NAIPU MINING(SZ:300818) Xin Lang Cai Jing·2025-09-09 13:32Core Viewpoint - The company is progressing well with its fundraising project for the "Peru annual production of 12,000 tons of new material mining wear parts manufacturing project," with a total investment of $80 million and low uncertainty risks [2]. Group 1: Project Progress and Compliance - The fundraising project has received necessary approvals, including the "Overseas Investment Certificate" from Jiangxi Provincial Department of Commerce and project filing notification from Jiangxi Provincial Development and Reform Commission [2]. - The project complies with regulations on overseas investments and does not involve any export control as per the relevant guidelines [4]. Group 2: Economic and Trade Environment - The mining machinery market is closely linked to the economic cycle, but the impact on consumable products like mining wear parts is limited [3]. - The company faces low risks from international trade tensions due to stable political conditions in key markets and good trade relations with China [3]. Group 3: Investment and Profitability - The total investment for the project is 571.44 million yuan, with 325 million yuan expected to be raised from fundraising, and the cost estimates are reasonable compared to similar projects [5]. - The project is expected to achieve a gross profit margin of 40.67%, with operating expenses in line with the company's historical averages [5]. Group 4: Production Capacity and Market Potential - The project has a construction period of 2.5 years and a production ramp-up period of 3 years, which aligns with industry norms [6]. - The company anticipates adding 20,000 tons of mining rubber composite wear parts capacity annually after the completion of this and previous projects, with a strong market demand in Latin America and Africa [6]. Group 5: Competitive Advantage - Rubber composite wear parts have significant advantages over traditional metal parts, offering better cost-effectiveness and performance [7]. - The company believes it can significantly increase its market share despite competition from international giants by leveraging product advantages and customer proximity [8]. Group 6: Previous Fundraising and Risk Management - The company made reasonable changes to the use of previous fundraising, reallocating funds to a project in Chile due to higher international order growth [9]. - There are no significant risks of major changes in the current fundraising project, and no adverse media coverage has emerged since the fundraising acceptance [9].