华为背影下，赛力斯的百万 “成人礼”

Core Viewpoint - The achievement of the one millionth Wanjie vehicle marks a significant milestone for Seres, attributed to its collaboration with Huawei, although the latter's expanding partnerships may dilute Seres' market position [1][2]. Company Performance - Seres has transformed from a struggling automaker to a capital star in the new energy sector, with a market value exceeding 200 billion yuan due to the success of models like the Wanjie M9 [1]. - The company faced challenges as its stock price declined significantly after the initial success, with a drop of over 70% in less than a year due to underwhelming sales and increased competition [14][22]. - From 2020 to 2022, Seres reported consecutive losses of 1.73 billion yuan, 1.82 billion yuan, and 3.83 billion yuan respectively [12]. Strategic Shifts - Seres is pursuing self-research and international expansion to reduce reliance on Huawei, which is also a key focus of its recent IPO funding [3][21]. - The company plans to invest heavily in R&D, with a projected doubling of expenses by 2024, and aims to achieve a sales target of one million vehicles by 2028, with significant exports planned [21][22]. Market Dynamics - The competitive landscape has intensified with Huawei's partnerships with other automakers, leading to concerns about Seres' growth potential and profit margins [13][17]. - Despite the challenges, the recent success of the Wanjie M9 has revitalized market confidence, contributing to a significant stock price rebound and a projected net profit of approximately 5.95 billion yuan for the year [20]. Future Outlook - Seres aims to complete its second million vehicle sales within two years, focusing on expanding its product range into lower price segments to maintain competitiveness [23][24]. - The company must navigate a complex environment of investor skepticism, consumer choice, and aggressive competition to sustain its growth trajectory [24].