友升股份：2018-2024自由现金流全部为负，依然先分红，再上市，伸手就要25亿！

Core Viewpoint - The article discusses the financial performance and market position of YouSheng Aluminum Industry Co., Ltd., highlighting its challenges in achieving a successful IPO amidst increasing competition and financial strain [5][53]. Group 1: Company Overview - YouSheng Aluminum was established in 1992 and specializes in manufacturing aluminum alloy automotive components, with over 30 years of experience in developing and producing industrial aluminum extrusion products [3]. - The company has updated its prospectus for the second time in an attempt to go public [5]. Group 2: Financial Performance - In 2024, the company reported revenue of 3.95 billion, a year-on-year increase of 36%, and a net profit of 400 million, up 25.7% year-on-year [4]. - The company's total assets reached 4.14 billion in 2024, indicating a moderate scale compared to competitors [10]. Group 3: Market Position and Competition - YouSheng's main products include four series: threshold beams, battery trays, bumpers, and subframes, primarily used in the new energy vehicle sector [7]. - The company has a market share of 64% in the aluminum threshold beam segment, but lower shares in bumpers (12.3%), battery trays (3.7%), and subframes (1.4%) [34]. - Compared to competitors, YouSheng's revenue growth rate from 2020 to 2024 (CAGR of 48.6%) outpaced most peers, with competitors like WenCan and XuSheng showing lower growth rates [14]. Group 4: Customer Base and Revenue Concentration - In 2024, Tesla became the largest customer, contributing 16% to the company's revenue, with a high concentration of sales among the top five customers, accounting for 51%-53% of total sales [15][16]. - The company has been experiencing a decline in accounts receivable turnover, indicating potential issues with sales strategy and customer selection [18]. Group 5: Profitability and Cost Structure - YouSheng maintained a gross margin of around 23% during the reporting period, which is higher than many competitors whose margins have been declining [25]. - The company has faced challenges in cash flow, with negative free cash flow reported from 2018 to 2024, indicating ongoing financial strain despite revenue growth [43][44]. Group 6: Future Prospects and Challenges - The company plans to raise 24.7 billion for its IPO, significantly higher than previous amounts, with a portion allocated for working capital [47]. - The market for aluminum components in new energy vehicles is expected to grow, but competition from alternative materials like high-strength steel and carbon fiber poses a challenge [52].