CHANGLAN TECH.(SZ:002879) Zheng Quan Zhi Xing·2025-06-20 13:13Fundraising Plan - The company plans to raise a total of up to 460 million yuan through a private placement of A-shares, with the net proceeds to be used entirely for the expansion of high and ultra-high voltage cable accessories production capacity and other power equipment technology upgrades [1] Investment Project Overview - The project aims to enhance production capacity for high and ultra-high voltage cable accessories and upgrade existing production lines to improve market competitiveness [3][4] - The project will be implemented within the company's existing facilities in Changsha, with a construction period of 36 months [2] Market Demand and Industry Growth - There is a growing demand for high-performance, high-voltage cable accessories driven by ongoing infrastructure development in power, rail transit, and renewable energy sectors [2] - The investment in power grid construction has maintained a high level, with a 15.32% increase from 2014 to 2023, leading to strong market demand for high and ultra-high voltage cable accessories [2] Technological Advancements - The company plans to adopt advanced automation and intelligent production equipment to enhance production efficiency and product quality, reducing production costs and risks [3][4] - The project will also focus on self-manufacturing key components to ensure supply chain stability and control [4] Policy Support and R&D Strength - National policies are increasingly supportive of the cable accessory industry, promoting high-quality development and infrastructure upgrades [4][8] - The company has a strong R&D capability, having developed several key technologies and products that meet international standards, positioning it as a leader in the ultra-high voltage cable accessory market [4][8] Customer Base and Brand Strength - The company has established long-term relationships with major clients such as State Grid and Southern Power Grid, ensuring a stable order source [5] - The brand "Changlan" is well-recognized in the high voltage cable accessory market, contributing to customer loyalty and market presence [5] Project Financials - The total investment for the high voltage cable accessory expansion project is 199.5 million yuan, with the same amount to be funded through the raised capital [6] - Additional projects include a research center, marketing and service system upgrades, and information system enhancements, with respective investments of 77.4 million yuan, 57.6 million yuan, and 38.4 million yuan [10][14][16] Impact on Financial Structure - The fundraising will improve the company's financial structure, enhance short-term solvency, and support ongoing business development [17][18] - The issuance is expected to increase total assets and net assets while reducing the debt-to-asset ratio, thereby optimizing the asset structure [18] Conclusion on Feasibility - The fundraising projects align with national policies and the company's strategic development needs, promising good market prospects and economic benefits [19] - The board believes that the projects will strengthen the company's competitive position and support sustainable long-term growth [19]