SERES(SH:601127) 智通财经网·2025-10-13 10:11Core Viewpoint - Seres Group Co., Ltd. (赛力斯) is advancing its position in the electric vehicle (EV) market, having achieved profitability as the fourth global EV manufacturer, and is preparing for its main board listing on the Hong Kong Stock Exchange with joint sponsors from CICC and China Galaxy International [1][3]. Company Overview - Seres focuses on the research, development, manufacturing, sales, and services of electric vehicles and core components, leveraging nearly 40 years of industry experience [3]. - The company transitioned from its initial business in springs and shock absorbers to motorcycles in 1986, then to vehicle manufacturing in partnership with Dongfeng Motor in 2003, and fully shifted to the EV sector in 2016 [3]. Product Milestones - Seres has launched several models under the "Wenjie" brand, including the Wenjie M5, M7, M8, and M9, achieving significant sales milestones [3][4]. - The Wenjie M5 set a record for the fastest delivery of over 10,000 units for a new brand in its launch year, while the Wenjie M7 became the best-selling model in the 300,000 RMB price range in China, with projected deliveries of approximately 200,000 units in 2024 [3][4]. - The Wenjie M9 is the top-selling model in the 500,000 RMB category, with expected deliveries exceeding 150,000 units in 2024 [3][4]. Market Performance - The Wenjie brand achieved an 82% Net Promoter Score (NPS) in the second half of 2024, ranking first in the EV market for customer satisfaction, with total deliveries projected to reach 387,100 units, a year-on-year increase of 268% [3][4]. Financial Performance - Revenue increased from 34.1 billion RMB in 2022 to 35.8 billion RMB in 2023, with a forecasted surge to 145.1 billion RMB in 2024, driven by a 182.84% increase in EV sales to 426,900 units [4][5]. - The company recorded net losses of 5.2 billion RMB in 2022 and 4.2 billion RMB in 2023, but is expected to achieve a net profit of 4.7 billion RMB in 2024, attributed to technological advancements and increased sales [4][5]. Cost Structure - The cost of sales as a percentage of revenue remained relatively stable, with gross profit margins improving significantly from 8% in 2022 to an anticipated 23.8% in 2024 [5]. - Research and development expenses accounted for 3.9% of revenue in 2022, increasing to 4.7% in 2023, with a projected 3.8% in 2024, indicating a focus on innovation [5].