SERES(SH:601127) Zheng Quan Shi Bao Wang·2024-12-16 05:21Company Overview - Seres is considering a Hong Kong IPO, potentially raising over $1 billion, with the earliest possible listing in 2025 [1] - The company's A-share price has shown significant growth, rising from 80 yuan in 2021 to a peak of 149 yuan in 2024 [2] - Seres' market capitalization reached 196.513 billion yuan as of December 13, 2024 [1] Financial Performance - Seres achieved its first quarterly profit in Q1 2024, with net profit attributable to shareholders of 220 million yuan, a turnaround from a loss of 625.1 million yuan in the same period last year [4] - For the first three quarters of 2024, the company reported a net profit attributable to shareholders of 4.038 billion yuan [4] - This marks a significant improvement after four consecutive years of losses totaling 9.835 billion yuan, including a 2.45 billion yuan loss in 2023 [4] Business Strategy and Partnerships - Seres' strong market performance is largely attributed to its partnership with Huawei, which began in 2021 [3] - The collaboration has resulted in successful models including the AITO M5, M7, and M9 series [3] - The AITO M7 achieved cumulative deliveries of 180,000 units in 2024, maintaining the top position in China's new energy vehicle sales for 11 consecutive months [3] - The AITO M9 recorded over 180,000 orders within 11 months of launch, leading the 500,000+ yuan luxury vehicle segment for 7 consecutive months [3] Market Position and Future Goals - Seres aims to achieve annual sales of 1 million units for the AITO brand within five years [3] - The company targets to establish the AITO M9 and AITO brand as industry leaders in their respective segments [3] Analyst Perspective - Dongwu Securities has revised its net profit forecasts for Seres, increasing estimates for 2024-2026 to 6.2 billion, 11 billion, and 15.9 billion yuan respectively [5] - The upward revision is based on strong order and delivery performance, along with better-than-expected cost control in Q3 2024 [5]