SERES(SH:601127) Quan Jing Wang·2026-01-08 06:53Core Insights - The Chinese electric vehicle (EV) market in 2025 is experiencing a contradiction between "scale expansion and profit pressure," with ongoing price wars and accelerated淘汰赛 leading to clearer industry differentiation [1] - Seres has successfully listed on the Hong Kong Stock Exchange, becoming the first luxury EV company in China to achieve "A+H" dual listing, signaling a new phase of capital internationalization and strong market value recognition [1][4] - Despite industry-wide pressures, Seres has maintained profitability and growth, showcasing a unique competitive advantage rooted in a "long-termism" strategy [1][7] Industry Overview - In 2025, EV sales in China reached 12.466 million units, accounting for 50.3% of total vehicle sales, marking a significant shift as EVs surpassed traditional fuel vehicles [1] - The focus of competition has shifted from "quantity expansion" to "quality competition," indicating a transition to high-quality development in the industry [1] Financial Performance - The average gross margin for automotive companies in the first three quarters of 2025 was approximately 19.99%, with a slight year-on-year decline, contrasting with Seres' strong performance of a net profit of 5.312 billion yuan and a gross margin of 29.95% in Q3 [2] - Seres achieved sales of 472,269 EVs in 2025, with a record monthly sales of 60,981 units in December, representing a year-on-year growth of 63.40% [2] Strategic Positioning - Seres has opted for a high-end strategy, focusing on the mid-to-high-end market with flagship models like the Wanjie M5, M7, M8, and M9, which have collectively delivered over 970,000 units [3] - The company’s strategy has led to a virtuous cycle of simultaneous sales and profit growth, validating its approach [3] Capital Market Engagement - Seres raised 14.016 billion HKD in its IPO, the largest for a Chinese car company to date, with 70% of the funds allocated for R&D and product capability enhancement [4] - The company’s inclusion in the CSI A100 index reflects its growing influence in the A-share market, potentially attracting more long-term investment [4][5] Institutional Confidence - Over 40 brokerage firms have issued reports rating Seres as "buy" or "overweight," indicating strong institutional confidence in its growth potential [6] - Analysts project a 25x PE for A-shares and 20x PE for H-shares in 2026, with target prices of 195.80 yuan and 171.76 HKD respectively [6] Innovation and Competitive Advantage - Seres maintains high R&D investment, with 5.198 billion yuan spent in the first half of 2025, a 154.9% increase year-on-year, leading to significant technological advancements [8] - The collaboration with Huawei has strengthened Seres' competitive edge, creating a differentiated barrier in the market [8] Long-term Strategy - Seres exemplifies long-termism by focusing on high-end EVs and consistent R&D investment, providing a strategic reference for sustainable growth in technology-intensive industries [9] - The company's approach highlights the importance of innovation and value creation in navigating industry cycles and achieving lasting success [9]