Heli Technology(SH:603917) Zheng Quan Shi Bao Wang·2025-10-20 12:35Core Viewpoint - Company is reallocating part of the raised funds from the "Large Integrated Mould and Precision Aluminum Alloy Parts Intelligent Manufacturing Project" to a new project focused on processing aluminum alloy cylinder blocks and cylinder heads for new energy vehicles, aiming to enhance fund utilization efficiency [1][3]. Group 1: Fundraising and Project Details - In 2022, the company raised a total of 597 million RMB by issuing 47.04 million shares at 12.69 RMB per share, with a net amount of 586 million RMB intended for the large integrated mould project [1]. - The project has a construction period of 3 years, with an expected production start date in March 2027, and a projected post-tax internal rate of return of 13.76% and a payback period of 6.2 years [1]. - As of June 30, 2025, the project has utilized 133 million RMB, representing 22.77% of the investment progress, leaving a balance of 462 million RMB [1]. Group 2: New Project Overview - The new project, "Annual Production of 150,000 Sets of Cylinder Blocks and Cylinder Heads for New Energy Vehicles," is a joint venture between the company and Beijing Jiuming Technology, with the company holding an 80% stake [2]. - The total investment for this new project is 132 million RMB, with 80 million RMB sourced from the raised funds, aimed at construction, equipment purchase, and installation [2]. - The expected post-tax internal rate of return for this project is 23.72%, with a payback period of 4.69 years, indicating strong economic viability [2]. Group 3: Market Context and Strategic Rationale - The booming new energy vehicle market is driving demand for core components like cylinder blocks and cylinder heads, with significant growth in production and sales observed in 2025 [2]. - From January to July 2025, the overall passenger vehicle market in China saw production and sales of 18.23 million and 18.27 million units, respectively, with year-on-year growth of 12.7% and 12% [2]. - The penetration rate of new energy vehicle sales reached a historic high of 45%, with expectations to exceed 50% by the end of the year, highlighting the strategic opportunity for the company [2].