友升股份再闯IPO：募资额大增近4倍 ，六千万分红与五亿补流

Core Viewpoint - Shanghai Yousheng Aluminum Industry Co., Ltd. (Yousheng) is set to undergo an IPO review on June 20, 2025, after previously withdrawing its application in 2022. The market is particularly focused on its growth prospects despite underlying financial risks [3][4]. Financial Performance - Yousheng's revenue has shown rapid growth, with reported revenues of 2.35 billion, 2.90 billion, and 3.95 billion yuan from 2022 to 2024, respectively [10]. - The company's net profit for the same period was 233 million, 321 million, and 405 million yuan, indicating a positive growth trend [10]. - However, the company's accounts receivable have also increased significantly, reaching 698 million, 944 million, and 1.35 billion yuan, which represents 29.71%, 32.48%, and 34.25% of revenue, respectively [10]. IPO Details - Yousheng plans to raise 2.471 billion yuan through the issuance of up to 48.27 million new shares, with funds allocated for various projects including a production base and working capital [3][4]. - The current IPO fundraising target is more than three times higher than the previous attempt in 2021, which aimed to raise 633 million yuan [4]. Capacity Utilization - Despite the ambitious fundraising, Yousheng's capacity utilization has been declining, with rates of 96.21%, 95.28%, 92.91%, and 95.15% from 2021 to 2024, raising questions about the necessity of expanding capacity [4][5]. Customer Concentration - Yousheng's revenue is highly concentrated among a few major clients, with the top five customers accounting for over 51% of total revenue from 2022 to 2024 [5][10]. - The company has significant contracts with well-known automotive manufacturers such as Tesla and NIO, but faces risks if these clients reduce orders or switch suppliers [8][10]. Cash Flow and Dividend Issues - The company has faced cash flow challenges, with net cash flow from operating activities showing a negative trend in 2024, contrasting sharply with revenue growth [10][12]. - Despite cash flow issues, Yousheng distributed 60 million yuan in dividends to its controlling shareholders, raising concerns about the sustainability of its financial practices [12].