Core Viewpoint - The recent valuation pullback of Seres (09927) presents a buying opportunity for long-term investors, despite the initial market reaction to its IPO being the largest for a Chinese car company and the largest globally this year [1] Group 1: Company Performance - Seres is a leading luxury new energy vehicle (NEV) manufacturer, with its Aito brand ranking among the top three in the new forces segment, featuring models such as M5, M7, M8, and M9 [1] - The M8 model has an average price exceeding 400,000 yuan, while the M9 exceeds 500,000 yuan, both leading in their price segments [1] - The company has shown strong performance, with a compound annual growth rate (CAGR) of 123.46% in Aito brand sales from 2022 to 2024, driving overall revenue growth at a CAGR of 106.42% [1] - For the first three quarters of 2025, Seres achieved revenue of 110.53 billion yuan and a net profit of 5.31 billion yuan, marking a year-on-year increase of 31.56% [1] Group 2: Strategic Partnerships and Innovations - The success of Seres is attributed to strategic decisions made by its founder, Zhang Xinghai, who has transitioned through various industries, culminating in a partnership with Huawei in 2021 to establish a new business model for high-end NEVs [2] - The collaboration with Huawei has allowed Seres to leverage technological advantages, positioning itself as a benchmark in the NEV industry [2] - The company emphasizes self-research and development, leading in four core technologies, which enhances its product competitiveness [2] Group 3: Market Expansion and Investment - Seres is committed to an overseas expansion strategy, recognizing the high growth potential in the global NEV market, with projections indicating significant penetration rates in China, Europe, and North America by 2030 [3] - The company has attracted diverse capital support, including investments from state-owned enterprises and major investment institutions, enhancing its financial backing [3] - The H-share listing is seen as a strategic move to globalize capital and establish a high-end NEV brand presence internationally [3] Group 4: Long-term Investment Value - Overall, Seres is viewed as a long-term investment opportunity, with its strong position in the high-end NEV market and potential for future growth despite short-term market fluctuations [4]

Core Insights - The recent IPO of Seres (09927) marks the largest IPO of a Chinese car company in history and the largest global car company IPO of the year, despite facing a market pullback shortly after listing [1][2] - Seres is a leading luxury electric vehicle manufacturer, with its Aito brand ranking among the top three in the new energy vehicle sector, showcasing strong sales performance [1][2] - The company has a robust growth trajectory, with a projected compound annual growth rate (CAGR) of 123.46% in sales from 2022 to 2024, and a revenue CAGR of 106.42% [1][3] Company Performance - The Aito brand's models, including M5, M7, M8, and M9, have achieved significant sales, with the M8 model delivering over 100,000 units within five months of launch and maintaining monthly sales above 20,000 units [1][2] - For the first three quarters of 2025, Seres reported a revenue of 110.53 billion yuan and a net profit of 5.31 billion yuan, reflecting a year-on-year growth of 31.56% [1][3] Strategic Partnerships - The success of Seres is attributed to strategic decisions made by Chairman Zhang Xinghai, including a partnership with Huawei that has enabled the company to leverage advanced technology in the high-end electric vehicle market [2][3] - The collaboration with Huawei has established a new business model that serves as a benchmark for the industry, enhancing Seres' competitive edge through self-research and development [2][3] Market Expansion - Seres is committed to an aggressive international expansion strategy, targeting high growth in the global electric vehicle market, with significant penetration expected in China, Europe, and North America by 2030 [3][4] - The company's recent H-share listing has attracted various institutional investors, enhancing its capital base and supporting its global expansion efforts [3][4] Investment Outlook - Despite short-term market fluctuations, Seres is positioned as a long-term investment opportunity due to its strong market position and growth potential in the high-end electric vehicle sector [4]