赛力斯赚翻了，股价反应冷淡，背后是这些疑虑

Core Viewpoint - Seres has achieved remarkable growth in 2024, with revenue tripling and a significant turnaround from losses, becoming the fourth profitable new energy vehicle company globally. However, concerns arise regarding its sales fluctuations and market position as competition intensifies [3][4][6]. Financial Performance - In 2024, Seres reported revenue of 145.176 billion, equivalent to approximately 4 billion per day, driven by the sale of 429,400 vehicles, an increase of 270,000 units year-on-year [4][5]. - The gross margin reached 26.21%, surpassing competitors like Tesla (17.9%), Li Auto (20.5%), and BYD (22.31%) [4][5]. - The net profit for the year was 5.946 billion, marking a significant recovery from previous losses, with cash flow from operations at 22.515 billion, a threefold increase [5][6]. Market Position and Sales Dynamics - The AITO brand, particularly the M7 and M9 models, served as key growth drivers, with total sales of 389,100 units, a year-on-year increase of 275.8% [7]. - The average transaction price for the AITO brand reached 402,000, with the M9 model leading the luxury segment [5][7]. - Despite strong performance, the stock price has faced volatility, indicating market skepticism about sustaining growth [9][10]. Challenges and Risks - Sales in the first quarter of 2025 saw a decline of over 46%, contrasting sharply with the overall market growth of more than 50% for new energy vehicles [11]. - The revenue concentration is high, with the AITO series contributing 88% of total revenue, raising concerns about dependency on a single product line [12]. - Increased sales expenses, which grew by 251% to 19.184 billion, have raised questions about profitability, with a net profit margin of only 4.1% [14][15]. Strategic Initiatives - Seres plans to enhance its market share and maintain sales momentum, with a target of achieving a million units in sales within three years [23]. - The company is also exploring new avenues, such as humanoid robotics, to diversify its offerings and tap into emerging markets [30][31]. - A planned IPO in Hong Kong aims to bolster international operations and fund technological advancements [32][33].