demand of "new + replacement + transformation" drives the continuous growth of the demand for thermal field materials, and carbon / carbon thermal field materials usher in broad development space
In order to meet the growing demand for photovoltaic installation, single crystal enterprises actively expand production, new production capacity and thermal field upgrading and replacement of original equipment coexist at the same time, and the market demand for carbon / carbon thermal field materials continues to expand. At the same time, with the increasing permeability of large-size silicon wafers and high-purity n-type silicon wafers, the process of replacing graphite with carbon / carbon composites in the thermal field of single crystal furnace is further accelerated, and the proportion of carbon / carbon composites replacing graphite is further increased, further increasing the demand for carbon / carbon thermal field materials.
The demand for thermal field materials comes from three aspects: new capacity assembly, stock component replacement and stock capacity transformation of monocrystalline silicon wafer enterprises. The triple demand of "new + replacement + transformation" drives the continuous growth of heat field demand.
③ Capacity supply is still insufficient relative to the growing market demand
The large-scale suppliers of carbon / carbon thermal field materials in China mainly include super code technology, Kbc Corporation Ltd(688598) (hereinafter referred to as " Kbc Corporation Ltd(688598) "), Shaanxi Meiland Carbon Co., Ltd. (hereinafter referred to as "Shaanxi Meiland") and Longji Baoshan factory. Longji Baoshan factory is self-produced and sold by Longi Green Energy Technology Co.Ltd(601012) , and super code technology, Kbc Corporation Ltd(688598) , Shaanxi Meiland occupy the main market share.
According to the demand calculation and comparative analysis of capacity supply, compared with the huge and continuous market increment, the large-scale effective supply capacity is still insufficient. Meanwhile, in the future, with the upgrading of product technology, the low-end production capacity built by various manufacturers in the early stage will gradually withdraw, and the market space of thermal field materials will be larger.
The company's existing capacity can no longer meet the market demand, so it is urgent to further expand the capacity scale to adapt to the market development. The project will further enhance the production capacity of the company's hot field materials, provide a solid guarantee for further consolidating the in-depth cooperative relationship with downstream high-quality customers, and also provide a capacity guarantee for the company to further develop new customers, promote the diversification of customer structure, and further improve the company's profitability.
(2) Promote the implementation of new technologies and reduce costs
The existing capacity of super code technology is limited by the original basic conditions and can not apply new low-cost technology on a large scale. Therefore, it is necessary to dilute the cost and enhance the market competitiveness and profitability of products by increasing the allocation proportion of advanced and efficient capacity. The construction objective of the project is "to lay out efficient production capacity and reduce manufacturing cost around the latest technology", which will realize the industrialization of the latest technology products of super code technology. The project will purchase more advanced process equipment, mainly increasing the production capacity of large-scale thermal field material products based on splicing technology. Through the application of new equipment and technology in new production capacity and the release of scale effect, reduce manufacturing costs, improve market competitiveness and sustainable profitability, and stabilize the company's market position in the first array in the industry.
(3) It has important strategic significance for the future development of super code technology
In the current business structure of super code technology, the thermal field material business has initially formed a production scale with a certain market level, which is an important support for the rapid development of super code technology in the future. Facing the rare market opportunities and prospects of thermal field materials, taking advantage of the trend and strengthening growth is the strategic choice for the company to further accelerate its development in the future.
The construction of this project is to increase the investment in key products in the core business field of super code technology on the basis of the existing main business and in combination with the market demand and future development trend. Through the implementation of the project, improve the technical level and production scale, narrow the gap with industry leaders in capacity and cost control, maintain and expand the competitive advantage of super code technology in core fields, improve market competitiveness and sustainable profitability, and stabilize its market position in the first array in the industry.
To sum up, the construction of the project is the objective need of market development, the inevitable choice of industry competition and the initiative of development strategy.
3. Feasibility of project construction
(1) The preliminary project construction has been arranged as a whole, and this construction has a good foundation
In accordance with the "14th five year plan" and the goal of building China's leading production capacity during the 14th Five Year Plan period, super code technology Yanliang base is planned as a whole and constructed in stages. It will build China's leading production capacity through the construction of military and civil dual-use high-temperature special material production line and the first and second phases of large-scale hot field material production line (leading technology, equipment and integration of two modernizations) to carry out overall planning and overall design according to the guiding ideology of "hot field material production base".
4. Project investment scale
The proposed investment of the project is about 263 million yuan, including 263 million yuan of raised funds, 242 million yuan of construction investment and 21 million yuan of working capital. See the following table for specific investment composition: Table 1 total investment composition
No. cost name estimated amount (10000 yuan) accounting for the estimated total investment
I. construction investment 24200.00 92.02%
1 construction cost 6228.87 23.68%
2. Process equipment cost 15320.00 58.25%
3. Other construction expenses 1725.45 6.56%
4. Basic reserve fund 925.68 3.52%
II. Working capital 2100.00 7.98%
Total 26300.00 100.00%
(II) supplementary construction project for military production capacity conditions
1. Basic information of the project
The project adds 200 sets / year of military ceramic matrix composite ablation resistant parts and lightweight parts, and 800 sets / year of ablation resistant parts for tactical bombs and commercial aerospace nozzles. The source of funds is all raised funds. The construction site of the project is located in Yanliang plant of Chaoma Technology (Xi'an Yanliang National Aviation high technology industry base).
The construction period of the project is 18 months. The total investment of the project is 129 million yuan, including 119 million yuan of construction investment and 10 million yuan of initial working capital.
2. Necessity of project construction
(1) Improve the production capacity of ablation resistant parts and respond to military orders
Super code technology military products are mainly C / C and carbon ceramic ablation resistant parts for Rockets / missiles. With the gradual improvement of market recognition of super code technology in aerospace, weapons and equipment and other fields, the market share of products is growing, the size and specification of ordered products are gradually increasing, and the number of orders is growing rapidly. The production capacity of individual processes of nozzle ablation resistant parts is seriously insufficient, which greatly affects the delivery of ablation resistant parts. The short board with insufficient space, insufficient equipment capacity and poor production layout has seriously restricted the development of super code technology military products business. It is urgent to supplement the short board and improve the scientific research and production capacity of military products through the construction of new production capacity.
(2) To supplement the capacity conditions of ceramic matrix composites and meet the needs of scientific research and production of military products, super code technology has multiple core key equipment in the field of advanced ceramic matrix composites, including ceramic treatment equipment of RMI technology, impregnation cracking equipment of PIP technology, surface coating technology equipment, etc. However, the existing equipment can only meet the development tasks of new models of products. With the maturity of ceramic matrix composite technology products, the continuous increase of new products and the finalization of some models, the task orders of relevant military products are increasing, and there is a serious shortage of large-size equipment and key equipment for ceramic matrix composite production, especially silicon carbide chemical vapor deposition furnace, Large-scale impregnation curing furnace and large-scale ceramic treatment furnace need to be supplemented with relevant capacity conditions to meet the needs of scientific research and production of military products. Super code technology plans to carry out layout construction based on military ceramic matrix composites, rapid and efficient preparation technology, and guided by new ablation resistant parts and lightweight parts in the aerospace field.
Therefore, super code technology plans to realize the serialization and large-scale production of nozzle ablation resistant parts and military ceramic matrix composites in the target market through the implementation of the "supplementary construction project for military production capacity conditions".
3. Feasibility of project construction
(1) The company's stable customer resources provide a basis for the digestion of new production capacity
After nearly two decades of
