销售年薪31万元远超同行，友升股份携亮眼业绩再冲IPO，现金流、高管履历却遭质疑

Core Viewpoint - Shanghai Yousheng Aluminum Industry Co., Ltd. (Yousheng) is seeking to go public on the Shanghai Stock Exchange, aiming to raise approximately 2.471 billion yuan by issuing up to 48.2671 million shares, despite concerns over declining net profit and cash flow issues [2][4]. Financial Performance - Yousheng's revenue and net profit have shown consistent growth, with revenues of 2.35 billion yuan, 2.90 billion yuan, and 3.95 billion yuan projected for 2022 to 2024, and net profits of 233 million yuan, 321 million yuan, and 405 million yuan for the same period [4]. - The average salary for sales personnel at Yousheng is significantly higher than the industry average, reaching over 310,000 yuan in 2024, attributed to a competitive compensation structure and rapid business growth [4][5]. Profitability Concerns - Despite the growth in revenue, Yousheng's net profit growth rate has been declining, with increases of 130.37%, 80.48%, 37.84%, and 26.13% from 2021 to 2024 [5]. - The company's gross profit margin has also decreased, from 23.36% in 2023 to 22.65% in 2024, although it remains higher than the industry average [5]. Cash Flow and Receivables - Yousheng's operating cash flow has deteriorated significantly, with figures of 49.12 million yuan, 38.02 million yuan, and -252.94 million yuan from 2022 to 2024, indicating potential liquidity issues [6]. - The company's accounts receivable have increased, with net receivables of 662 million yuan, 895 million yuan, and 1.283 billion yuan from 2022 to 2024, raising concerns about cash flow and potential bad debts [6]. Market Position and Strategy - The automotive parts manufacturing industry is characterized by suppliers having relatively weak bargaining power compared to automakers, necessitating continuous improvement in internal management and product quality for companies like Yousheng [7]. - Yousheng's product offerings focus on lightweight aluminum components for the electric vehicle sector, including various series such as battery trays and subframes [3]. Corporate Governance Issues - Yousheng is controlled by a couple, with the actual controllers holding 70.44% of the voting rights, raising questions about governance and transparency [9]. - There are discrepancies in the reported employment history of some executives, leading to concerns about the company's credibility [9][10].