Entropy new material IPO core fundraising project suspected Dou Congsheng: the prospectus investment amount super environmental assessment report reached 90 million yuan

The IPO road is quite bumpy Guangzhou Entropy Energy Innovation Materials Co., Ltd. (hereinafter referred to as "Entropy New Materials"). Trading, performance fluctuations and major customers have attracted attention.

After the IPO of the Science and Technology Board IPO, the entropy new material that has changed to the GEM has experienced two rounds of review inquiry. In this GEM IPO, entropy energy new materials are planned to raise 275 million yuan for three fundraising projects, of which the second phase of the new material manufacturing base of Zhuhai function polymer (hereinafter referred to as "Entropy Energy Zhuhai Base Phase II") Removal projects for the core.

However, it is worth noting that the reporter of the "Public Securities News" Mingjing Financial Studio found that the company's prospectus disclosed the total investment of the core fund -raising project of the Zhuhai base project of 390 million yuan, which is significantly higher than that of the project environmental assessment report. Investment amount; at the same time, the environmental protection investment of core fundraising projects exceeds the environmental investment amount showed by the environmental assessment report of the entire Zhuhai base project.

The investment amount of new projects is much higher than the EIA Report Book

The main business of entropy energy new materials is the development, production and sales of polymer material auxiliary agents. The main products include tough agents, anti -drops, and polymer processing additives. They are mainly used in engineering plastics and general plastic industries. In December 2021, the company's GEM IPO application was accepted, and not long ago, the company's withdrawal of materials terminated the first application for listing of science and technology boards.

The entropy of the GEM IPO has not changed this time -fundraising project and the use of funds. It is intended to use 275 million yuan, of which 160 million yuan is invested to the second phase of the Zhuhai base, and 65 million yuan is used for the Innovation R & D Center In addition, 50 million yuan is used for replenishment and repayment of bank loans.

It can be seen that the latest prospectus can be seen that the company's core fundraising project, that is, the construction location of the second phase of the Zhuhai base in the Zhuhai base is located on the south side of the middle section of Pingwan Fourth Road in the Petrochemical Zone of the Gaulu Port Economic Zone, Zhuhai City. After the production line of the tougin agent is expanded, the company will add 13,500 tons of the production capacity of a reaches of the project. Specifically, the construction investment is 130 million yuan, the reserve fee and the bottom of the bottom of the lamp will be 30 million yuan, and the project construction period is 12 months.

"'Entropy Energy Innovation Materials (Zhuhai) Co., Ltd. Co., Ltd. New Material Manufacturing Base' Project" Project "project is planned to be implemented in two phases, with a total investment of about 30 million yuan and an annual production capacity of 30,000 tons of high molecular materials. Including the production equipment investment of 16,500 tons of high -molecular material auxiliary agent and all civil engineering projects, the proposed investment is 230 million yuan, excluding the investment project raised; the fundraising project is the second phase of the filing project, the main main phase, the main mainly Investment in production equipment, including an annual capacity of 13,500 tons of polymer materials, does not include civil engineering projects, and the proposed investment is 160 million yuan (see Figure 1). "The new material can be further referred to. It was found that the company's impact on the science and technology board and the prospectus disclosed in June 2021 all claimed that the project's two -phase investment amount was 390 million yuan.

Figure 1: Screenshot of the core fundraising project of the latest prospectus of entropy energy

The company's prospectus under construction shows that the first phase of the Zhuhai Base in Zhuhai Base is nearing completion. Specifically, in 2021, the initial amount of the first phase of the Zhuhai Base of the Zhuhai Base was 70.8475 million yuan, an increase of 151.4835 million yuan in that year, and the fixed assets were 67.637 million yuan. 10,000 yuan (see Figure 2). From the perspective of the first phase of the prospectus to invest 230 million yuan, the first phase of the 1,6500 -ton production capacity is basically completed, and the production is not far away.

Figure 2: Screenshot of the latest prospectus of entropy energy new materials in construction

It is worth noting that the total investment in the two phases of the company's entropy can be 390 million yuan, which is largely different from the investment amount of the project shown by the EIA report.

Consult the EIA approval publicity of the Zhuhai Ecological and Environment Bureau and found that the entropy energy capability of the Zhuhai base project that was accepted on April 16, 2020 and approved the consent of the Zhuhai base, designing the annual production function polymer of 30,000 tons, of which the anti -impact modified agent 27500 tons/year (a tough agent belongs to this category), and the flame retardant anti -drop drop agent is 2,500 tons/year.

Further review the entropy energy in the Zhuhai Base EIA report prepared in March 2020, the total investment of the project is about 300 million yuan (see Figure 3). On the side, the total land area is 35051.03 square meters, which is in line with the company's prospectus. In the land use rights right, the company's prospectus has disclosed industrial land that is consistent with the area of ​​the land.

Figure 3: Screenshot of the introduction of the Entropy Energy New Material EIA Report Project

In other words, the entropy in the EIA report of the Zhuhai base has a total investment of about 300 million yuan, but the prospectus claims that the two -phase investment of the base invested 390 million yuan, and the difference between the two was 90 million yuan. If the company's construction of the company's construction and rectification, the first -phase investment of the entropy energy Zhuhai base has exceeded 222 million yuan, which is less than 80 million yuan in the investment amount of the entire entropy energy of the Zhuhai base displayed by the EIA report, and the company's IPO this time is this IPO However, it is prepared to raise 160 million yuan for the second phase of the Zhuhai base project.

The question is born, and the company's prospectus all claims that the total investment of the two phases of the base of the base is 390 million yuan. Why is it obviously higher than the investment amount displayed by the EIA report? The total amount of construction projects has reached 222 million yuan. From the perspective of the 300 million yuan investment amount shown in the EIA report, does the company's core fund -raising project entropy energy in Zhuhai base need 160 million yuan?

It should also be noted that the environmental investment displayed in the above -mentioned EIA report is also different from the investment amount disclosed by the company's prospectus.

The EIA report shows that "the total investment of the proposed projects is 30 million yuan, and the investment of environmental protection facilities is 8.2 million yuan, accounting for 2.73%of the total investment." (See Figure 4)

Figure 4: Screenshot introduction

The company's prospectus stated that "As of the signing date of this prospectus, the entropy can have obtained the" Zhuhai Ecological Environment Bureau on the Entropy Energy Innovation Materials (Zhuhai) Co., Ltd.'s functional polymer manufacturing base for this project "(Zhuhuan Jianshu [2020] No. 13). The main pollutants in the production process of this project are wastewater (water pollutants), waste residue (solid pollutants), waste gas and noise. The projects are expected to be used in this issue. The funds required for environmental protection construction are about 10 million yuan, accounting for about 6.25%of the project investment amount. "(See Figure 5)

Figure 5: Screenshot of Environmental Investment Projects of Entropy Energy New Materials New Prospectus

In addition, it was found that the purchase cost of land acquisition projects may not be high. For example, the innovation research and development center project, the construction location is located on the northeast side of Li'an Road, Petrochemical District, Nanshui Town, Jinwan District, Zhuhai City. It is used in industrial land with an area of ​​5639.51 square meters and the land purchase fee is 2.7677 million yuan. According to the company's response to the inquiry letter, the status is located in the Petrochemical Zone of Nanshui Town, Jinwan District, Zhuhai City, and is adjacent to the Zhuhai Base.

In fact, the company's prospectus shows that during the reporting period of 2019-2021, the original value of the land use rights in each year at the end of each issue of each issue was 16.2898 million yuan. The company's 35051 square meters of core fundraising projects are also land use rights, and the time of obtaining time is 2018.

In addition, there are also interesting things to be noted in the calculation of investment returns for the core fundraising project of entropy energy.

According to the company's prospectus, the core fundraising project is the entropy energy -Ensable Zhuhai base. After the completion of the second phase of the Zhuhai base, the average annual sales revenue can be 225.265 million yuan, with an average annual net profit of 29.493 million yuan, and the internal yield of the internal yield of the project after tax is 15.82%. Investment recovery period is 6.86 years (including 1 year of construction period).

The company once said in the response to the inquiry letter that the market space of the Rena Rena has a broad space and has a large alternative demand. The capacity of production capacity is necessary and has the ability to digest.

Based on the production capacity of 13,500 tons of capacity, the capacity utilization rate is 100%, the production and sales rate of 95%, and the annual sales revenue of 225.2655 million yuan is calculated. It can be seen that the average price per kilogram is about 17 yuan. In 2021, the company's Raise increase was 6,000 tons, with an output of 6203.22 tons, and the sales volume was 6126.12 tons. The average price was 24.41 yuan/kg (about 20%year -on -year), and revenue was 149.5583 million yuan. This means that the average price of new production capacity calculated based on the prospectus calculation will be significantly lower than 2021.

A series of questions emerged again:

The EIA report shows that all the environmental protection investment of the Zhuhai base of the Zhuhai base is about 8.2 million yuan. Why is the company's prospectus showing that the environmental protection construction funds of the second phase of the Zhuhai base project reached about 10 million yuan. Why is there a large difference in the two?

In addition, the total investment and environmental protection investment of the Entropy Entropy of Zhuhai based on the EIA Report. Compared with the total two -phase investment and second phase of environmental investment disclosed by the company's prospectus, there are large differences. Is the calculation of funding and investing funds and a true letter?

In addition, according to the data calculation of the company's prospectus, the core fundraising project with a construction period of 1 year and a design capacity of 13,500 tons may be only about 17 yuan/kg, which may be only about 17 yuan/kg. Does the price mean that the price of the company's products has a significant decline in the future? Or the price remains stable, but there is a significant reduction in the company's production and sales rate?

At the same time, according to the EIA report, the production capacity of the new tough agent of the Zhuhai base of the Zhuhai base is 27,500 tons, which will be more than 4.5 times the production capacity of 6,000 tons in 2021. It is also about 4.5 times the same period. The sales of tough agents have increased by less than doubled. Combined with the company's revenue and profit in 2021, the company has declined after a significant increase. Can the company fully digest a large new production capacity in the future?

Regarding the above questions, the reporter of the "Public Securities News" Mingjing Financial Studio had previously called the entropy new material to the interview letter. As of press time, no reply was received. In addition, the newspaper will continue to follow up on related situations such as entrusted new material shareholders, R & D and technological innovation. Reporter Erdong

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