TJSMW(SH:600577) Zheng Quan Zhi Xing·2025-07-31 16:15Core Viewpoint - Tongling Jingda Special Magnet Wire Co., Ltd. plans to issue convertible bonds to raise up to 956 million yuan for various projects aimed at enhancing its core competitiveness and profitability [1][21]. Fundraising Plan - The total amount to be raised through the issuance of convertible bonds is not more than 956 million yuan, which will be fully allocated to specific projects after deducting issuance costs [1][2]. - If the net amount raised is less than the planned investment, the company will use self-raised funds to cover the shortfall [2]. Project Necessity and Feasibility Analysis 1. 40,000 Tons New Energy Industry Copper-Based Magnet Wire Project - The project has a total investment of 378.22 million yuan, with 115.92 million yuan planned from the raised funds [2][6]. - The project aligns with national industrial policies and aims to meet the growing demand in the new energy vehicle sector [3][4]. - The company’s current capacity is insufficient to meet the increasing demand from downstream customers, necessitating capacity expansion [3][4]. 2. High-Efficiency Environmentally Friendly Aluminum-Based Magnet Wire Project - This project has a total investment of 620 million yuan, with 352.65 million yuan planned from the raised funds [7][10]. - The project supports the automotive industry's lightweight development and aims to capture market opportunities in aluminum-based magnet wire production [7][8]. 3. Annual Production of 80,000 Tons New Energy Copper-Based Materials Project - The project has a total investment of 280 million yuan, with 68.65 million yuan planned from the raised funds [11][13]. - It aims to enhance the supply chain for new energy vehicles by producing essential raw materials for magnet wire [11][12]. 4. New Energy Magnet Flat Wire Industrialization Project - The project has a total investment of 183.65 million yuan, with 133.14 million yuan planned from the raised funds [14][18]. - It focuses on producing flat wire for drive motors, which is increasingly in demand due to the growth of new energy vehicles [14][15]. Operational and Management Strengths - The company has a strong technical team with 456 technical personnel and various research and development platforms, ensuring robust support for project implementation [4][5]. - The company has established a solid operational management system and has been recognized as a leading enterprise in the industry [5][9]. - The brand has gained significant recognition and trust from customers, forming stable partnerships with major clients in various sectors [10][17]. Financial Impact of Fundraising - The issuance of convertible bonds will expand the company's asset scale and improve its financial structure, enhancing its sustainable development capabilities [21][22]. - The projects funded by the raised capital are expected to generate good economic returns, with internal rates of return projected at 12.11% to 14.71% [6][18].