SERES(601127)2024-04-29 13:11Financial Performance - In Q1 2024, the company reported revenue of CNY 26.56 billion, a year-on-year increase of 421.76% and a quarter-on-quarter increase of 38.61%[5] - The net profit attributable to shareholders was CNY 219.55 million, an increase of CNY 845 million compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 114.38 million, an increase of CNY 1.04 billion year-on-year[5] - The company achieved a record high sales volume of 94,800 new energy vehicles in Q1 2024, representing a year-on-year increase of 374.77%[5] - Total operating revenue for Q1 2024 reached ¥26.56 billion, a significant increase of 421.5% compared to ¥5.09 billion in Q1 2023[17] - Net profit for Q1 2024 was ¥88.96 million, a turnaround from a net loss of ¥889.93 million in Q1 2023[19] - The company's total equity attributable to shareholders of the parent company rose to ¥11.63 billion in Q1 2024, up from ¥11.41 billion in Q1 2023, an increase of 1.9%[18] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 1.19 billion, an increase of CNY 335.5 million compared to the same period last year[5] - In Q1 2024, the company reported cash inflows from operating activities of CNY 29.32 billion, a significant increase from CNY 8.42 billion in Q1 2023, representing a growth of approximately 248%[20] - The net cash flow from operating activities for Q1 2024 was CNY 1.19 billion, recovering from a negative cash flow of CNY 2.17 billion in the same period last year[20] - The company's cash and cash equivalents amounted to RMB 21.48 billion, up from RMB 13.16 billion, indicating a significant increase of about 63.5%[14] - The company's cash and cash equivalents at the end of Q1 2024 stood at CNY 2.68 billion, down from CNY 1.88 billion at the end of Q1 2023[21] - The company experienced a net decrease in cash and cash equivalents of CNY 1.80 billion in Q1 2024, compared to a decrease of CNY 446.59 million in Q1 2023[21] Assets and Liabilities - Total assets reached CNY 62.92 billion, an increase of CNY 11.68 billion from the end of 2023, with a debt-to-asset ratio of 88.27%[6] - As of March 31, 2024, the total assets of the company reached RMB 62.92 billion, an increase from RMB 51.24 billion as of December 31, 2023, representing a growth of approximately 22.5%[14] - The total current liabilities increased to RMB 49.62 billion from RMB 37.58 billion, reflecting a rise of approximately 32.1%[15] - The company's total liabilities increased to ¥55.54 billion in Q1 2024, compared to ¥44.04 billion in Q1 2023, reflecting a growth of 25.9%[18] Research and Development - R&D expenses in Q1 2024 amounted to CNY 954 million, reflecting a significant investment in technology innovation[5] - Research and development expenses for Q1 2024 were ¥953.94 million, significantly higher than ¥345.70 million in Q1 2023, indicating a focus on innovation[18] - The company has maintained continuous investment in smart electric vehicle R&D for eight consecutive years, achieving operational profitability for the first time in Q1 2024[5] Profitability Metrics - The gross profit margin improved to 21.5% due to increased sales of the new M7 model and enhanced internal management efficiency[5] - The company reported a gross profit of ¥164.17 million for Q1 2024, compared to a gross loss of ¥1.16 billion in Q1 2023[19] - The company's weighted average return on equity increased by 7.54 percentage points to 1.91%[4] - The earnings per share for Q1 2024 was ¥0.15, recovering from a loss of ¥0.42 per share in Q1 2023[19] Inventory and Accounts Payable - The company's inventory rose to RMB 4.84 billion, compared to RMB 3.53 billion, marking an increase of around 37.1%[14] - The company's accounts payable increased to RMB 23.03 billion from RMB 19.97 billion, which is an increase of approximately 15.4%[15]