赛力斯港股 IPO 获中国证监会备案

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Seres Group Co., Ltd. (601127), which plans to issue up to 331,477,235 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] Company Development - Seres has undergone three entrepreneurial phases: 1. Initial phase (1986): Started with automotive parts like springs and shock absorbers, later expanded into motorcycles, establishing a manufacturing foundation 2. Second phase (2003): Entered vehicle manufacturing through a joint venture with Dongfeng Motor, gaining experience in complete vehicle production 3. Third phase (2016): Fully transitioned to the new energy vehicle sector, launching the core brand "AITO" in 2021 and rebranding from "Chongqing Xiaokang Industrial Group" to "Seres Group" in 2022, marking a strategic focus on new energy [3] Financial Performance - Revenue for 2023 is projected at 35.8 billion yuan, increasing to 145.1 billion yuan in 2024, a year-on-year surge of 305.5%, primarily driven by the sales volume of AITO models [7] - Gross margin is expected to rise from 7.2% in 2023 to 23.8% in 2024, an increase of 16.6 percentage points; net profit is forecasted to shift from a loss of 2.4 billion yuan in 2023 to a profit of 5.9 billion yuan in 2024, making it the fourth global new energy vehicle company to achieve profitability [7] Competitive Advantages - Recognition of new luxury brand: AITO ranks third in sales among high-end new energy passenger brands in China for 2024, with M7 and M9 dominating the 300,000 and 500,000 yuan market segments, respectively [6] - Efficient operational system: The company employs DSTE, IPD, and IPMS processes to achieve full-link collaboration from concept to mass production, leading the industry in product development efficiency [6] - Technological innovation barriers: AITO M9 features over 40 industry-leading technologies, while M8 includes over 40, with several being first in the industry [6] - Supply chain and manufacturing capabilities: The digital supply chain provides real-time alerts on key component quality, and the super factory utilizes digital twin and AI technology, achieving over 90% automation in production [6] - Comprehensive lifecycle service ecosystem: By the end of 2024, the company will have 670 experience centers and 310 user centers across over 210 cities, offering 24-hour rescue and service [6] - Entrepreneurial spirit and team: The management team has over 20 years of experience in the automotive industry, with R&D personnel expected to reach 7,117 by the end of 2024, a year-on-year increase of 28.72% [6] Production and Delivery - The company operates three smart factories with a combined annual production capacity of approximately 600,000 vehicles; the AITO M9 is projected to produce over 150,000 units within 10 months of its launch, demonstrating strong delivery capabilities [7] Market Reputation - In the second half of 2024, AITO's brand NPS (Net Promoter Score) is expected to reach 82%, ranking first in the new energy vehicle reputation list; the company has also been recognized for three consecutive years by Frost & Sullivan for having the best quality among new energy vehicle models [7]