Runhe materials: demonstration and analysis report on the plan of non-public issuance of shares in 2020
Time: 18:01:05, February 27, 2020
Original title:
Moistening material
: demonstration and analysis report on the plan of non-public issuance of shares in 2020
Securities abbreviation:
Moistening material
Securities code: 300727 analysis report on the plan of non-public issuance of shares in 2020 by Ningbo Runhe High Tech Materials Technology Co., Ltd. (hereinafter referred to as "Ningbo Runhe High Tech Materials Technology Co., Ltd.")“
Moistening material
”"," company ") is listed on the growth enterprise market of Shenzhen Stock Exchange. In order to meet the needs of business development and further enhance the capital strength and profitability, the company, in accordance with the company law of the people's Republic of China (hereinafter referred to as "the company law"), the securities law of the people's Republic of China (hereinafter referred to as "the securities law") and the Interim Measures for the administration of securities issuance of GEM listed companies (hereinafter referred to as "the Interim Measures"), etc Relevant laws, regulations and normative documents as well as the articles of association of Ningbo Runhe hi tech materials Co., Ltd. (hereinafter referred to as the "articles of association") have prepared the demonstration and analysis report on the plan of non-public issuance of shares. 1、 The plan for the use of the funds raised by the non-public offering of shares the total amount of the funds raised by the non-public offering of shares shall not exceed 35, Ten million yuan, after deducting the issuance cost, will be fully invested in the 35kt / a silicone new material project (phase I), 8kt / a silicone adhesive and supporting projects and supplementary working capital according to the priority order, as follows: unit: 10000 yuan serial number project name project total investment amount proposed to be invested in the raised capital amount of 135kt / a silicone new material project (phase I) 28118.03 26, 100.00 28 kt / a organic silica gel adhesive and supporting project 3989.67 3900.00 3 supplementary working capital 5000.00 5000.00 total 37107.70 35, 000.00 if the actual net amount of raised funds is lower than the amount of raised funds to be invested, the company will adjust and finally determine the specific investment project, priority and specific investment amount of each project according to the actual net amount of raised funds and the priority of the project. The insufficient part shall be solved by the company's own funds or self financing. Before the raised funds of this non-public offering are in place, the company will invest the self raised funds in advance according to the actual situation of the project progress, and replace them after the raised funds are in place. 2、 Background and purpose of this non-public offering (I) background of this non-public offering 1. Organic
Silicon industry
Huge space for future development Organosilicon is a kind of widely used high-performance new materials, which is an important part of the new material industry of strategic emerging industries. It has been published in the catalogue of China's high and new technology products (2006), the guide to the priority areas of high-tech industrialization (2011), the 12th Five year development plan of new material industry, and the industry
Structural adjustment
Guidance Catalogue (2019 version), catalogue of technologies and products encouraged to import (2015 version), petrochemical and chemical industry development plan (2016-2020), new material industry development guide, catalogue of key products and services for strategic emerging industries (2016 version), three year action plan for enhancing core competitiveness of manufacturing industry (2018-2020) and war In policy documents such as the classification of emerging industries (2018), organosilicon materials have been listed as new materials to encourage development. In the 21st century, China's silicone industry has entered a period of rapid development. The production scale of methyl monomers has been continuously expanded, the investment in science and technology has been increased, the speed of product upgrading has been accelerated, and the situation that silicone mainly depends on imports has been gradually improved. At present, a number of high-tech enterprises with large scale, good upstream and downstream supporting, complete product types and huge development potential have been formed, which has driven the development of silicone industry The development of China's silicone industry has improved its international competitiveness. In the past decade, the global production capacity of organosilicon has been transferred to China. China has become a big country in organosilicon production and consumption. The advantages of domestic organosilicon products are increasingly prominent, and the import substitution effect is significant. According to the statistics of sagsi, as of 2018, there are 13 methyl monomer manufacturers (including Dow Wacker Zhangjiagang plant), with a total capacity of 1.42 million tons / year (1.307 million tons / year) of polysiloxane and a production of 1.13 million tons, with a year-on-year growth of 2.83% and 10.68% respectively. The compound growth rate from 2008 to 2018 is 19.41% and 19.21% respectively. The industry is developing rapidly. According to sagsi, China's total polysiloxane production capacity will reach 1.96 million tons / year in 2023, with an annual growth rate of 6.73% and 8.51% respectively in 2018-2023. 2. The market demand brought by the development of downstream industries increases. The downstream users of silicone deep processing products produced by the company mainly include daily chemical products, electronic devices, non-ferrous metal die casting, epoxy resin crafts, LED packaging, textile printing and dyeing, and other silicone deep processing fields. Its terminal application fields cover cosmetics, 5g communication, electronics, home appliances, automobiles, etc
new energy
, textile and other industries. The wide downstream application of silicone deep processing industry is conducive to the company to give full play to its comparative advantages in technology, select emerging areas with full potential, expand product matrix and customer scope, and further improve product sales and added value. In recent years, with the development of science and technology and the transformation and upgrading of economic structure, 5g communication
new energy
, consumer electronics and other emerging industries are showing a vigorous development trend. The rapid popularization and upgrading of the end-user products and supporting infrastructure in the above industries have greatly boosted the demand for silicone products in the upstream of the industrial chain. At the same time, with the improvement of national income level and the generalization of consumption upgrading, consumers' demand for daily chemical products is more diversified, especially the female consumers who pursue higher quality products and services, the cosmetics enterprises with "her economy" as the main market constantly innovate their products and consumption concepts, and constantly stimulate the demand growth of female cosmetics products by means of positive feedback It also brings the increment of organosilicon products in the upstream of the industrial chain. In addition to the influence of the development of the downstream field itself, the company also has the ability to actively adjust the product structure to cope with the changes in the downstream market: on the one hand, the current high-tech value-added categories of silicone deep-processing products are still in short supply, the company, as a high-tech enterprise with strong R & D capabilities, can further expand the promising market by virtue of its technological advantages; On the other hand, there are many kinds of silicone deep-processing products and wide application fields. The company can also timely develop and put into production the silicone deep-processing products used in other downstream fields. 3. The company has obvious competitive advantage. It is a high-tech enterprise specializing in the R & D, production and sales of silicone deep processing products and textile printing and dyeing auxiliaries. Organosilicon deep processing products and textile printing and dyeing auxiliaries belong to fine chemical industry. Relying on years of experience and technology accumulated in the field of silicone deep processing products and textile printing and dyeing auxiliaries, the company has established a development mode guided by market demand, supported by technological innovation and guaranteed by service ability, enjoying a good reputation in the industry. The company is one of the most competitive enterprises in the field of silicone finishing auxiliaries in China, and enjoys a good reputation in the industry. Its trademark has been recognized as "Ningbo famous brand product", "Zhejiang famous brand" and "China famous brand". According to the statistics of China fluorosilicone organic materials industry association, the market share of the company's block silicone oil products ranks the top three in the same industry, with outstanding market competitiveness; according to the statistics of China Dye Industry Association textile printing and dyeing auxiliaries professional committee, the comprehensive competitiveness of the company's textile printing and dyeing auxiliaries products ranks the top five in the same industry, especially in the field of silicone finishing auxiliaries Technology R & D strength and market development ability, with outstanding market competitiveness. （2） The purpose of this non-public offering of shares is to enhance the company's technical strength, broaden the company's product structure and business scope, and optimize the company's capital structure. The raised funds will be used for the 35kt / a silicone new material project (phase I), 8kt / a silicone adhesive and supporting projects and supplementary working capital. 1. Keep up with the forefront of industrial technology and maintain the competitive advantage of the product market. The raised funds raised by this non-public Development Bank are intended to be used in the 35kt / a silicone new material project (phase I) and 8kt / a silicone adhesive and supporting projects, involving the main product areas of the company such as silicone deep processing. During the 14th Five Year Plan period, with the continuous development of China's economy, the silicone deep processing industry and textile printing and dyeing auxiliaries industry will still maintain healthy development; at the same time, with the continuous upgrading of industrial development, high-tech content and high value-added production technology will be paid more and more attention, and lead China's Silicone deep processing industry and textile printing and dyeing auxiliaries industry to change from "big" to "strong" 。 In this context, the company's fund-raising and investment projects focus on key businesses and are committed to continuous improvement in technology innovation, product research and development, talent reserve, etc., which is conducive to the company's sustained leading position and competitive advantage in the industry. 2. Make full use of the advantages of capital market to enhance the market competitiveness of the company Through this non-public offering of shares, the company will give full play to the financing advantages of the listing platform, rely on the power of capital to promote the implementation of the overall development strategy of the company's industrial transformation and upgrading, the company's sustainable operation ability and core competitiveness will be further improved, and the company can also create more economic benefits and social values. 3. In recent years, the company's business scale has been expanding, and the overall operation level has been stable. The expansion of the company's business scale has led to an increasing demand for capital in terms of talent, management and technology investment. However, the company's current net assets scale is small and its bond financing capacity is limited. The capital generated only through bank loans and business activities has been difficult to meet the company's demand for liquidity. Properly increasing the working capital scale will effectively alleviate the working capital pressure faced by the company's business development, promote the construction of business system and optimization of talent structure, improve the profitability of the company's core business and products, and quickly promote the smooth implementation of the company's strategic objectives. The company's daily operation is faced with various risks such as changes in market environment, liquidity risk and changes in national credit policies. The issuance can raise long-term funds, which is conducive to further improving the company's capital strength, optimizing the financial structure, reducing financial expenses, improving the company's anti risk ability, financial security level and flexibility, and providing financial guarantee for the company's further development So as to improve the competitiveness and sustainable profitability of the company. 3、 Necessity of the selection of the securities to be issued this time and their varieties (I) the varieties to be issued this time are RMB common shares (A shares) to be listed in China, with a par value of RMB 1.00 per share, and the issuance method is non-public issuance of shares to specific objects. （2） The necessity of the selection of the securities to be issued 1. Optimizing the capital structure The company has relatively limited amount of debt financing through bank loans and other ways. If the raised capital investment project fully adopts debt financing such as bank loans, on the one hand, it will lead to a substantial increase in the company's asset liability ratio, increase the company's financial risk, and on the other hand, higher financial expenses will also erode the company's integrity