Demonstration and analysis report of gem issuing shares to specific objects in 2021 (Revised Version)
January, 2002
According to the provisions of the measures for the administration of securities issuance and registration of companies listed on the gem (for Trial Implementation) issued by the China Securities Regulatory Commission, Suzhou Slac Precision Equipment Co.Ltd(300382) (hereinafter referred to as the "company") has prepared the demonstration and analysis report (Revised Draft) on the scheme of issuing shares to specific objects. 1、 Background and purpose of this issuance of shares to specific objects
(I) background of this issuance of shares to specific objects
1. Favorable industrial policies promote the development of metal packaging industry
The downstream of the packaging industry is widely used, which is connected with various fields such as national economic production and consumption. National policies always support the rapid development of the packaging industry. In 2016, the Ministry of industry and information technology and the Ministry of Commerce issued the guiding opinions on accelerating the transformation and development of China's packaging industry to support industry organizations to carry out the construction of major demonstration projects, including the implementation of intelligent chemical engineering of packaging equipment, and the organization of tackling key technologies and integration technologies of high-end packaging equipment, Focus on the development of food and drug automatic packaging production line, packaging and printing integrated manufacturing equipment, modern logistics automatic packaging system and other major intelligent manufacturing complete sets of equipment, and strive to promote the application demonstration of packaging intelligent factory / digital workshop. With the support of industrial policies, in order to realize technological innovation and improve core competitiveness, the demand of large leading enterprises for high-speed can and lid production lines is expected to increase, and the overall development trend of the industry is expected to be good in the future.
As an important branch of the packaging industry, metal packaging has the advantages of excellent barrier, long shelf life, easy to realize automatic production, precise printing, various styles, easy recycling and reuse. It is widely used in food, beverage, pharmaceutical products, daily products, instruments and meters, military materials and other fields, and will also benefit from the overall development of the packaging industry. Especially under the influence of the "plastic restriction" policy widely implemented in the world, as well as the development of Internet economy and the structural transformation of FMCG industry, metal packaging can better comply with the integrated development of green packaging, safe packaging and intelligent packaging, and will become the focus of high-end, intelligent and personalized packaging industry in the future.
In terms of the "plastic limit" policy, in 2020, China promulgated the "opinions on further strengthening plastic pollution control", which defines the phased tasks and objectives of strengthening plastic pollution control in three time periods: 2020, 2022 and 2025. At present, more than 120 countries and regions around the world have implemented the "plastic limit" policy in order to achieve the goal of reducing plastic waste pollution. "Plastic limit" is increasingly becoming an international trend. Chile, Australia, South Korea and other countries have clearly stipulated high fines for merchants who violate the plastic restriction order. From foreign experience, after the EU launched the "plastic restriction" order in 2018, more new products of beverage manufacturers were packaged in metal cans rather than PET bottles, reflecting the role of the "plastic restriction" policy in promoting the development of metal packaging. The penetration rate of metal cans in carbonated drinks in China is still very low, and there is also a certain gap in the canning rate of beer industry compared with European and American countries. Limiting plastic production and sales in the future is expected to increase the demand for metal can packaging in the food and beverage industry.
2. The consumption demand for metal packaging maintained steady growth
(1) The consumption demand of downstream industries of metal packaging is growing
Food and beverage industry, especially soft drink industry and beer industry, is the largest downstream consumer market of metal packaging industry. The continuous and stable growth of the downstream market has a direct pulling effect on the market demand of metal packaging materials and upstream packaging special equipment manufacturing industry.
① Soft drink industry
At present, China's soft drink industry has passed the period of rapid growth and gradually entered the period of stable growth. According to the statistics of the National Bureau of statistics, the scale of China's soft drink market continued to rise from 2014 to 2019. In 2019, the sales revenue of China's overall soft drink market reached 991.4 billion yuan, with an average annual compound growth rate of 5.90% in five years. According to the compound growth rate from 2014 to 2019, the scale of China's soft drink market will exceed trillion yuan in 2020 and is expected to reach 1323 billion yuan in 2024.
Forecast of China's soft drink market from 2014 to 2024 (unit: 100 million yuan)
Data source: iimedia research
In terms of consumption scale, according to the data and forecast released by Euromonitor, with the improvement of national consumption capacity and consumption habits, the scale of China's soft drink market will increase to 89.1662 million tons in 2022, with a steady increase on the whole.
Forecast of consumption scale of China's soft drink market from 2011 to 2022 (unit: 10000 tons)
Data source: Euromonitor
② Beer industry
Beer has a long history of development. It is the third largest drink in the world after water and tea. Beer occupies an important position in the alcoholic beverage industry, accounting for about 80% of the market share of the whole alcoholic beverage industry. Since reaching its peak in 2013, the global beer production has declined continuously, rebounded rapidly in 2017, and then stabilized at more than 190 billion liters. In 2019, the global beer production increased slightly compared with that in 2018, reaching 191.3 billion liters. China is a major beer producer and consumer in the world. According to the data of the National Bureau of statistics, the cumulative output of beer in China in 2020 was 34.1111 million kiloliters. According to the guiding opinions on the development of China's liquor industry in the 14th five year plan issued by China Liquor Association, the beer industry will produce 38 million kiloliters, the sales revenue will reach 240 billion yuan and the profit will reach 30 billion yuan by 2025. One of the development tasks of the beer industry is to "vigorously guide beer enterprises to adjust the product structure and make beer products develop towards internationalization, high-end, diversification, differentiation, convenience, personalization and miniaturization". According to this calculation, China's beer industry will maintain a compound annual growth rate of 2.18% during the 14th Five Year Plan period.
(2) There is much room for improvement in the utilization rate of food and beverage metal packaging
The largest application industry of metal packaging in China is the food industry, followed by chemical products, and cosmetics and drugs also account for a certain proportion. Over the past decade, China's beverage industry has grown rapidly, driving the rapid growth of the upstream metal packaging industry. According to the incomplete statistics of China Packaging Federation on Enterprises above Designated Size in the industry, China's food and beverage metal packaging (including beverage, beer, milk powder, canned food and other packaging) industry generally increased steadily in 2019, and the total output of the industry reached 111 billion, an increase of 7.49% over the previous year. However, in 2019, the market scale of China's metal packaging industry accounted for about 13% of the market scale of the overall packaging industry, which is still far from the global level of 45-50%.
In terms of beer canning rate, in 2019, China's beer canning rate was only about 21%, Europe, America and other Southeast Asian countries' canning rate was more than 40% - 70%, and Japan's beer canning rate was as high as 90%.
It is expected that the canning rate of beer in China will be further improved in the future to promote the growth of the industry. With the advancement of industry integration, the concentration of China's beer industry is increasing day by day. The market share of Budweiser, Qingdao, snowflake and Yanjing beer manufacturers is further expanded. Brand beer manufacturers integrate production and operation nationwide, and the trend of centralized production is obvious, which puts forward higher requirements for the safety of transportation and distribution. Compared with glass bottles, metal cans are safer and easier to transport, so the beer canning rate will further benefit and be improved.
(3) The metal packaging industry will continue to grow in the next few years
The epidemic since 2020 has had a huge impact on countries and industries all over the world, and has had a great impact on the sales volume of the industry. However, with the control of the epidemic and the gradual recovery of social and economic activities and residents' consumption, food and beverage consumption will quickly return to the normal level, which will not have a sustained impact on the industry.
Benefiting from the steady growth of downstream food and beverage industries, the continuous improvement of beer canning rate and the promotion of canned food popularity, the food and beverage metal packaging industry will still usher in steady growth in the next few years. According to the prediction of the metal container committee of China Packaging Federation, by 2022, China's food and beverage metal packaging industry will achieve a total output of 119 billion pieces, including 56 billion pieces of cans. At the same time, as a supporting product, it is estimated that by 2022, the output of easy pull caps in China will reach 110 billion. According to the Research Report on the current situation of marketing channels and investment strategy of China's aluminum packaging industry from 2020 to 2026 released by Zhiyan consulting, the market scale of China's aluminum two-piece cans will continue to grow. With its cost-effective advantages, China is replacing a large number of three-piece cans, which is also the general trend of the development of global metal beverage packaging. The market scale of two-piece cans will continue to grow from 2019 to 2025, By 2025, it will reach about 27.03 billion yuan. According to the statistics of Novelis, the world's second largest aluminum company and the world's leading manufacturer of aluminum calendering products, in 2020, the food and beverage packaging industry in the United States was short of about 10 billion cans, with an import volume of about 8.5 billion cans, and the demand of 1.5-2 billion cans could not be met. It is predicted that the demand for aluminum beverage bottles and cans in the North American market will continue in the next 5 ~ 10 years.
3. The rapid development of new energy vehicle industry creates conditions for the upgrading of supporting industries
According to Bloomberg new energy finance data, the global sales volume of electric vehicles exceeded 2 million in 2018 and is expected to reach 56 million in 2040. New energy vehicles will account for 57% of the global sales volume of passenger vehicles. The new energy vehicle industry development plan (2021-2035) (Exposure Draft) released by the Ministry of industry and information technology in December 2019 points out that by 2025, the market competitiveness of Shanxi Guoxin Energy Corporation Limited(600617) vehicles will be significantly improved, and the sales volume of new energy vehicles will account for about 25%. In recent years, driven by the development of new energy vehicles and electric bicycles, China Shipbuilding Industry Group Power Co.Ltd(600482) battery market has grown rapidly. In 2020, the installed capacity of Shanxi Guoxin Energy Corporation Limited(600617) automotive power lithium-ion battery has accumulated to 62.9gwh.
As the carrier of the battery module, the power battery system shell (battery shell) plays a key role in the stable operation and safety protection of the battery module. In addition to ensuring the strength, stiffness and collision safety requirements, it can also meet the design requirements of IP67 protection grade of electrical equipment shell. It is one of the key parts of new energy vehicles. At present, the production of battery shells in China is mainly decentralized production of single equipment, the production speed is slow, the number of equipment required for mass production is large, and there are consistency problems in the finished products of different equipment. There are labor-intensive and high production costs in mass production. The company transplanted the precision molding and automation technology and relevant patents used in the high-speed can production line to the battery case automation production line, so that the battery case automation production line designed and produced by the company has the functions of molding, cleaning, automatic inspection, automatic packaging and so on, which improves the consistency of product quality, production efficiency and greatly reduces the use of labor Lower material consumption.
Due to its various technical advantages, under the background of the upgrading of China's manufacturing industry, the company's high-speed automatic new energy battery shell production line will have an impact on the existing traditional single machine battery shell production process, bring a manufacturing technology progress and upgrading to the new energy battery shell industry, and play a positive role in improving product quality, reducing cost and increasing efficiency. The rapid development of the new energy vehicle industry has given birth to a huge demand for supporting the industrial chain, and objectively created space for the technological upgrading of supporting industries.
4. The intensification of competition and the breakthrough of industrial technology need the continuous support of R & D investment
The high-speed production equipment of easy to pull lid and can is a high-tech product integrating high-end technologies in many fields such as precision machinery, precision mold, automatic control and photoelectric detection. It needs professional technicians from multiple disciplines to complete, and has quite high technical barriers. Since the invention of cans in the 1960s, the technology of their production equipment has been making continuous progress. During this period, a considerable number of European and American manufacturers have been eliminated by the market or merged by competitors because they failed to keep up with the pace of technological development, and the equipment production enterprises have gradually moved towards concentration.
In recent years, with the rapid development and technology diffusion of information technology and artificial intelligence technology, the company's requirements for product performance and personalization continue to improve. If the company cannot fully understand the market development trend, accurately grasp the cutting-edge trends of science and technology, timely respond to the diversified needs of customers, or fail to achieve the expected results in the research and development of key cutting-edge technologies, the company may face the risk of backward technology and declining market share, which may have a great adverse impact on the company's operating performance.
Therefore, the company needs to rely on continuous R & D investment to maintain its leading technology advantage in the industry, break through the constraints of existing R & D conditions, keep up with the pace of scientific and technological development plans such as the 14th five year plan for intelligent manufacturing development, strengthen academic discussion and technical exchanges at home and abroad, improve the depth and breadth of technical reserves, and strengthen the systematicness and foresight of R & D work, Promote the continuous evolution and iterative improvement of the company's technical system.
(II) purpose of issuing shares to specific objects
1. Grasp the development opportunity and expand the production scale to consolidate the market position
The company is a manufacturer specializing in providing high-speed can and lid production equipment. Since its establishment, relying on the comparative advantages of technology and price, the market share of China has increased steadily. Its products have been sold to Thailand, Poland, Malaysia, South Korea, Costa Rica and other countries, breaking the competitive pattern that there are no Chinese products in the international high-speed can and lid making equipment market. After years of development, the company has become the world's leading manufacturer of cans and lid manufacturing equipment.
As the rapid growth of macro-economy has driven the improvement of per capita consumption capacity, both beverage packaging and food packaging are in the stage of rapid increase in demand, and the production equipment market of packaging materials is broad. With the issuance of "plastic restriction orders" in Europe, America and China, the use cost of plastic packaging is becoming higher and higher. Metal packaging is a good substitute for plastic packaging because it can be recycled at the same level and is environment-friendly. The demand will further increase in the future. This will be followed by the increase in the demand for new metal packaging production equipment and reconstruction and expansion, and the metal packaging production equipment industry will usher in new development opportunities.
With the rapid growth of demand for metal packaging production equipment, the company has a high capacity utilization rate in recent years. Up to now, the company has obtained a considerable number of orders on hand, the existing production capacity is in full load operation, and there has been a shortage of supply and demand
