Group 1 - The company YouSheng Co., Ltd. (SH 603418) announced on October 14 that its second board meeting will be held on the same day, discussing the adjustment of investment amounts for certain projects [1] - For the fiscal year 2024, the revenue composition of YouSheng Co., Ltd. is as follows: threshold beam series 44.25%, battery tray series 26.94%, others 14.97%, bumper series 10.66%, and subframe series 3.18% [1] - As of the report date, YouSheng Co., Ltd. has a market capitalization of 11.8 billion yuan [1]

Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [32]. Core Viewpoints - The company is a core supplier of aluminum alloy components for the automotive industry, focusing on the research, production, and sales of automotive structural components, with projected revenues of 235 million, 290 million, and 395 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 55.51%, 23.60%, and 35.98% [1][23]. - The automotive lightweighting trend is crucial, with aluminum alloys being a key material. The report forecasts that the sales volume of new energy vehicles will reach 12.87 million units in 2024, a year-on-year increase of 35.50% [2][14]. - The company has established a stable and high-barrier customer base, including major players like Tesla and NIO, with over 50% of sales revenue in 2024 coming from the top five customers [2][27]. - The company has a global production capacity layout, with 11 wholly-owned subsidiaries in key automotive regions in China and additional facilities in Mexico and Bulgaria, projecting overseas revenue of 247 million yuan in 2024 [3][28]. Summary by Sections Industry Overview - The automotive parts industry is categorized into seven main types: power systems, transmission systems, steering systems, braking systems, driving systems, body structure parts, and automotive electronics [8]. - The industry has a well-defined supply chain, with a pyramid structure consisting of vehicle manufacturers at the top, followed by first, second, and third-tier suppliers [10]. Company Profile - The company specializes in aluminum alloy automotive components, with products categorized into series such as threshold beams, battery trays, bumpers, and subframes, primarily serving the new energy vehicle sector [18][23]. - The company has developed proprietary technologies that enhance material performance and meet the lightweighting and safety needs of new energy vehicles [26][27]. Financial Performance - The company is projected to achieve revenues of 235 million, 290 million, and 395 million yuan from 2022 to 2024, with net profits of 23 million, 32 million, and 41 million yuan respectively, showing significant growth despite a decline in 2022 [23][24].

Core Viewpoint - The listing of YouSheng Aluminum Co., Ltd. on the Shanghai Stock Exchange marks a significant milestone for the company, which specializes in lightweight aluminum alloy automotive components, and is expected to benefit from the growing demand for aluminum parts in the electric vehicle sector [1][4]. Group 1: Company Overview - YouSheng Aluminum, established in 1992, transitioned into the automotive parts sector in 2010 and has seen rapid growth in the new energy vehicle market since 2020, with revenue projected to reach 4 billion yuan in 2024, up from just over 600 million yuan before 2020 [4][9]. - The company has established partnerships with leading clients in the industry, including Tesla, CATL, and BYD, contributing to approximately 51% of its revenue from its top five clients in 2024 [4][14]. - YouSheng's products, such as threshold beams and battery trays, are integral to popular models like the Model Y and Zeekr 001, indicating a strong market presence [3][5]. Group 2: Market Position and Trends - The automotive supply chain is complex, with YouSheng positioned as a first-tier supplier, benefiting from deeper relationships with automakers and higher value addition [3][6]. - The trend of replacing steel with aluminum in vehicle manufacturing is expected to drive steady growth in demand for aluminum components, aligning with YouSheng's product offerings [1][13]. - The company has a significant market share in the supply of threshold beams for Tesla's Model Y and Model 3, with an estimated 60% of the parts supplied for these models in 2024 [5][7]. Group 3: Financial and Operational Insights - The successful listing raised 2.238 billion yuan, which will be used for capacity expansion projects, including a new production base in Yunnan with an annual output of 500,000 battery trays [10][14]. - YouSheng's sales-to-receivables cycle is approximately 3 to 4 months, which has led to increased short-term borrowing from 77 million yuan in 2020 to 989 million yuan in 2024, alongside a rise in the debt-to-asset ratio to over 50% [9][10]. - The company anticipates that the completion of its fundraising projects could generate an additional 4 billion yuan in revenue and over 350 million yuan in net profit annually, effectively doubling its revenue base by 2024 [14].

Company Overview - YouSheng Co., Ltd. is a project invested by DaChen CaiZhi, a subsidiary fund of QingKe Mother Fund, and was listed on the Shanghai Stock Exchange on September 23, with a stock price of 46.36 CNY per share and stock code 603418.SH [3] - Established in 1992, the company focuses on the research, production, and sales of aluminum alloy materials, particularly in the lightweight aluminum alloy automotive parts sector, contributing to the upgrade of electric vehicle range and energy-saving in fuel vehicles [3] Research and Development - The company places a high emphasis on technology research and the establishment of an independent innovation system, having developed multiple core technologies and patents in high-performance aluminum alloy materials, advanced processing techniques, and lightweight product design [3] Procurement - The main raw materials include aluminum water, aluminum rods, and aluminum profiles, which are mature bulk commodities with transparent pricing and ample supply. The company has established a stable procurement control program and supplier management system [3] Production - The production model is based on "sales-driven production," with detailed production plans developed from customer orders and forecasts. The company utilizes regional resource advantages by setting up different subsidiaries for various production processes [4] Sales - The sales model is direct sales, with major clients including Tesla, GAC Group, NIO, BAIC New Energy, Geely Group, and others. The automotive parts industry has established entry barriers due to technology, quality, scale, and brand strength, leading to stable cooperation once established [4]

● 本报记者 王辉 9月23日，上海友升铝业股份有限公司首次公开发行A股上市仪式，在上海证券交易所举行，并在中国 证券报·中证网直播。 友升股份董事长、总经理罗世兵在致辞中表示，近年来，公司始终专注于轻量化汽车零部件领域，致力 于推动新能源汽车的续航升级和燃油车的节能减排。公司将以在上交所主板上市为契机，不断加强技术 创新，为客户提供优质、可靠、领先的产品和服务。以轻量化技术突破赋能汽车产业低碳转型，为我 国"双碳"政策目标的实现贡献"友升力量"。同时，公司也将借力资本市场，进一步扩大经营规模，稳步 实现资产增值，以高质量发展回馈广大投资者。 成立于1992年的友升股份，是集设计、开发、生产、销售、服务于一体的专业铝合金汽车零部件制造 商，公司始终专注于轻量化汽车零部件领域，致力于推动新能源汽车的续航升级和燃油车的节能减排， 也是国内新能源汽车铝合金轻量化零部件的先行者。2024年，公司获评国家级专精特新"小巨人"企业。 铝合金轻量化零部件的先行者 在战略布局上，公司深度践行国内国际双循环发展战略，已在上海、山东、重庆等地建成多座现代化制 造基地。同时，公司稳步推进全球化布局，在墨西哥建设生产基地，在保加利亚 ...

Core Viewpoint - The successful IPO of YouSheng Aluminum Co., Ltd. marks a significant milestone for the company, which focuses on lightweight automotive components and aims to contribute to the low-carbon transition of the automotive industry in China [1][3]. Company Overview - Founded in 1992, YouSheng specializes in the design, development, production, sales, and service of aluminum alloy automotive components, positioning itself as a pioneer in lightweight components for new energy vehicles [3]. - The company has established a diverse product system, including threshold beams, battery trays, bumpers, and subframes, primarily targeting the new energy vehicle sector [3]. - YouSheng has formed long-term partnerships with leading global automakers such as Tesla, GAC Group, NIO, BAIC New Energy, and Geely Group, as well as notable suppliers in the fuel vehicle sector [3]. Financial Performance - The company reported revenues of 2.35 billion yuan, 2.90 billion yuan, and 3.95 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 233 million yuan, 321 million yuan, and 405 million yuan [4]. - In the first half of 2025, YouSheng achieved a revenue of 2.18 billion yuan, reflecting a year-on-year growth of 30.76%, and a net profit of 221 million yuan, marking a 50.07% increase compared to the previous year [4]. Fundraising and Investment Plans - The company raised 2.471 billion yuan in its IPO, which will be allocated to three projects: the Yunnan YouSheng lightweight aluminum alloy component production base, a project for producing 500,000 battery trays and 200,000 underbody components, and to supplement working capital [5]. Future Development Strategy - YouSheng plans to expand its influence in the new energy vehicle component sector by targeting high-end domestic and international clients and enhancing its position in the industry chain [6]. - The company aims to increase R&D investment and continuously develop new products and technologies to improve product performance and production efficiency [6]. - YouSheng is committed to responding to the "carbon peak and carbon neutrality" goals and aligning with the "14th Five-Year Plan" to enhance its contributions to the industrial level of new energy vehicles in China [6]. Industry Positioning - Aluminum alloy components are increasingly recognized for their lightweight, reliability, and thermal stability, making them ideal for automotive applications, particularly in high-weight areas such as threshold beams, battery trays, bumpers, and subframes [6]. - YouSheng leverages its extensive experience in aluminum alloy material formulation and processing to extend its capabilities into deep processing and maintain a leading position in niche markets [6]. Global Expansion - The company is actively pursuing a dual circulation development strategy, establishing modern manufacturing bases in Shanghai, Shandong, and Chongqing, while also expanding globally with production facilities in Mexico and a European presence in Bulgaria [7]. - YouSheng aims to enhance its international competitiveness and brand influence, aspiring to become a top-tier supplier in the global automotive industry [7].

Core Viewpoint - The successful IPO of YouSheng Aluminum Industry Co., Ltd. marks a significant milestone for the company, which focuses on lightweight automotive components and aims to contribute to the low-carbon transition of the automotive industry in China [1][4]. Group 1: Company Overview - YouSheng, established in 1992, specializes in the design, development, production, and sales of aluminum alloy automotive components, positioning itself as a pioneer in lightweight parts for new energy vehicles [2]. - The company has received recognition as a national-level "specialized and innovative" small giant enterprise in 2024, highlighting its commitment to the new energy vehicle sector [2]. - YouSheng's product range includes various series such as threshold beams, battery trays, bumpers, and subframes, catering primarily to the new energy vehicle market [2]. Group 2: Financial Performance - From 2022 to 2024, YouSheng achieved revenues of 2.35 billion, 2.90 billion, and 3.95 billion yuan, with net profits of 233 million, 321 million, and 405 million yuan respectively [3]. - In the first half of 2025, the company reported a revenue of 2.18 billion yuan, reflecting a year-on-year growth of 30.76%, and a net profit of 221 million yuan, up 50.07% from the previous year [3]. Group 3: Fundraising and Future Plans - YouSheng raised 2.471 billion yuan in its IPO, which will be allocated to three projects: the production base for lightweight aluminum alloy components, a project for producing 500,000 battery trays and 200,000 underbody components, and working capital [4]. - The company plans to expand its influence in the new energy vehicle parts sector by targeting high-end clients and increasing R&D investments to enhance product performance and production efficiency [4]. Group 4: Industry Position and Strategy - Aluminum alloy components are increasingly favored in the automotive industry due to their lightweight, reliability, and thermal stability, making them ideal for various structural parts [5]. - YouSheng aims to become a top global supplier in the automotive industry by mastering core technologies in high-performance aluminum alloys, advanced processing techniques, and lightweight product design [6]. - The company is implementing a dual-circulation development strategy, establishing modern manufacturing bases in various regions of China and expanding its global footprint with production facilities in Mexico and Bulgaria [7].

Core Viewpoint - The successful IPO of YouSheng Aluminum Industry Co., Ltd. marks a significant milestone for the company, which focuses on lightweight automotive components, particularly in the context of the growing demand for electric vehicles and the need for energy efficiency in traditional fuel vehicles [1][5]. Company Overview - Founded in 1992, YouSheng specializes in the design, development, production, and sales of aluminum alloy automotive components, positioning itself as a pioneer in lightweight parts for electric vehicles [1][4]. - The company has established a diverse product range, including threshold beams, battery trays, bumpers, and subframes, and has formed stable partnerships with leading global electric vehicle manufacturers such as Tesla and NIO [1][2]. Financial Performance - YouSheng's revenue and net profit have shown consistent growth, with projected revenues of 2.35 billion yuan, 2.90 billion yuan, and 3.95 billion yuan from 2022 to 2024, and net profits of 233 million yuan, 321 million yuan, and 405 million yuan for the same period [2]. - In the first half of 2025, the company achieved a revenue of 2.18 billion yuan, reflecting a year-on-year growth of 30.76%, and a net profit of 221 million yuan, up 50.07% from the previous year [2]. Fundraising and Investment Plans - The IPO raised 2.471 billion yuan, which will be allocated to three projects: the production base for lightweight aluminum components in Yunnan, a project for producing 500,000 battery trays and 200,000 underbody components, and to supplement working capital [3]. - The company aims to expand its influence in the new energy vehicle parts sector and enhance its research and development efforts to improve product performance and production efficiency [3]. Industry Position and Strategy - Aluminum alloy components are increasingly favored in the automotive industry due to their lightweight, reliability, and thermal stability, making them ideal for electric vehicles [4]. - YouSheng has developed core technologies in high-performance aluminum alloys, advanced processing techniques, and lightweight product design, gaining recognition from top-tier clients in the industry [4]. - The company is pursuing a dual circulation development strategy, establishing modern manufacturing bases in various regions of China and expanding its global footprint with production facilities in Mexico and Bulgaria [4].

Core Viewpoint - On September 23, 2023, YouSheng Aluminum Industry Co., Ltd. (SH:603418) was listed on the Shanghai Stock Exchange, raising approximately 2.238 billion yuan with a significant initial price surge [1][3]. Company Overview - YouSheng Aluminum was established in December 1992, with a registered capital of approximately 145 million yuan. The main shareholders include Shanghai ZeSheng Trading Co., Ltd., DaChen Capital, and JinPu Investment [3][4]. - The company specializes in the design, development, production, sales, and service of lightweight aluminum alloy automotive components, focusing on the new energy vehicle sector [5]. Financial Performance - The company reported revenues of approximately 2.35 billion yuan, 2.90 billion yuan, and 3.95 billion yuan for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 233 million yuan, 321 million yuan, and 405 million yuan [5][6]. - For the first half of 2025, YouSheng Aluminum achieved revenues of about 2.176 billion yuan, a 30.76% increase year-on-year, with net profits of approximately 221 million yuan, reflecting a 50.07% growth [6]. Market Position and Clients - Major clients include Tesla, GAC Group, NIO, and others, with Tesla being the largest customer, accounting for sales of approximately 475 million yuan, 704 million yuan, and 650 million yuan in 2022, 2023, and 2024, respectively [7]. - In 2024, CATL and others ranked as the second to fifth largest customers, indicating a diversified client base [7]. Stock Performance - The initial public offering (IPO) price was set at 46.36 yuan per share, with the stock opening at 90.02 yuan, marking a 94.17% increase on the first day. As of the close on September 23, 2025, the stock price was 79.50 yuan, representing a 71.48% increase from the IPO price [1].

Core Viewpoint - The successful IPO of YouSheng Co., Ltd. marks a significant milestone for the company, providing a platform for growth and innovation in the lightweight aluminum automotive parts sector, particularly in the context of China's dual carbon policy goals [3][9][10]. Company Overview - YouSheng Co., Ltd. was established in 1992 and specializes in the design, development, production, sales, and service of aluminum alloy automotive components, focusing on lightweight solutions for both electric and fuel vehicles [6][9]. - The company has been recognized as a pioneer in the lightweight aluminum parts for new energy vehicles and has established long-term partnerships with leading manufacturers such as Tesla and NIO [6][7]. Financial Performance - In 2022, 2023, and 2024, YouSheng achieved revenues of 2.35 billion, 2.90 billion, and 3.95 billion yuan respectively, with net profits of 233 million, 321 million, and 405 million yuan [6]. - For the first half of 2025, the company reported revenues of 2.18 billion yuan, a year-on-year increase of 30.76%, and net profits of 221 million yuan, up 50.07% from the previous year [6][7]. Market Position and Strategy - The company aims to become a top-tier supplier in the global automotive industry, leveraging its advanced technologies in high-performance aluminum alloys and lightweight product design [9][10]. - YouSheng is expanding its manufacturing capabilities with modern facilities in various locations, including Mexico and Bulgaria, to enhance its international competitiveness [9][10]. IPO Details - The IPO raised 2.471 billion yuan, which will be allocated to the construction of a new production base and to supplement working capital [10]. - The stock price surged by 71.48% on its first trading day, closing at 79.50 yuan per share, resulting in a market capitalization of 15.349 billion yuan [5][10].