国内市占率超60%，特斯拉“小伙伴”今日申购丨打新早知道

Company Overview - YouSheng Co., Ltd. (友升股份) is a professional manufacturer of aluminum alloy automotive components, focusing on lightweight automotive parts, particularly in the new energy vehicle sector [1] - The company has developed a product system that includes threshold beams, battery trays, bumpers, and subframes [1] IPO Details - The company is set to be listed on the Shanghai Stock Exchange with an issuance price of 46.36 CNY per share and a market capitalization of 6.713 billion CNY [4] - The issuance price-to-earnings ratio is 22.31, compared to the industry average of 29.08 [4] Financial Performance - Revenue from the threshold beam series is projected to be 1.748 billion CNY in 2024, contributing 48.90% to total revenue, while the battery tray series is expected to generate 1.064 billion CNY, contributing 29.77% [7] - The combined revenue contribution from these two product lines exceeds 75% [7] Market Position - The company holds a domestic market share of 64.25% for threshold beams and 12.30% for bumpers [7] - The battery tray products are expected to see significant market share growth as they begin bulk supply to major clients like CATL and Volvo starting in 2023 and 2024, respectively [7] Client Relationships - YouSheng has established stable partnerships with leading new energy vehicle manufacturers, including Tesla, GAC Group, NIO, and Xpeng Motors, with a high supply ratio of over 60% for many models [7] Awards and Recognition - The company was recognized as one of the "Top 20 Industrial Aluminum Profile Enterprises in China" by Shanghai Nonferrous Metals Network in April 2024 [8] - It has also received awards for quality assurance from major clients like BAIC New Energy and NIO [8] Fundraising Allocation - The company plans to allocate 12.71 billion CNY (51.43%) of the raised funds to the Yunnan YouSheng lightweight aluminum alloy component production base project [6] - An additional 7.00 billion CNY (28.33%) will be directed towards the annual production of battery trays and chassis components [6] - 5.00 billion CNY (20.24%) will be used to supplement working capital [6] Cash Flow Concerns - The company has indicated potential liquidity risks due to its reliance on prepayment for raw materials while offering credit terms of 60 to 90 days to customers [8] - The net cash flow from operating activities has shown a negative trend, with projected figures of 49.12 million CNY, 38.02 million CNY, and -253 million CNY for 2022, 2023, and 2024, respectively [8]