Core Tech Fundraise: New Energy Battery Equip.
On the evening of September 6, Core Technology (002957) announced that the company plans to raise no more than 170 million yuan through a private placement, and after deducting the issuance costs, the entire amount will be used for the new energy battery intelligent manufacturing equipment industrial park project.
The company plans to acquire project land in the Tonghu Ecological Wisdom Area of the Zhongkai High-tech Industrial Development Zone in Huizhou City, and build a new energy battery intelligent manufacturing equipment industrial park, supporting the construction of R&D centers, intelligent warehouses, dormitory buildings, and other facility areas, integrating and expanding existing production resources. The total investment of the project is 247 million yuan, and the amount of funds raised is planned to be 170 million yuan.
Once the project is fully operational, the company estimates that it will achieve an average annual sales revenue of 772 million yuan, an average annual net profit of 53.94 million yuan, a comprehensive gross margin of 22.02%, and a net profit margin of 6.99%. The after-tax internal rate of return of the project is 15.33%, and the after-tax static payback period is 8.32 years.
Core Technology is mainly engaged in the research and development, design, production, sales, and technical services of industrial automation equipment, as well as the manufacturing of precision components. The company's products mainly include automated testing equipment and automated assembly equipment, accessories for automated equipment, precision components, and intelligent manufacturing solutions. The company's products are widely used in industries such as mobile terminals, new energy, photovoltaics, semiconductors, automobiles, hard drives, and medical health, actively expanding leading customers in various industries, and focusing on the cross-industry application of automation technology in advanced manufacturing fields.
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In the first half of 2024, the company achieved a total operating income of 1.041 billion yuan; of which, the mobile terminal business achieved sales revenue of 385 million yuan, accounting for 37.01% of the operating income; the new energy business achieved sales revenue of 224 million yuan, accounting for 21.57% of the operating income; the precision components and mold business achieved sales revenue of 177 million yuan, accounting for 16.98% of the total operating income. The combined revenue of the three strategic businesses accounted for 75.55%. During the period, the company achieved a net profit attributable to the company of 89.5573 million yuan, a decrease of 3.15% compared to the same period last year.
Core Technology stated that due to the company's engagement in the research, production, and sales of intelligent equipment manufacturing, the company has a large number of R&D technical talents who master cross-disciplinary knowledge such as mechanics, electronics, control, and industrial software. At the same time, the company also has a large number of compound project management talents who can deeply understand customer needs, production processes, product characteristics, and have project implementation experience and communication ability. The company's large number of R&D technical talents and project management talents fully ensure the personnel needs of the fundraising project.
In terms of technology, after years of experience in the research and development, design, and manufacturing of automated equipment, the company has accumulated technologies related to the industry in five major fields: machine vision and optics, precision sensing and testing, motion control and robotics, software technology, and precision mechanical design. Relying on the related technologies in the above five major fields, the company has independently developed a number of core technologies in the above five fields according to its own business development needs. After the integration of the company's core technologies, it can meet the technical requirements of various complex automated system integrations and meet customer requirements for high precision, high speed, informatization, safety, and reliability of products.
In terms of the market, with excellent product technology, reliable product quality, reasonable product prices, and thoughtful product services, the company has won the general recognition of customers in various industries and has established good cooperative relations with many well-known global manufacturers of mobile terminals, new energy, photovoltaics, semiconductors, automobiles, hard drives, and other products. The company has established a high brand reputation and a good brand effect in the industry. This brand advantage will serve the company's development strategy well and lay a good foundation for the company's long-term, stable, and sustainable development.
In summary, the company has already met all the conditions for implementing the fundraising investment project in terms of personnel, technology, and market. After the fundraising funds are in place, the company will promote the investment and construction of the fundraising investment project according to plan.
Regarding the necessity of this private placement, Core Technology also stated that the production sites for the company's new energy battery charging and discharging intelligent testing equipment business are all rented. With the expansion of the business scale and the improvement of customer requirements for product quality, the site issue has gradually become the core bottleneck restricting its development. The new energy battery intelligent manufacturing equipment industrial park project in this fundraising project will help the company expand its production capacity, further play a scale effect, thereby enhancing the company's core competitiveness, achieving the company's goals of expanding business scale, increasing market share, improving operational efficiency and profitability, and achieving the company's sustainable development.Currently, the company's new energy battery charging and discharging intelligent testing equipment business production bases are relatively dispersed. The construction of the new energy battery intelligent manufacturing equipment industrial park project will be conducive to integrating the equipment and labor resources of various production bases, expanding the heavy equipment needed for new production processes, and achieving unified operation and management of the production bases.
After the completion of the project funded by the raised capital, the company's business planning and layout autonomy, as well as the stability of production and operation management, will be enhanced to a certain extent. This will help reduce production, transportation, and management costs, and further increase the company's product quality and the stability of the production supply chain. At the same time, the company's self-built production and manufacturing base in Huizhou will also help enhance the corporate image and have a positive effect on order acquisition and business expansion.
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