SERES(SH:601127) Tai Mei Ti A P P·2025-04-02 22:48Core 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]