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广信材料: 2024年度以简易程序向特定对象发行股票募集资金使用可行性分析报告(四次修订稿)

Fundraising Plan - The company plans to raise a total of 143.5 million yuan through stock issuance, with the net proceeds allocated to projects including the annual production of 50,000 tons of electronic photosensitive materials and supporting materials [1][8][31] - The total investment for the aforementioned project is 525.38 million yuan, with previous fundraising efforts covering 95.985 million yuan, indicating a significant funding gap that necessitates this new issuance [1][8] Background and Purpose of the Issuance - The issuance is driven by the rapid development of the domestic PCB manufacturing industry, with the company emerging as a leading supplier of PCB photoresists in China, reducing reliance on imported materials [1][4][20] - The project aims to establish a production base in Jiangxi Province to optimize capacity and meet the growing demand in the South China market, enhancing the company's competitive position [1][9][15] Market Trends and Opportunities - The UV curing coating market is expanding due to its excellent performance and low environmental impact, positioning it as a key alternative to traditional solvent-based coatings [2][3][22] - The PCB industry is projected to grow significantly, with the global market expected to reach $73.565 billion in 2024, driven by advancements in technology and increasing demand for electronic products [19][20] Technological Advancements - The company has developed new materials for photovoltaic applications, including photovoltaic insulating glue and encapsulation glue, leveraging its expertise in photosensitive materials [10][17][30] - The company is focusing on R&D to enhance its product offerings in the semiconductor and photovoltaic sectors, aligning with national strategies for technological advancement [28][29] Economic Viability - The project is expected to generate an average annual revenue of 1.44676 billion yuan and a profit margin that supports a favorable internal rate of return (IRR) of 18.20% over a 10-year operational period [31] - The construction of the new production facility is anticipated to significantly improve the company's asset structure and financial stability, reducing reliance on external financing [10][31] Regulatory and Environmental Considerations - The project aligns with national environmental policies promoting the use of low-VOC and eco-friendly materials, positioning the company favorably in a market increasingly focused on sustainability [16][22][25] - The establishment of the new facility in a designated chemical industry park will help mitigate potential regulatory risks associated with environmental compliance [17][32]