友升股份开启申购，将在A股上市，募资金额缩水约4亿元

Core Viewpoint - Shanghai Yousheng Aluminum Industry Co., Ltd. (Yousheng Aluminum) is set to launch its initial public offering (IPO) on September 12, with an issue price of 46.36 yuan per share and a total fundraising amount of approximately 22.38 billion yuan [1][3]. Group 1: IPO Details - The total number of shares to be issued is approximately 48.27 million, resulting in a post-issue total share capital of about 193 million shares [3]. - The net proceeds from the IPO are expected to be around 20.77 billion yuan, which is about 4 billion yuan less than the initially planned 24.71 billion yuan [3][4]. - The funds will be allocated to projects including the Yunnan Yousheng lightweight aluminum alloy component production base and the production of battery trays and vehicle underbodies [3][4]. Group 2: Financial Performance - Yousheng Aluminum's revenue for 2022, 2023, and 2024 is projected to be approximately 2.35 billion yuan, 2.91 billion yuan, and 3.95 billion yuan, respectively [6]. - The net profit for the same years is expected to be around 233 million yuan, 321 million yuan, and 405 million yuan, with the net profit after deducting non-recurring gains and losses being 224 million yuan, 319 million yuan, and 401 million yuan [6]. - The company's total assets are projected to reach approximately 4.14 billion yuan by the end of 2024, with a debt-to-asset ratio of 62.62% [7]. Group 3: Client Base and Market Position - Yousheng Aluminum primarily serves the new energy vehicle sector, with major clients including Tesla, GAC Group, and NIO [6][8]. - The sales figures to Tesla for 2022, 2023, and 2024 are approximately 475 million yuan, 704 million yuan, and 650 million yuan, representing 20.20%, 24.23%, and 16.44% of total sales, respectively [8]. - The company has seen changes in its client base, with CATL entering the top five clients in 2023 and moving to the second position in 2024 [8].