SERES(SH:601127) Xin Lang Cai Jing·2025-04-09 00:29Core Insights - In 2024, while most mainstream automakers are neither increasing revenue nor profit, Seres Group is experiencing significant financial success, reporting a revenue of 145.176 billion yuan and a net profit of 5.946 billion yuan, marking year-on-year growth rates of 305% and 128% respectively, reversing a net loss of 2.45 billion yuan in 2023 and cumulative losses of 9.835 billion yuan from 2020 to 2023 [1][3] Financial Performance - Seres Group achieved a historical financial breakthrough with a revenue of 145.176 billion yuan and a net profit of 5.946 billion yuan in 2024, reflecting a year-on-year increase of 305% and 128% respectively [1] - The company turned around from a net loss of 2.45 billion yuan in 2023 and cumulative losses of 9.835 billion yuan from 2020 to 2023 [1] Sales and Market Position - Last year, Seres Group sold 426,900 vehicles, surpassing the total sales of the previous four years, driven primarily by its electric vehicle business and support from Huawei [3] - The AITO M9 model, priced above 500,000 yuan, became the sales champion for nine consecutive months, breaking the dominance of German luxury brands in that price segment [3] - The AITO new M7 model delivered 200,000 units in the 300,000 yuan market, validating the effectiveness of the "technology equality" strategy [3] Profitability Metrics - Seres Group's gross margin increased to 26.21%, exceeding Tesla's 21.6% and BYD's 23.2% [3] - Despite impressive performance, the net profit margin was only 3.27% due to high R&D expenses of 7.053 billion yuan and a 264% year-on-year increase in sales expenses [3] Future Plans and Challenges - Seres Group plans to issue overseas listed foreign shares and list on the Hong Kong main board, with funds raised intended for technology research and development, overseas expansion, and capacity upgrades [1] - However, in early 2024, the company experienced a 42% year-on-year decline in sales in the first quarter [3] - The emergence of Huawei's "Five Realms" ecosystem poses competitive challenges, as other automakers are also collaborating with Huawei, potentially leading to resource dilution [3]