赛力斯港股迎考：开盘破发与超2200亿港元市值同现

Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve a dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion and achieving a market capitalization exceeding HKD 220 billion on its listing day [2] Group 1: IPO and Market Performance - The IPO of Seres is the largest among Chinese automotive companies to date and the largest globally in 2023 [2] - The public offering was oversubscribed by 133 times, with total financing subscriptions exceeding HKD 170 billion [2] - Despite the initial market enthusiasm, Seres' stock price fell by 2.97% on the first trading day, closing at HKD 131.5, matching the issue price [2] Group 2: Financial Performance - For the first three quarters of the year, Seres reported a net profit of CNY 5.312 billion, a year-on-year increase of 31.56% [3] - In the third quarter alone, net profit was CNY 2.371 billion, showing a decline of 1.74%, while revenue reached CNY 48.133 billion, up 15.75%, indicating a situation of increasing revenue but decreasing profit [4] Group 3: Dependency on Huawei and Market Risks - Seres has a significant dependency on the sales of the AITO brand vehicles, which are projected to account for 60.3%, 67.9%, and 90.9% of total revenue from 2022 to 2024 [4] - The company acknowledges potential risks associated with its reliance on Huawei, stating that any disruption in their partnership could adversely affect its business and financial performance [4] Group 4: Strategic Initiatives - Approximately 70% of the funds raised from the IPO will be allocated to research and development, with 20% directed towards diversifying marketing channels and expanding overseas sales and charging network services [5] - The R&D investment will focus on enhancing core technology capabilities, upgrading the Magic Cube technology platform, and improving AI technology for smarter systems [5] - Seres is expanding its global presence, currently covering multiple countries in Europe, the Middle East, the Americas, and Africa, and aims to leverage its dual capital platform for continued innovation and market expansion [5]