Securities code: 688560 securities abbreviation: Crown Advanced Material Co.Ltd(688560) Crown Advanced Material Co.Ltd(688560) (registered address: No. 32 Jingfa Avenue, Yichun economic and Technological Development Zone, Yichun City, Jiangxi Province) feasibility analysis report on the use of funds raised by issuing A-Shares to specific objects in 2022
January, 2002
1、 Application plan of the funds raised by issuing shares to specific objects
The total amount of funds raised from the issuance of shares to specific objects does not exceed 2 million yuan (including this amount). After deducting the issuance expenses, it is proposed to be used for the following items:
Unit: 10000 yuan
No. project name total investment amount proposed to be invested in raised funds
1 mingguan lithium film company's aluminum plastic film construction project with an annual output of 200 million square meters 136871.42 94000.00
2 mingguan lithium film company's aluminum plastic film construction project with an annual output of 100 million square meters 64822.97 24000.00
3. Construction project of fluorine-free backplane with an annual output of 100 million square meters of Jiaming film company 55573.65 42000.00
4. Supplementary working capital 40000.00 40000.00
Total - 297268.04 200000.00
Before the funds raised in this offering are in place, the company will invest in advance with self raised funds according to the actual progress of the investment project with raised funds, and replace them in accordance with the procedures specified in relevant laws and regulations after the raised funds are in place.
If the actual amount of raised funds (after deducting the issuance expenses) is less than the total amount of raised funds to be invested in the above projects, within the scope of the finally determined raised 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 amount of raised funds and the priorities of the projects, The insufficient funds raised shall be raised by the company itself.
2、 Feasibility analysis of the project invested by the raised funds
(I) aluminum plastic film construction project with an annual output of 200 million square meters of mingguan lithium film company
1. Project overview
The project is implemented by Jiangxi mingguan lithium film technology Co., Ltd., a subsidiary of the company. It is the phase I project of aluminum plastic film expansion of Jiangxi mingguan lithium film technology Co., Ltd., with a total investment of 1368714200 yuan and a planned investment of 940 million yuan. The raised funds of the project will be mainly used to increase the production capacity of aluminum-plastic film related plants, machinery and equipment, improve the production capacity of aluminum-plastic film products and promote the trend of domestic substitution.
2. Necessity of project implementation
(1) In response to the national new energy policy, promote the development of lithium batteries in the direction of high system specific energy
According to the requirements of the medium and long term development plan of automobile industry jointly issued by the Ministry of industry and information technology, the national development and Reform Commission and the Ministry of science and technology, by 2025, the specific energy of power battery system should reach 350wh / kg. At present, the mainstream power battery technology in the market mainly includes three packaging methods: cylindrical, square and soft package. The cylindrical battery and square battery are wound with steel shell or aluminum shell, while the soft pack battery is packaged with aluminum plastic film. The aluminum plastic film used by the soft pack battery has light weight and high space utilization, so the specific energy of the system is improved.
According to the data of the Institute of high technology industry, the average system specific energy of mainstream mass-produced soft pack power batteries has reached 260wh / kg, which is higher than 250wh / kg of cylindrical batteries and 240wh / kg of square batteries; In addition, Farasis Energy (Gan Zhou) Co.Ltd(688567) has achieved mass production of 285wh / kg cell products and sent samples of 330wh / kg cell products. Therefore, under the current battery material technology system, soft pack battery is one of the most promising product systems to meet the capacity density requirements of national power battery. Upstream raw materials of soft pack battery mainly include positive electrode, negative electrode, diaphragm, aluminum plastic film and electrolyte. Due to certain technical barriers in the production of aluminum plastic film, aluminum plastic film is the only link in lithium battery materials that has not been localized. The aluminum-plastic film products developed by the company have achieved mass production, which can meet the performance requirements of lithium batteries in different fields such as 3C, power and energy storage. This fund-raising investment project will effectively improve the company's aluminum-plastic film production capacity, meet the needs of downstream soft pack battery manufacturers, and promote the development of lithium batteries in the direction of high system specific energy.
(2) Grasp the domestic substitution trend and comply with the expansion needs of downstream industries
As the key packaging material of soft pack battery, aluminum-plastic film has high technical barriers. Aluminum plastic film was first developed by Showa electrician of Japan and gradually promoted by great Japan printing company. At present, the global aluminum plastic film industry is still mainly monopolized by Japanese and Korean enterprises. According to evtank statistics, in 2020, the market share of DNP, Showa electrician and Kimura chemical in Japan was as high as 72.9%, and that of relevant enterprises in China was only 26.3%. In this industry context, the price of imported aluminum-plastic film products remains high. According to evtank statistics, aluminum-plastic film accounts for about 5% of the total cost of soft pack batteries.
In 2005, Chinese enterprises gradually laid out aluminum-plastic film products. After more than ten years of technical accumulation, domestic aluminum-plastic film has reached the requirements of downstream battery manufacturers in terms of quality and performance. At the same time, China's lithium battery industry chain has entered a market-oriented stage under the environment of declining subsidy policies. The Ministry of finance, the Ministry of industry and information technology, the Ministry of science and technology and the national development and Reform Commission jointly issued the notice on further improving the financial subsidy policy for the promotion and application of new energy vehicles on December 31, 2020, specifying that the subsidy for the purchase of new energy vehicles in 2021 will decline by 20% on the basis of 2020; On December 31, 2021, the notice on the financial subsidy policy for the promotion and application of new energy vehicles in 2022 was jointly issued, requiring that the subsidy standard for new energy vehicles in 2022 should be further reduced by 30% on the basis of 2021, and making it clear that no subsidy will be given to licensed vehicles after December 31, 2022.
Under the huge pressure of cost reduction, soft pack battery manufacturers began to try domestic aluminum-plastic film products with great price advantages. The fund-raising investment project will help the company quickly improve the production capacity of aluminum-plastic film products, further reduce the cost of aluminum-plastic film through scale advantages, accurately grasp the domestic substitution trend and meet the expansion needs of downstream industries.
(3) In line with the company's development strategic objectives, continue to cultivate the field of new energy materials
Since its establishment, the company has been committed to the R & D, production and sales of new composite membrane materials. In the process of development, the company has mastered the formula and production process of a series of composite membrane products with independent intellectual property rights. Based on this, the company has successively developed aluminum plastic film, special protective film, Poe adhesive film and other products for lithium ion battery, And expand relevant technologies to multiple application fields.
The project will continue to focus on new composite membrane materials and expand the company's existing production capacity. During the implementation of this project, the company will purchase advanced equipment in the industry, introduce excellent talents in the industry, and improve its comprehensive business strength, so that the company can further cultivate the field of new energy materials, which is conducive to the sustainable development of the company.
3. Feasibility of project implementation
(1) The market demand for aluminum plastic film continues to grow rapidly, effectively ensuring the digestion of new production capacity
In the context of the rapid release of the demand for new energy vehicles, power battery manufacturers have increased their production in line with the trend. Flexible battery with high system specific energy and safety advantages has gradually become the preferred choice of vehicle manufacturers, including Volkswagen, Daimler and other automobile giants. In terms of traditional mainstream soft pack battery plants, LG, Farasis Energy (Gan Zhou) Co.Ltd(688567) and Javert power have large-scale production expansion plans. China's two major battery Giants: Contemporary Amperex Technology Co.Limited(300750) began to layout soft pack battery products in 2018, and the installed capacity of soft pack battery jumped to the third place in the same industry in China in 2020; Byd Company Limited(002594) the newly launched blade battery adopts the scheme of "soft pack cell + aluminum shell packaging", which is also close to the soft pack route.
According to the white paper on the development of China's aluminum plastic film industry (2021) released by evtank, the global soft pack battery shipment will reach 134.3gwh in 2021, and the global soft pack battery shipment will rise to 407.2gwh in 2025, with a compound growth rate of 39%. The demand for aluminum-plastic film is directly affected by the demand for soft pack batteries. Evtank's prediction of the global demand for aluminum-plastic film is as follows:
Data source: evtank
According to the above forecast data, the global demand for aluminum-plastic film will reach 760 million square meters in 2025, an increase of 216.67% over 2020, and the compound growth rate will reach 25.93%. In the next five years, the growth rate of global demand for aluminum-plastic film will continue to maintain a high level. The strong demand of aluminum-plastic film market effectively ensures the digestion of the new capacity of the project.
(2) The strong R & D strength and excellent product quality of the company have laid the foundation for the implementation of the project
Since its establishment, the company has focused on the field of new composite membrane materials and has more than ten years of relevant production and R & D experience. The company's R & D personnel have high quality, scientific and reasonable management system, complete hardware facilities, strong R & D force and strong independent innovation ability. In terms of hardware facilities, the company has Jiangxi photoelectric composite engineering technology research center and set up a comprehensive laboratory equipped with first-class experimental equipment.
The company is one of the earliest enterprises in China to carry out independent research and development of aluminum-plastic film products. Since applying for the invention patent of aluminum-plastic film for lithium battery in 2010, the company has developed the preparation technology of aluminum-plastic film products for lithium battery by dry heating method with completely independent intellectual property rights, and has obtained 10 invention patents related to aluminum-plastic film. Aluminum plastic film dry thermal composite preparation technology is the first in China. This technology is a process technology for the preparation of thermal materials by using dry coating equipment, which makes the products have the advantages of both traditional dry method and thermal method. The aluminum-plastic film products for lithium batteries produced by the company using this technology have achieved mass production. At present, the company's aluminum-plastic film products can cover different lithium ion application needs such as 3C, power and energy storage. With regard to the requirements of the power lithium battery industry for aluminum-plastic film products, combined with the mature experience of the previous development Cecep Solar Energy Co.Ltd(000591) industry, the company has increased the independent development of aluminum-plastic film basic materials, providing a good guarantee for product quality. Therefore, the company's existing technology R & D capability and product quality have laid the foundation for the implementation of the project.
(3) The company's high-quality customer resources will provide a good guarantee for the implementation of the project
In order to enter the supply chain system of downstream soft pack battery manufacturers as soon as possible and improve market share, the company has established a customer development route driven by power / energy storage aluminum-plastic film and assisted by high-end digital aluminum-plastic film. At present, the company's aluminum-plastic film batch sales customers include Ganfeng Lithium Co.Ltd(002460) (002460. SZ), Pylon Technologies Co.Ltd(688063) (688063. SH), Zhejiang Narada Power Source Co.Ltd(300068) (300068. SZ) and other large enterprises in the industry. At the same time, in order to continuously optimize the customer structure of power and energy storage, the company actively expands potential high-quality customers. The company now delivers Farasis Energy (Gan Zhou) Co.Ltd(688567) (688567. SH) in small quantities, and has entered the last round of testing stage of Byd Company Limited(002594) (002594. SZ) and the second round of testing stage of ATL. In the future, the company will continue to tap key customers in the industry and expand the market scale with excellent product quality. The company's accumulated high-quality customer resources and clear marketing strategy will provide a good guarantee for the profitability sustainability of the company's aluminum-plastic film products.
4. Project investment estimate
The total investment of the project is 1368.7142 million yuan, including 95.8646 million yuan of construction engineering cost, 780.942 million yuan of equipment purchase cost, 7.8094 million yuan of equipment installation and commissioning cost, 22.0582 million yuan of other engineering construction costs, 45.3337 million yuan of reserve fund and 416.7062 million yuan of initial working capital. The project plans to use the raised funds to invest 940 million yuan. The specific investment planning is as follows:
Unit: 10000 yuan
No. investment amount of investment project the amount of raised funds to be used
1. Construction cost 9586.46 9000.00
2. Equipment purchase cost 78094.20 75000.00
3. Equipment installation fee 780.94-
4. Other expenses of project construction 2205.82-
5. Reserve fund 4533.37-
6. Initial working capital 41670.62 10000.00
Total - 136871.42 94000.00
5. Project implementation subject and location
The project is implemented by Jiangxi mingguan lithium Membrane Technology Co., Ltd., a wholly-owned subsidiary of the company. The implementation location is Yichun Economic Development Zone, Jiangxi Province.
The construction period of the project is 18 months.
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