Core Viewpoint - Company Saisir has announced its plan to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step after pausing its IPO plans in 2022. The timing appears favorable as the company has shown remarkable growth in the electric vehicle sector, becoming the fourth global EV manufacturer to achieve profitability after Tesla, BYD, and Li Auto [1][4]. Group 1: Financial Performance - In 2024, Saisir's revenue is projected to surge by 305.04% to 145.176 billion yuan, with a net profit turnaround from a loss of 2.45 billion yuan in 2023 to a profit of 5.946 billion yuan [1][4]. - The company's revenue has increased from 34.105 billion yuan to 145.176 billion yuan in just three years, representing a growth of nearly 4.3 times [4]. - The net profit for 2024 is expected to rise by 342.72% to 5.946 billion yuan, marking a significant recovery from previous losses [4][7]. Group 2: Market Position and Strategy - Saisir has successfully positioned itself in the high-end electric vehicle market, with a penetration rate of 54% for new energy vehicles priced above 200,000 yuan, significantly higher than the overall market rate of 46% [7]. - The company has established a strong technological foundation, with R&D investment reaching 7.053 billion yuan in 2024, a year-on-year increase of 58.9% [7][9]. - Saisir's innovative "official replacement + official refurbished car" model aims to enhance customer retention and asset turnover, potentially transforming the vehicle from a durable consumer good to a technology-driven fast-moving consumer product [13][17]. Group 3: Partnerships and Collaborations - The partnership with Huawei has been pivotal, allowing Saisir to leverage Huawei's ICT technology, enhancing the smart experience of its vehicles and significantly reducing customer acquisition costs [9][10]. - Saisir's unique position as the first automaker to achieve deep integration with Huawei across the entire value chain has provided it with a competitive edge in the market [9][10]. Group 4: Future Outlook and Challenges - The company is facing challenges related to high debt levels, with a total asset of 94.364 billion yuan against total liabilities of 82.458 billion yuan, resulting in a debt ratio of 87.38% [11][12]. - As the automotive industry evolves, Saisir must navigate the balance between dependence on Huawei's technology and maintaining its strategic independence [9][10]. - The upcoming IPO in Hong Kong is expected to support Saisir's international expansion and provide funding for technological development and supply chain optimization [12][13].

Core Insights - After four consecutive years of losses totaling nearly 10 billion yuan, the company has achieved a significant turnaround in 2024, with revenue reaching 145.176 billion yuan, a year-on-year increase of 305.04% [2] - The net profit for 2024 stands at 5.946 billion yuan, marking the first profit since 2020 and making the company the fourth profitable electric vehicle manufacturer globally, following Tesla, BYD, and Li Auto [2][3] - The surge in sales, particularly from the AITO series, has been a key driver of this turnaround, with total sales of 426,900 units in 2024, representing a year-on-year growth of 182.84% [2][3] Sales Performance - The AITO series contributed approximately 93% of total sales, with 386,300 units sold [3] - The AITO M9, launched in 2024, has delivered over 150,000 units, while the M7 has delivered around 190,000 units, showcasing strong demand for high-end models [3] - The average selling price of the company's electric vehicles has risen to 320,000 yuan, driven by the increased sales of mid-to-high-end models, which account for 82% of total sales [3] Strategic Partnerships - The company acquired a 10% stake in Huawei's automotive business unit, now known as "Yinwang Intelligent," for 11.5 billion yuan, ensuring priority access to Huawei's core autonomous driving technology [4] - The partnership with Huawei has enabled the integration of advanced technologies, such as the ADS 3.0 autonomous driving system and the HarmonyOS smart cockpit, enhancing the competitive edge of the AITO series [4][7] Financial Overview - Despite achieving profitability, the company's net profit margin is only 4.1%, below the industry average of 8%-10% [6] - Sales expenses surged by 264% in 2024, primarily due to increased marketing and sales service costs associated with the luxury positioning of the AITO series [6] - Research and development (R&D) investment reached 7.053 billion yuan, accounting for 4.86% of revenue, indicating a strong commitment to innovation [6][7] Future Outlook - The company plans to expand its product lineup in 2025 with the introduction of the AITO M8, a family-oriented flagship SUV, which has already received over 80,000 pre-orders [3][4] - The upcoming H-share listing in Hong Kong is expected to facilitate global expansion and enhance capital for technology development [5] - The company faces challenges in cost control and supply chain independence, particularly with a reliance on key suppliers like Huawei, which could impact long-term growth [8]

3月31日，中国汽车流通协会发布的最新一期"中国汽车经销商库存预警指数调查"VIA显示，2025年3月中国汽车经销商库存 预警指数为54.6%，同比下降3.7个百分点，环比下降2.3个百分点。库存预警指数进一步下降，与车市升温、消费需求进一步释 放等有较大关联。 国际新闻 雷诺集团与日产宣布全新战略合作项目 国内新闻 我国钠离子电池技术有巨大突破 专家表示：未来钠离子电池或成锂电价格平衡器 4月1日，全球首个钠离子电池商用车解决方案在国内发布，标志着钠离子电池技术取得重要突破。据测算，一辆容量在226 度的钠离子电池重卡全生命周期至少可以消纳154万度绿电。在供给端，我国已建成和在建的钠离子电池产线规模估计10GWh左 右，处在一个快速上升期。从市场来看，预计到2030年，仅在电动重卡领域，如果按照钠离子电池渗透率10%测算，产值约200 亿元。专家表示，钠离子电池一旦规模化量产，对我国锂电的发展也会起到平衡器的作用。 广东：2025年安排"制造业当家"相关资金262亿元 4月1日，据《广东省推动人工智能与机器人产业创新发展若干政策措施》新闻发布会消息，2025年，省财政年初预算安排 涵盖人工智能与机器人领域 ...

Core Viewpoint - The Chinese electric vehicle market in 2024 is experiencing a significant transformation, with a penetration rate exceeding 50%, leading to a dual scenario of intense competition and rapid growth for some companies like Seres [1] Group 1: Financial Performance - In 2024, Seres achieved total revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, ranking third globally among electric vehicle manufacturers [2] - The company sold 426,900 electric vehicles in 2024, a year-on-year increase of 182.84%, exceeding its annual sales target [2] - Seres reported a net profit of 5.946 billion yuan in 2024, showcasing its ability to achieve profitability in a challenging market [5][10] Group 2: Market Strategy - Seres has adopted a high-end product strategy, which has allowed it to achieve a gross margin of 25.69%, the highest among global electric vehicle manufacturers [10] - The company has integrated the AITO brand and leveraged its brand strength through initiatives like the "Brand Strong Nation Project," enhancing its market recognition [7] - The average transaction price of Seres vehicles has surpassed 402,000 yuan, reflecting an 11.9% increase from 2023, positioning it as a leading premium electric vehicle brand [8] Group 3: Technological Advancements - Seres has invested 7.053 billion yuan in R&D in 2024, a year-on-year increase of 58.9%, enabling significant technological breakthroughs [12] - The company has developed a versatile technology platform compatible with various powertrains, enhancing its production flexibility [13] - Seres has achieved notable advancements in intelligent driving and range extension technologies, contributing to its competitive edge in the high-end market [13][14] Group 4: Future Outlook - With a strong cash position of 45.955 billion yuan as of December 31, 2024, Seres is well-positioned for future growth and investment in R&D [12] - The company plans to list H-shares in Hong Kong, aiming to attract international strategic investors and enhance its capital structure [17] - Seres is expected to maintain its growth momentum, supported by new product launches and a robust market presence [6][17]

长江商报消息 ●长江商报记者 沈右荣 动作频频的赛力斯（601127.SH）重磅消息一个接一个。 3月31日晚，赛力斯披露了2024年年报，公司实现营业收入约1452亿元，同比增逾3倍；归属母公司股东的净利润 （以下简称"归母净利润"）59.46亿元，在连亏四年后终于实现了扭亏为盈。 截至2024年底，公司资产负债率达87.38%，公司债务不到20亿元，货币资金达459.55亿元，但应付票据及应付账 款达684.51亿元。 当晚，赛力斯正式宣布，拟赴港上市，深入推进全球化战略布局，打造国际化资本运作平台。 赛力斯还披露出资115亿元入股引望事项进展，目前，引望10%股权已经转让至子公司赛力斯汽车名下。 此外，赛力斯还宣布，子公司赛力斯汽车引战投融资不超过50亿元，工银投资等三家机构入股，已完成部分价款 支付。 终结四连亏盈利59亿 华为携手的赛力斯营业收入大幅增长，实现了扭亏为盈。 根据年报，2024年，赛力斯实现营业收入1451.76亿元，同比增长305.04%，主要系公司新能源汽车销量倍增。当 年，公司新能源汽车销量42.69万辆，同比增长182.84%。 赛力斯称，2024年，公司全景智慧旗舰SUV问界 ...

锚定豪华高端品牌、出海+新车矩阵有望持续、港股IPO 有望持续提高公司盈利质量。2024 年问界销量 39 万辆，同比+265%，其中M5/M7/M9 分别为3.9/19.4/15.6 万辆。2024 年，公司旗舰SUV 问界M9 发布 12 个月累计大定突破20 万辆，连续9 个月蝉联中国市场50 万以上月度销冠，彰显品牌豪华定位。自 2025 款问界M9 与M8 开启预订以来，一周内M9/M8 的预订量突破了3万台/5.8 万台，两款车型的小定 总量累计超8.8 万台，新品周期蓄力向上。 展望后续，公司港股IPO 有望加速国际化步伐，持续提高盈利质量。 事件：2025 年3 月31 日，公司发布2024 年年报。2024 年，公司实现营业收入1452 亿元，同比+305%； 实现归母净利润59 亿元，同比+343%；实现扣非归母净利润56 亿元，同比+216%。同日，公司发布关 于筹划发行H 股股票并上市相关事项的提示性公告、控股子公司增资扩股并引入战略投资者的公告。 公司业绩同比高增，毛利率逐季提升，股东回报优异。业绩端，公司Q4 实现收入385 亿元，同比 +101%；Q4 实现归母净利润19 亿元， ...

业绩创新高、子公司引入战投50亿元、筹划赴港上市……一夜之间，赛力斯宣布了3条大消息。 3月31日深夜，赛力斯发布史上最好业绩报表：2024年全年营业收入首次突破千亿元，同比增长305.04%；首次扭亏为盈，实现净利润59.46亿元。与此同 时，赛力斯子公司赛力斯汽车引入包括工银金融资产投资有限公司等在内的战略投资者，增资合计不超过50亿元。 一边是财务数据大好，一边是获得战投，赛力斯已经开始筹划赴港上市，加入资本市场"A+H"的队伍。 随着华为车企合作阵营正日益壮大，问界不再是"唯一"，传统车企纷纷加速转型新能源，新老玩家同场竞技，竞争烈度持续上升。问界能否守住市场，源源 不断为赛力斯带来财富？ 需要注意的是，由于购买了问界商标、引望股权及闲置货币资金现金管理，赛力斯投资活动产生的现金流量净额为负，在2024年为-165.09亿元，相比于 2023年的-29.72亿元情况更为严峻。 研发费用大增 赛力斯在2024年营收、利润双丰收，其中营收1451.76亿元，同比增长305.04%，净利润59.46亿元。 与此同时，由于问界销售回款增加，赛力斯现金流有了显著提升。2024年其经营活动产生的现金流量净额为22 ...

Core Viewpoint - Company achieved record-breaking revenue and profit in 2024, with revenue increasing over threefold year-on-year and net profit turning from loss to profit [1][3][5]. Financial Performance - In 2024, the company reported total revenue of 145.18 billion yuan, a year-on-year increase of 305.04% [3][4]. - The net profit attributable to shareholders reached 5.95 billion yuan, marking a significant turnaround from a loss of 3.83 billion yuan in the previous year [4][5]. - The company’s cash flow from operating activities improved significantly, totaling 22.52 billion yuan, up 251.93% year-on-year [5][6]. - The asset-liability ratio stood at 87.38%, which is relatively high compared to peers like BYD at 74.64% and Li Auto at 56.07% [5][6]. Sales and Market Position - The company sold 426,900 new energy vehicles in 2024, representing a year-on-year growth of 182.84% [3][4]. - The new energy vehicle segment accounted for over 93% of total revenue, with a gross margin of 26.21%, significantly higher than traditional fuel vehicles [4][5]. Research and Development - The company increased its R&D personnel to 6,201, a year-on-year growth of 25.15%, and R&D investment reached 7.05 billion yuan, up 58.9% [7][8]. - The company is focusing on technological innovation in smart extended-range electric vehicles, smart assisted driving, and green manufacturing [8]. Strategic Partnerships - The company completed the transfer of shares to Huawei, enhancing collaboration in smart cockpit, smart driving, and smart vehicle control [9].

Group 1 - The company reported a significant increase in revenue for 2024, achieving 145.176 billion yuan, a year-on-year growth of 305.04%, and a net profit of 5.946 billion yuan, marking a turnaround from losses [1] - The company’s new energy vehicle sales reached 427,000 units in 2024, representing a year-on-year increase of 182.8%, with the Wanjie M9 model delivering over 150,000 units and maintaining the top sales position in the luxury car segment for 11 consecutive months [2] - The gross margin for the automotive business improved to 25.69% in 2024, an increase of 16.18 percentage points year-on-year, with the new energy vehicle segment achieving a gross margin of 26.21%, up 16.29 percentage points [2] Group 2 - The company is set to launch new models, including the 2025 Wanjie M9 in March and the Wanjie M8 in April, which are expected to boost sales and enhance competitive advantages in their price segments [3] - Profit forecasts for 2025 and 2026 have been adjusted to 9.8 billion yuan and 13.1 billion yuan respectively, with a new forecast for 2027 set at 15.5 billion yuan, reflecting positive expectations for the new vehicle cycle [3] - The company maintains a "recommended" rating based on the long-term growth potential of the Wanjie brand and the value-added potential from its stake in Huawei [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [10]. Core Views - The company is projected to turn a profit in 2024, with a significant increase in revenue and net profit compared to previous years. The expected revenue for 2024 is 145.18 billion yuan, representing a year-on-year growth of 305.04%, and a net profit of 5.95 billion yuan, marking a turnaround from losses [4][6]. - The launch of new models in 2025 is anticipated to enhance the company's sales and profitability, with the new models expected to maintain strong competitive advantages in their respective market segments [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 145.18 billion yuan, a 305.04% increase year-on-year, and a net profit of 5.95 billion yuan, a significant recovery from a loss of 2.45 billion yuan in 2023 [4][6]. - The gross margin for the automotive business reached 25.69% in 2024, an increase of 16.18 percentage points year-on-year, with the gross margin for the new energy vehicle segment at 26.21%, up 16.29 percentage points [7]. Sales and Market Position - The company sold 427,000 new energy vehicles in 2024, a year-on-year increase of 182.8%. The Wanjie M9 model alone delivered over 150,000 units, leading the luxury car segment in China for 11 consecutive months [7]. - The upcoming models, Wanjie M8 and the updated M9, are expected to further boost sales and profitability, with strong initial order performance noted [8]. Future Projections - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 9.8 billion yuan and 13.1 billion yuan, respectively, with a new projection for 2027 set at 15.5 billion yuan [8]. - The report highlights the potential for continued growth in the Wanjie brand, especially following the introduction of new models, which are expected to enhance sales volume and profitability [8].