SERES(SH:601127) Jing Ji Guan Cha Wang·2025-04-01 07:44Core Insights - The company, Seres, reported a significant increase in revenue and net profit for 2024, achieving a revenue of 145.176 billion yuan, a year-on-year growth of 305.04%, and a net profit of 5.946 billion yuan, marking it as the fourth profitable electric vehicle manufacturer globally [2] - Seres' brand, AITO, has established itself in the high-end automotive market, breaking the monopoly of foreign brands, and has become a leading player in the new luxury vehicle segment [2][4] - The company has been included in major indices such as CSI 300, indicating strong market recognition and investor interest [2][8] Financial Performance - In 2024, Seres achieved a gross margin of 26.21% for its electric vehicles, an increase of 16.29 percentage points from the previous year, significantly outperforming the industry average [4] - The company plans to distribute a cash dividend of 0.97 yuan per share, totaling 2.084 billion yuan, which represents 35.05% of the net profit attributable to ordinary shareholders [8] Product and Market Development - Seres sold 426,900 electric vehicles in 2024, a year-on-year increase of 182.84%, with the AITO M9 model leading the luxury SUV segment in China [3] - The AITO brand achieved an 82% Net Promoter Score (NPS), ranking first in the electric vehicle reputation rankings, reflecting strong customer satisfaction [4] Technological Innovation - The company invested 7.053 billion yuan in R&D in 2024, a 58.9% increase from the previous year, and expanded its R&D workforce by 25.15% to 6,201 employees [5] - Seres launched the "Magic Cube" technology platform, integrating various advanced features and enhancing product safety and performance [5][6] Strategic Partnerships and Future Outlook - Seres has acquired intellectual property related to the AITO brand and formed partnerships with Huawei for smart technology development, positioning itself for future growth [9] - The company is set to launch new models in 2025, including the AITO M5 Ultra and M8, aiming to capture further market share in the high-end segment [9]