Core Viewpoint - Jinwo Co., Ltd. (300984.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding the reasonableness of its fundraising for capacity expansion despite previous project delays and unmet expectations [1] Group 1: Fundraising and Project Progress - The company plans to raise 950 million yuan for capacity expansion, addressing concerns about the effectiveness of previous fundraising projects [1] - The first bearing project has generated a total revenue of 100.52 million yuan from 2022 to February 2025, against a commitment of 138.49 million yuan [1] - The second bearing project is expected to generate an annual revenue of 5 million yuan, with completion delayed until December 2025 [1] Group 2: Economic Benefits of New Projects - The first new project is expected to generate an annual revenue of 779.85 million yuan, with a post-tax internal rate of return (IRR) of 13.67% and a payback period of 8.26 years [1] - The second new project is projected to yield an annual revenue of 342 million yuan, with a post-tax IRR of 15.20% and a payback period of 8.20 years [1] - The third project is anticipated to save costs of 349.80 million yuan annually, with a post-tax IRR of 21.91% and a payback period of 6.55 years [1] Group 3: Risk Considerations - The company has factored in equipment changes and maintenance impacts in its economic benefit calculations for the new projects [2] - Potential risks include market expansion not meeting expectations, which could lead to underutilization of new capacity [2] - Fluctuations in raw material prices or changes in trade policies may affect the profitability of the fundraising projects [2]
前募项目效益不达预期仍扩产被问询，金沃股份回复