Core Viewpoint - YouSheng Co., Ltd. (603418.SH) has been listed on the Shanghai Stock Exchange, focusing on lightweight aluminum alloy auto parts, particularly in the new energy vehicle sector [1][4]. Company Overview - YouSheng is a professional manufacturer that integrates design, development, production, sales, and service of aluminum alloy auto parts [1]. - The company has developed a product system that includes threshold beams, battery trays, bumpers, and subframes, primarily targeting the new energy vehicle market [1]. Financial Information - The initial offering price was 46.36 CNY per share, with an institutional quotation of 46.66 CNY per share, leading to a market capitalization of 8.951 billion CNY [4]. - The company has a projected earnings per share (EPS) of 22.31, compared to the industry average of 29.08 [4]. Revenue Structure - The main revenue sources for YouSheng are the threshold beam series and battery tray series, contributing 48.90% and 29.77% to the revenue, respectively, in 2024 [8]. - The company has a market share of 64.25% for threshold beams and 12.30% for bumpers in the domestic market [8]. Client Relationships - YouSheng has established stable partnerships with leading global new energy vehicle manufacturers, including Tesla, GAC Group, NIO, and Xpeng Motors [8]. - The company’s products are significantly integrated into mainstream new energy models, with supply ratios exceeding 60% for many models [8]. Future Prospects - YouSheng has been recognized as one of the top twenty industrial aluminum profile companies in China for 2024 and has received various quality awards from major automotive manufacturers [9]. - The company is investing in projects to enhance production capacity, including a 12.71 billion CNY investment in lightweight aluminum alloy parts production [6]. Cash Flow and Financial Health - 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 from 2022 to 2024 [9].
深耕汽车轻量化赛道，特斯拉“小伙伴”今日上市丨打新早知道