SERES(SH:601127) Quan Jing Wang·2025-11-13 04:21Core Insights - Company successfully listed on Hong Kong Stock Exchange on November 5, marking a significant step in its international capital strategy as the fourth profitable electric vehicle manufacturer globally [1] - Strong performance in the first three quarters of the year, with new model market expansion yielding significant results, indicating robust growth momentum for the new cycle [1][2] Financial Performance - From January to October, the company sold a total of 356,085 electric vehicles, enhancing profitability alongside increased production and sales scale [2] - For the first three quarters of 2025, the company reported revenue of 110.534 billion yuan and a net profit attributable to shareholders of 5.312 billion yuan, reflecting a year-on-year growth of 31.56% [2] - Forecasts indicate double-digit revenue growth over the next three years, with earnings per share (EPS) projected to rise from 5.78 yuan in 2025 to 8.65 yuan in 2027, while the price-to-earnings ratio (PE) is expected to gradually decline, enhancing valuation attractiveness [2] Competitive Positioning - The company's high-end strategy has successfully established significant competitive barriers within the 300,000 to 500,000 yuan price range, with the "Wenjie" brand achieving a cumulative delivery of over 850,000 units [2] - The Wenjie M9 and M8 models lead the luxury segment sales charts, while the new Wenjie M7 model achieved over 90,000 pre-orders within 41 days of launch, demonstrating strong product appeal [2] - With a market share of 32.7%, the company showcases premium capabilities supported by product strength, brand power, and user reputation, contributing to its unique value in the capital market [2] Global Expansion - The recent listing on the Hong Kong Stock Exchange accelerates the company's global expansion efforts, particularly in Europe, the Middle East, and Africa, positioning it as a Chinese electric vehicle brand with global outreach capabilities [3] - The combination of "scale + profitability" solidifies the company's development foundation, while its foothold in the high-end market builds a competitive moat [3] - The market and capital's continued optimism is based not only on current strong performance but also on a firm belief in the company's long-term value [3]