新股前瞻｜汽车行业最大共享包装服务商再递表，这一次优乐赛能圆敲钟梦吗?

Core Viewpoint - The company, Youlesai, is a leading integrated circular packaging service provider in China, focusing on the automotive industry, and is seeking to list on the Hong Kong Stock Exchange for the second time after a previous application lapsed [1][2]. Company Overview - Youlesai was established in 2016 to address key pain points in the logistics packaging industry, such as limited container management capabilities and high costs of disposable packaging [1]. - The company primarily serves automotive parts manufacturers and OEMs, offering shared operation services, leasing services, and other value-added services [1][2]. Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China and the largest in the automotive shared operation service market as of 2024 [2][7]. - The company manages approximately 1.4 million circular containers across 100 cities, supported by 71 container management centers [2]. Financial Performance - Youlesai's revenue has shown steady growth, with figures of 648 million yuan, 794 million yuan, and 838 million yuan for the years 2022, 2023, and 2024, respectively [2][5]. - The company's profit fluctuated during the same period, with net profits of 31.2 million yuan, 64.1 million yuan, and 50.7 million yuan [2]. Business Segmentation - The company's core business segments include integrated container management and container sales, with the former accounting for a significant portion of revenue [4][5]. - Revenue from integrated container management increased from 5.39 billion yuan in 2022 to 7.67 billion yuan in 2024, while container sales revenue decreased from 1.08 billion yuan to 710.7 million yuan during the same period [5]. Customer Retention and Strategy - Customer retention rates have declined from 75.8% in 2022 to 69.5% in 2024, attributed to the growth of major clients in the stable new energy sector and a strategic shift towards shared operation services [6]. Industry Outlook - The logistics packaging industry is transitioning from disposable to circular packaging, driven by sustainability trends, with the overall market expected to grow significantly [7]. - The circular packaging service market in China is projected to grow from 33.4 billion yuan in 2019 to 51.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.0% [7]. Competitive Landscape - The market is highly fragmented, with over 3,500 participants, and the top five players hold only 4.7% of the total revenue [7]. - Youlesai holds a 1.5% market share in the circular packaging service market and an 8.2% share in the automotive shared operation service market as of 2024 [7][8]. Risks and Challenges - The company faces challenges related to increasing accounts receivable and a high turnover period, which could impact cash flow and operational performance [9]. - The financial structure indicates potential liquidity risks, with a significant amount of bank borrowings compared to cash reserves [9]. - The company's performance is closely tied to the automotive industry's health, making it vulnerable to fluctuations in demand for logistics services [9].