优优绿能IPO：大客户入股公允性存疑，业绩稳定性或埋下隐患

Core Viewpoint - Shenzhen Youyou Green Energy Co., Ltd. is set to launch its IPO on May 26, aiming to raise 700 million yuan for the construction of a charging module production base, headquarters, R&D center, and to supplement working capital [2][3]. Investment Projects - The total investment for the charging module production base is 272.82 million yuan, with 270 million yuan funded by the IPO proceeds [3]. - The headquarters and R&D center project has a total investment of 274.65 million yuan, also utilizing 270 million yuan from the IPO [3]. - The company plans to allocate 160 million yuan for working capital [3]. Customer Dependency and Revenue - The top five customers, including Wanbang Digital and ABB, have significant equity relationships with Youyou Green Energy, contributing a high proportion of revenue [4][5]. - Sales revenue from the top five customers over the reporting periods were 299.81 million yuan, 613.34 million yuan, 617.14 million yuan, and 254.21 million yuan, representing 69.63%, 62.08%, 44.86%, and 35.21% of total revenue respectively [5][6]. Related Party Transactions - The company has been questioned regarding the fairness of pricing in related party transactions, particularly concerning equity stakes held by major customers [9]. - Youyou Green Energy asserts that sales to Wanbang Digital increased post-investment due to the latter's business growth, with average sales prices remaining consistent with other customers [9][10]. Market Position and Competition - Youyou Green Energy has established stable partnerships with major clients, but there are concerns about dependency on these relationships, especially with Wanbang Digital and ABB [13]. - The company has signed three-year cooperation framework agreements with ABB and Wanbang Digital, although specific details of these agreements remain undisclosed [13]. Financial Performance - The gross profit margins for domestic sales were 24.32%, 19.96%, and 23.79% over the reporting periods, while international sales margins were higher at 49.48%, 46.25%, and 44.94% [15]. - The company’s sales to ABB have shown a consistent increase, aligning with ABB's own revenue growth in the electric transportation sector [14][15].