刚刚上市的友升股份(603418.SH)，再获海外大单。 9月26日晚间，友升股份公告，公司的全资子公司泽升欧洲于近日收到德国某知名车企的项目定点通 知，公司将为该客户开发、生产电池托盘系列产品。根据客户规划，该定点项目预计于2027年9月开始 量产，项目的生命周期预计为7年，全生命周期总销售金额预计约为人民币23亿元。 长江商报记者注意到，友升股份9月23日刚刚上市，公司合作优质客户，整车厂商客户主要为特斯拉、 广汽集团、蔚来汽车、北汽新能源、吉利集团、赛力斯（601127）等。 2022年—2024年，友升股份对前五大客户销售收入分别为12.35亿元、15.21亿元、20.44亿元，占公司营 业收入的比例分别为52.55%、52.37%、51.75%。其中，2024年友升股份的前五大客户分别为特斯拉、 宁德时代（300750）、赛力斯、海斯坦普与蔚来汽车。 2010年，公司与国际知名汽车零部件一级供应商威巴克开始建立合作关系，向其供应减震件系列零部 件，与国内一级汽车零部件供应商凌云工业开始建立合作关系，向其供应保险杠系列零部件；2013年， 公司为华域汽车（600741）提供门槛梁等零部件，开始参与到凯 ...

Core Viewpoint - Shanghai Yousheng Aluminum Industry Co., Ltd. (Yousheng) is set to undergo an IPO review on June 20, 2025, after previously withdrawing its application in 2022. The market is particularly focused on its growth prospects despite underlying financial risks [3][4]. Financial Performance - Yousheng's revenue has shown rapid growth, with reported revenues of 2.35 billion, 2.90 billion, and 3.95 billion yuan from 2022 to 2024, respectively [10]. - The company's net profit for the same period was 233 million, 321 million, and 405 million yuan, indicating a positive growth trend [10]. - However, the company's accounts receivable have also increased significantly, reaching 698 million, 944 million, and 1.35 billion yuan, which represents 29.71%, 32.48%, and 34.25% of revenue, respectively [10]. IPO Details - Yousheng plans to raise 2.471 billion yuan through the issuance of up to 48.27 million new shares, with funds allocated for various projects including a production base and working capital [3][4]. - The current IPO fundraising target is more than three times higher than the previous attempt in 2021, which aimed to raise 633 million yuan [4]. Capacity Utilization - Despite the ambitious fundraising, Yousheng's capacity utilization has been declining, with rates of 96.21%, 95.28%, 92.91%, and 95.15% from 2021 to 2024, raising questions about the necessity of expanding capacity [4][5]. Customer Concentration - Yousheng's revenue is highly concentrated among a few major clients, with the top five customers accounting for over 51% of total revenue from 2022 to 2024 [5][10]. - The company has significant contracts with well-known automotive manufacturers such as Tesla and NIO, but faces risks if these clients reduce orders or switch suppliers [8][10]. Cash Flow and Dividend Issues - The company has faced cash flow challenges, with net cash flow from operating activities showing a negative trend in 2024, contrasting sharply with revenue growth [10][12]. - Despite cash flow issues, Yousheng distributed 60 million yuan in dividends to its controlling shareholders, raising concerns about the sustainability of its financial practices [12].