Securities code: 002666 securities abbreviation: Guangdong Delian Group Co.Ltd(002666) Guangdong Delian Group Co.Ltd(002666)
GUANGDONG DELIAN GROUP CO., LTD.
Non public offering of A-Shares in 2022
Feasibility analysis report on the use of raised funds
January, 2002
Guangdong Delian Group Co.Ltd(002666) (hereinafter referred to as “the company”) plans to issue non-public shares (hereinafter referred to as “non-public offering”) in order to implement the company’s overall development strategy, seize the development opportunities of the industry, strengthen and expand the company’s main business, and further consolidate and enhance its competitive advantage. The feasibility analysis of the company’s use of the funds raised by this non-public offering of shares is as follows:
1、 Use plan of the raised funds
The total amount of funds to be raised in this non-public offering of shares shall not exceed 1 billion yuan. The net amount of funds raised after deducting the issuance expenses will be fully invested in the following projects:
Unit: 10000 yuan
S / n project name estimated investment amount proposed amount of raised funds
1. Research and development and manufacturing project of new material adhesive of Delian automobile 70850.00 60000.00
2 new material R & D center expansion project 15000.00 15000.00
3. Supplementary working capital 25000.00 25000.00
Total 110850.00 100000.00
After the funds raised in this offering are in place, if the actual net amount of funds raised is less than the total amount of funds to be invested in the above-mentioned investment projects, the company will adjust and finally determine the specific investment projects, priorities and specific investment amount of each project according to the actual net amount of funds raised and the priorities of the projects, The insufficient part of the raised funds shall be solved by the company with its own funds or through other financing methods.
Before the raised funds are in place, the company can invest with self raised funds according to the actual progress of the project, and replace the self raised funds with the raised funds after the raised funds are in place.
2、 Investment projects of the raised funds
(I) R & D and manufacturing project of new material adhesive of Delian automobile
1. Basic information of the project
(1) Project Name: Delian automobile new material adhesive R & D and manufacturing project
(2) Implemented by: Shanghai Delian Xinyuan Auto Parts Co., Ltd
(3) Place of implementation: Fengxian Harbor Park, Lingang, Shanghai
The estimated total investment of the project is 708.5 million yuan, and the total amount of raised funds to be used is 600 million yuan. The fund raised this time is planned to be invested by Shanghai Delian Xinyuan Auto Parts Co., Ltd. to build a new special adhesive factory, and to build a number of automatic adhesive production lines to produce different types of adhesives. The adhesive to be produced in this project is mainly used in the field of automobile manufacturing, as well as engineering machinery, rail transit, aerospace and other fields.
2. Background and necessity of project construction
(1) Responding to the national industrial policy and serving the development strategy of the company
With the promotion of the sustainable development of national economy and the upgrading of industrial structure, adhesive, as a widely used industrial material, will usher in a large market space with the continuous growth of downstream industries. During the 13th Five Year Plan period, China’s adhesive industry has maintained steady growth, the industry development model has gradually changed from scale expansion to quality and benefit improvement, and the enterprise’s technological innovation ability and management innovation ability have been gradually improved. According to the 14th five year plan and Prospect of China’s adhesive and adhesive tape industry made at the 2020 annual meeting of China’s adhesive and adhesive tape industry, China’s strategic emerging markets during the 14th Five Year Plan period mainly include more than 10 fields, such as automobile, new energy, intercity high-speed railway and urban rail transit, automobile charging pile and so on.
The company has been deeply engaged in the automotive new material industry for many years. At present, it has a high technical level in the production of high-end automotive adhesive products. Limited to the production capacity, it mainly supplies t customers, SAIC GM and other main engine plants. With the rapid growth of the company’s sales of supporting models to downstream customers, the company needs to continuously improve the production capacity of adhesives to meet the increasing needs of customers. On the other hand, although the company is in a leading position in technology in the same industry in China, compared with the international advanced level, there is still a certain gap in technology continuous improvement, cost continuous reduction, new model development, new application research and expansion. The company needs to introduce a complete set of foreign advanced production equipment, improve the technical content and added value of products, and continue to expand production capacity, so as to expand market share. To sum up, the company plans to actively increase the strategic investment in the new material adhesive business, expand the business share in new energy auto parts, optimize the company’s product structure, and improve the company’s overall business scale, profitability and risk resistance.
(2) Grasp regional development opportunities and support important customers nearby
The project implementation site Shanghai Lingang Holdings Co.Ltd(600848) is located in the southeast of Shanghai, at the intersection of changjiangkou and Hangzhou Bay, 75 kilometers away from the center of Shanghai, adjacent to Pudong International Airport in the north and Yangshan international hub port in the south. With a planned area of 343 square kilometers, the Shanghai Lingang Holdings Co.Ltd(600848) area is one of the six key functional areas in Shanghai, among which new energy vehicles are one of the key industries. At present, in the field of new energy vehicles, more than ten top enterprises in the industry, such as Tesla, SAIC and Mercedes Benz, have been established in the port area, basically forming a development pattern of domestic independent brands and foreign top brands competing with new forces of car making. The new energy vehicle industry has formed an industrial agglomeration trend in Lingang, and the industrial ecology is good. Lingang New Area plans to rely on the good development trend of new energy vehicle industry, further strengthen the regional radiation and economic driving role, and gradually build a world-class new energy vehicle industry cluster. Therefore, the company’s establishment of a new material adhesive production base in Shanghai Lingang Holdings Co.Ltd(600848) will help the company grasp the development opportunity of new energy industry in the port area, strengthen the regional synergy with the upstream and downstream of new energy industry, improve the overall business operation efficiency, and consolidate and enhance the business advantages in the field of new energy vehicles.
The company has cooperated with t customers and has gradually become an important supplier of new energy vehicle components for t customers. From 2020 to now, the first and second phases of T’s super factory located in Shanghai Lingang Holdings Co.Ltd(600848) have been successfully put into operation, and the production capacity has been improved in a short time.
The continuous improvement of the production capacity of T customer Shanghai Lingang Holdings Co.Ltd(600848) super factory will greatly stimulate the market demand for new energy vehicle parts and components, and put forward higher requirements for the supply quantity, quality and speed of the supply chain. In addition, the company’s other important customers in the field of new energy vehicles, such as Saic Motor Corporation Limited(600104) , Byd Company Limited(002594) , Geely Automobile, Weilai, Xiaopeng, ideal, etc., whose main production areas are also located in the Yangtze River Delta and surrounding areas. Through the construction of this fund-raising and investment project, the company will realize the nearby support for the above key customers, greatly improve the response speed of the company’s supply chain and customer service ability, facilitate the product R & D and localized capacity layout according to the needs of key customers, maintain the long-term cooperation relationship of customers, and drive the continuous, stable and rapid growth of the company’s orders. (3) The incremental market demand is huge, and it is urgent to increase production capacity investment
Energy conservation and emission reduction has become an important means of sustainable development of the global economy. Carbon neutralization has become the long-term goal of China’s economic development. It is expected to achieve carbon neutralization in 2060. As one of China’s pillar industries, the automobile industry has become one of the key industries of emission management due to its industrial characteristics. According to the roadmap 2.0 of energy saving and new energy vehicle technology, the carbon emission of China’s automobile industry will strive to reach the peak around 2028, and the carbon emission of the whole industry will be 20% lower than the peak by 2035. To realize the electric transformation of the automobile industry, all traditional energy powered passenger cars are hybrid, and new energy vehicles have become the mainstream. At present, the development momentum of new energy vehicles is strong. According to the data of China Automobile Association, the sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in 2021 reached 3.521 million, a year-on-year increase of 1.6 times, ranking first in the world for seven consecutive years.
Automobile lightweight is one of the important goals to achieve energy conservation and emission reduction. The weight reduction of new energy vehicles is more significant for the improvement of energy consumption. When the weight of electric vehicles is reduced by 10% and 20%, the energy efficiency is increased by 6.3% and 9.5% respectively. Light materials, such as plastics, composites and aluminum alloys, are the core to realize automobile lightweight, while adhesives are ultimately used in the process application of light materials, Therefore, driven by the demand for lightweight and improved fuel efficiency in the automotive industry, the adhesive market will also usher in sustained growth, and the company urgently needs to increase production capacity investment.
3. Feasibility of project construction
(1) The company has established strong brand and platform advantages in the field of automotive fine chemicals in China
The company has been steadily developing in the field of automotive fine chemicals for more than 20 years. At present, it is the first-class supplier of more than 50 traditional automobile factories and more than 20 new energy automobile factories in China. It has established strategic cooperative relations with many downstream vehicle manufacturers, established competitive advantages in terms of multiple technical sources, high-quality assurance and low-cost services of products, and has become a market integrating R & D, production, sales A comprehensive supply and service platform for China’s automotive fine chemicals with comprehensive advantages such as warehousing, distribution and service.
The existing production capacity of the company’s adhesives can not meet the order needs of key customers. The construction and operation of this raised investment project will effectively alleviate the production capacity pressure of the company in vehicle new material products. According to the prediction of the company, at present, customers of downstream automobile manufacturers including t customers, SAIC GM, Shanghai zhialready, BAIC group and Guangzhou Automobile Group Co.Ltd(601238) will effectively digest the new production capacity of the project in the next five years. Based on years of development layout and leading market position, the company has well-known brand advantages and platform advantages, which can not only ensure the smooth digestion of the production capacity of this raised investment project, but also help to explore new application fields and new customers, and has a good market foundation.
(2) The R & D innovation mode combining introduction and R & D, the marketing service mode of factory base service industrial cluster and the quality control system of whole business chain management and control have laid a solid foundation for the implementation of fund-raising investment projects
In terms of R & D innovation, the company adopts the combination of “Introduction and R & D” to engage in production, operation and technological innovation. Based on the introduction, digestion and absorption of foreign technology in the early stage, the company continues to expand the localization scope and depth of foreign high-end products, and promote the localization configuration production and technology buyout production of more and more products on the basis of ensuring quality. In 2020, the company continued to promote the adhesive localization project in cooperation with DuPont and Dow, successfully completed the localization switching of several models, including glass adhesive and structural adhesive, reduced the production cost and import risk of adhesive products, and laid the foundation for the smooth production of new material adhesive production line.
In terms of marketing services, in accordance with the principle of being close to the core main engine plant and expanding its coverage, the company has successively established five “factory sticking bases” in Changchun, Shanghai, Foshan, Chengdu and Qingdao, covering major automobile industry clusters in Northeast, East, South, southwest and North China. The company’s major “paste factory bases” have perfect functions, including technology research and development, procurement, production, storage, distribution, tracking service, market development and other links, so as to provide all-round services for existing and potential customers. Through the above-mentioned “factory base”, the company forms a close interdependent relationship with many complete vehicle factories in the automobile industry cluster to facilitate the development of localized extension services. In terms of quality control, the company has always implemented the policy of “quality guidance and service leadership” from technology introduction, raw material procurement, production and manufacturing to sales service, and established and improved a strict quality control system and management system. Through long-term cooperation and standardized management with many international well-known enterprises, the company has reached China’s leading level in technology and product quality, and continues to pass customer and third-party certification, which can continue to meet customers’ various needs for high-quality products. At present, the subsidiaries Changchun Delian, Shanghai Delian, Foshan Delian and Chengdu Delian have passed the certification of high-tech enterprises, and the laboratories in Changchun and Foshan have obtained ISO / IEC17025 certification (National Laboratory Certification).
4. Project investment estimate
The estimated investment amount of the project is 708.5 million yuan, and the specific composition is as follows:
Unit: 10000 yuan
No. investment composition investment construction content estimated investment amount proposed to use raised funds
For office buildings, test centers
1. Construction engineering cost: Construction and internal decoration of main 31850 31000 buildings in test room and production workshop
It is used for the whole set of automatic production equipment
2. Equipment purchase and installation costs, and purchase and installation of experimental test equipment
3. Initial working capital is used for the initial 10000 required for project operation – working capital
Total 70850 60000
5. Approval and filing matters involved in the project
The project invested with raised funds still needs to go through the procedures of project filing and environmental assessment.
(II) expansion project of new material R & D Center
1. Basic information of the project
(1) Project Name: new material research and development
