ADD(SH:603089) Ju Chao Zi Xun·2025-10-23 15:25Core Viewpoint - Zhejiang Zhengyu Industrial Co., Ltd. has submitted a refinancing project to raise 450 million yuan for the construction of the Zhengyu Intelligent Manufacturing Park (Phase II) and to supplement working capital [2] Group 1: Project Details - The total investment for the Zhengyu Intelligent Manufacturing Park (Phase II) is 430.93 million yuan, with 360 million yuan planned to be funded through the raised capital [3] - The project will focus on producing shock absorber products, including traditional suspension system shock absorbers, shock absorber assemblies, and electronically controlled intelligent suspension shock absorbers [2][3] Group 2: Market Demand and Production Capacity - There is a significant demand for the company's automotive shock absorbers in the overseas aftermarket, driven by a large and steadily growing base of vehicles [3] - The company's current production capacity is saturated, limiting its ability to meet downstream customer orders and hindering new product development and mass production [3][4] Group 3: Product Development and Market Opportunities - The company primarily produces traditional suspension products, but there is a growing market for electronically controlled intelligent suspension shock absorbers due to their advantages in weight, internal friction, and vibration isolation [4] - The project aims to enhance the development and manufacturing of electronically controlled intelligent suspension shock absorbers, creating new profit growth points while maintaining steady growth in existing products [4] Group 4: Financial Metrics - The construction period for the project is estimated to be 24 months, with a static investment payback period of 8.13 years (including the construction period, after tax) and an internal rate of return of 13.44% (after tax) [4] - An additional 90 million yuan will be used to supplement working capital, supporting the company's ongoing business development and enhancing its market competitiveness and risk resilience [4]