研报掘金丨华鑫证券：予赛力斯“买入”评级，国际化战略迈出关键一步

Core Viewpoint - The report from Huaxin Securities highlights that the H-share listing of Seres coincides with a critical turning point in the company's business development, marking a historic turnaround to profitability in 2024 [1] Financial Performance - In 2024, the company is projected to achieve a historic turnaround with a net profit of 5.946 billion yuan, driven by annual sales of 426,900 new energy vehicles, representing a year-on-year increase of 182.84% [1] - The company's revenue is expected to exceed 145.176 billion yuan in 2024 [1] - In the first half of 2025, the company is anticipated to report a net profit of 2.941 billion yuan, reflecting a year-on-year growth of 81.03% [1] Product Development - The product matrix of the Aito series is continuously improving, with the M9 model leading the market for luxury vehicles priced above 500,000 yuan [1] - The M8 model became the sales champion in the 400,000 yuan SUV segment immediately upon its launch [1] Market Expansion - The strong sales of new products and ongoing expansion of overseas channels are expected to enhance both sales volume and profitability [1] - The solid business foundation established by the successful product lineup supports the H-share issuance [1]