Tesla(US:TSLA) Xin Lang Zheng Quan·2025-05-21 03:04Core Viewpoint - The financial data of YouSheng Co., Ltd. raises concerns regarding its authenticity, particularly due to an unusual increase in gross margin amidst a declining industry average, leading to regulatory scrutiny [2][7]. Financial Performance - In 2023, the average gross margin of comparable companies decreased by 3.09 percentage points to 19.75%, while YouSheng's gross margin increased to 23.36% [2]. - The gross margin for battery tray products is notably higher than competitors, with YouSheng achieving 16.12% compared to 7.84% for competitors [2]. - Significant accounting adjustments were made in the previous application, including revenue recognition and cost valuation changes, raising questions about the reliability of financial data [2]. Cash Flow and Receivables - Operating cash flow plummeted to -253 million yuan in 2024, contrasting with positive cash flows in 2022 and 2023 [3]. - Accounts receivable reached 1.353 billion yuan, accounting for 34.25% of revenue, with a year-on-year increase of 43.47% [3]. - The accounts receivable turnover rate was only 3.44 times per year, significantly below the industry average of 5.49 times [3]. Customer Concentration and Competition Risks - The top five customers account for over 50% of revenue, with Tesla contributing 704 million yuan in 2023, representing 24.23% of total revenue [4]. - Tesla's orders are projected to decline by 7.72% in 2024, highlighting the risks associated with a concentrated customer base [4]. - The competitive landscape is intensifying, with price wars affecting profit margins, as evidenced by a decrease in YouSheng's battery tray gross margin from 18.7% in 2021 to 16.12% in 2024 [4]. Expansion Plans and Capacity Concerns - YouSheng plans to build a new base in Yunnan and produce 500,000 battery trays annually, which would triple current capacity [5]. - In 2023, battery tray sales were only 246,000 units, while industry forecasts suggest a total demand of approximately 20 million units by 2025, indicating potential overcapacity [5]. Governance and Ownership Issues - The majority shareholders, Luo Shibing and Jin Liyan, hold 70.44% of shares and will retain 52.83% of voting rights post-IPO, raising concerns about potential conflicts of interest [7]. - The governance structure is questioned due to the financial director's return after a hiatus and concentrated equity incentives among early executives [7].