Core Viewpoint - Changzhou Aohong Electronics Co., Ltd. is issuing convertible bonds to unspecified objects to finance the construction of a production base in Thailand, which is expected to generate significant revenue and has a favorable internal rate of return [1][2]. Financing Scale and Effectiveness Assessment - The total investment for the Thailand production base project is estimated at 595.04 million yuan, with an expected annual revenue of 663.2 million yuan upon reaching full production [1][2]. - The project's internal rate of return before tax is projected at 13.77%, with a payback period of approximately 7.39 years, including a 2-year construction period [1][2]. Project Investment Breakdown - The investment structure includes: - Construction costs: 157.51 million yuan (26.4%) - Site decoration: 19.11 million yuan (3.2%) - Hardware equipment: 384.28 million yuan (64.4%) - Software tools: 2.5 million yuan (0.4%) - Other construction costs: 29.83 million yuan (5.0%) [2][4][7]. Construction and Equipment Details - The total construction area for the project is 70,574 square meters, which includes main and auxiliary factories, employee living quarters, and various utility buildings [1][8]. - The average construction cost is estimated at 0.22 million yuan per square meter, which is consistent with local pricing [1][12]. - The hardware equipment investment is primarily based on historical procurement prices and current market rates, with a total of 384.28 million yuan allocated for various production and testing equipment [4][6]. Production Capacity and Comparison - The project aims to achieve an annual production capacity of 1.2 million square meters of single-sided, double-sided, and multilayer boards [1][8]. - The unit capacity corresponding to the construction area is 588.11 square meters per million square meters, which is comparable to previous projects and within the reasonable range of industry standards [8][9]. Cost Comparison with Industry Peers - The construction cost per square meter for this project is 0.25 million yuan, which is within the range of similar projects in the region, indicating a competitive pricing strategy [12][13]. - The equipment investment per unit capacity is 320.23 yuan per square meter, which aligns with the average of comparable projects in the industry [11][13].