联瑞新材可转债问询回复：募投项目规划与经营情况解析

Core Viewpoint - Jiangsu Lianrui New Materials Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its application for issuing convertible bonds, detailing its financial issues, development plans, and operational status [1] Fundraising Projects: Future Layout and Competitiveness Enhancement - The total amount of funds raised is 720 million yuan, allocated to high-performance high-speed substrate ultra-pure spherical powder materials project, high thermal conductivity high-purity spherical powder materials project, and working capital supplementation [2] - The high-performance high-speed substrate ultra-pure spherical powder materials project has a total investment of 423 million yuan, with 270 million yuan from raised funds; the high thermal conductivity high-purity spherical powder materials project has a total investment of 388 million yuan, with 250 million yuan from raised funds; working capital supplementation is 200 million yuan [2] - All raised funds for the first two projects will be used for capital expenditures, including construction and equipment costs, which are deemed reasonable compared to similar projects in the industry [2] Financing Necessity: Funding Gap and Industry Development Drivers - Despite having 585 million yuan in freely available funds as of June 2025, the company faces a funding gap of 784 million yuan over the next three years due to various factors, including operational profit accumulation, minimum cash reserves, and planned capital expenditures [3] - The company's asset-liability ratio is close to the industry average, and raising funds through bank loans would significantly increase this ratio, potentially impacting operations negatively, thus making the issuance of convertible bonds necessary [3] Benefit Assessment: Cautious and Reasonable, Promising Prospects - For the high-performance high-speed substrate ultra-pure spherical powder materials project, the estimated average sales price at full production is 183,000 yuan per ton, with an average gross profit margin of 46.26% and a net profit margin of 24.43% [4] - The high thermal conductivity high-purity spherical powder materials project is expected to have an average gross profit margin of 35.52% and a net profit margin of 18.30%, contributing to increased revenue and net profit post-production [5] Operational Status: Steady Growth and Structural Optimization - From 2022 to Q1 2025, the company's main business revenue has shown growth, reaching 661 million yuan, 711 million yuan, 959 million yuan, and 238 million yuan, driven by the expanding market for semiconductor packaging materials and electronic circuit substrates [6] - The company's expense ratios align with revenue growth, with sales expense ratios slightly lower than industry peers, and R&D expense ratios slightly higher, indicating a balanced operational approach [7] Gross Margin Analysis - The company's gross margin differs from industry peers due to product focus, downstream applications, and operational conditions, with spherical silica showing higher margins than angular silica [8] Accounts Receivable and Inventory Management - The company has adequately provisioned for bad debts, with most accounts receivable aging within one year, and a good collection rate post-period [9] - Inventory turnover is high, with a low risk of price decline, indicating effective inventory management [9]