赛力斯吓了市场一大跳

Core Viewpoint - The article discusses the recent IPO of Seres on the Hong Kong Stock Exchange, highlighting its market performance, reliance on Huawei, and future expansion plans [3][4][10]. Group 1: IPO Performance - Seres officially listed on the Hong Kong Stock Exchange on November 5, achieving a market capitalization of over HKD 220 billion, but faced initial stock price declines [3][4]. - The company raised a net amount of HKD 14.016 billion, marking it as the largest IPO for a Chinese car manufacturer to date [4]. - Despite a strong oversubscription of 133 times during the public offering, the stock price fell below the issue price shortly after listing, raising concerns among investors [4][10]. Group 2: Financial Performance - In the first three quarters of the year, Seres reported revenue of CNY 110.534 billion, a year-on-year increase of 3.67%, and a net profit of CNY 5.312 billion, up 31.56% [12][14]. - The company's net profit margin improved from 3.27% at the end of 2024 to 5.10% [12]. - However, Seres experienced a 7.79% decline in sales volume, contrasting with the overall growth in the Chinese automotive market [14][16]. Group 3: Dependency on Huawei - Seres' core technologies, including advanced driving assistance systems (ADAS), are heavily reliant on Huawei, which raises concerns about its long-term sustainability [7][10]. - The procurement amounts from Huawei have increased significantly, from CNY 5.8 billion in 2022 to CNY 20 billion in the first half of 2025 [10]. - The company acknowledges that any significant changes in its relationship with Huawei could adversely affect its business and financial performance [21]. Group 4: Future Expansion Plans - Seres plans to use USD 1.8 billion from its IPO proceeds to support global expansion and aims to enter new markets, including Europe and Southeast Asia [10][21]. - The company is also exploring opportunities in the robotics sector, collaborating with technology firms to develop intelligent robotic solutions [22]. - Seres is investing heavily in R&D, with expenditures projected to reach CNY 56 billion by mid-2025, aiming to reduce its dependency on Huawei's technology [24].