Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a wholesale sales volume of 48,300 vehicles in September, representing a year-on-year increase of 8.33% and a month-on-month increase of 5.39%. The sales of new energy vehicles (NEVs) showed robust growth, with a total of 44,700 NEVs sold in September, up 19.44% year-on-year and 3.27% month-on-month. Other vehicle sales continued to face pressure year-on-year but improved month-on-month, with 3,608 units sold, down 49.66% year-on-year but up 41.16% month-on-month [5][13][15]. Summary by Sections Sales Performance - In September, the company achieved a wholesale sales volume of 48,300 vehicles, with NEVs accounting for 44,700 units. The NEV sales increased by 19.44% year-on-year and 3.27% month-on-month. Other vehicle sales were 3,608 units, down 49.66% year-on-year but up 41.16% month-on-month. For Q3, total sales reached 142,000 vehicles, a year-on-year increase of 6.31% and a month-on-month increase of 9.07% [5][13]. New Product Launches - The company has successfully launched several new models, including the AITO M5 Ultra, M9 2025 version, M8, and the all-new M7. Cumulatively, the AITO series has surpassed 800,000 deliveries, setting a record for the fastest delivery in the Chinese luxury NEV segment. The M9 has maintained its position as the market leader in the 500,000 yuan and above segment for 18 consecutive months, while the M8 has also performed well, with over 100,000 deliveries [13][15]. Financial Projections - The company expects revenues of 175.29 billion yuan, 232.30 billion yuan, and 247.22 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.74%, 32.53%, and 6.42%. The net profit attributable to shareholders is projected to be 10.155 billion yuan, 12.166 billion yuan, and 13.752 billion yuan for the same years, with growth rates of 70.79%, 19.80%, and 13.03% [15][16].

近日，赛力斯发布9月产销快报。数据显示，赛力斯新能源汽车9月销量达44,678辆，同比增长19.44%； 2025年1-9月累计销量更是达到304,629辆，保持稳健增长态势。赛力斯在核心技术领域的持续深耕，成 为保持产销数据正向增长的关键动力，尤其是赛力斯超级增程对产品力的赋能，正转化为市场端的显著 优势。 赛力斯对增程技术的布局可追溯至2016年，历经三年发展，2019年实现增程器量产，开启技术落地的关 键一步。彼时国内增程汽车市场正处于探索阶段，赛力斯率先提出"油电转化率"概念，并将NVH性能 纳入增程器核心评价体系，不仅放大了增程技术的续航优势，更引导行业重视综合用车品质的提升。目 前，赛力斯增程器业务已与25家行业企业达成合作，2025上半年销量超20万台，稳居市场前列，也充分 彰显赛力斯在增程技术领域的领导者地位。 赛力斯凭借多年深耕积累的增程技术优势，构建了坚固的技术"护城河"，更在市场端实现了高质量增 长。长期来看，随着技术的持续迭代与产品矩阵的不断丰富，赛力斯超级增程的技术价值还将不断释 放，引领新能源汽车行业持续发展。 今年前三季度，问界M9 2025款、问界M8、全新问界M7相继上市，其 ...

据了解，今年前三季度，问界系列产品矩阵不断完善。问界新M5Ultra、问界M92025款、问界M8及纯 电版、全新问界M7相继上市，深受市场认可及用户喜爱。目前问界全系累计交付已突破80万辆，刷新 中国新能源豪华品牌交付速度纪录。 数据显示，问界M9全系累计交付突破24万辆，持续稳居50万元级市场销量冠军；今年4月新上市的问界 M8也表现强劲，累计交付突破10万辆，稳坐40万元级市场销冠。 随着年底购车旺季的到来，问界产品矩阵的协同效应将进一步凸显，叠加新产品交付爬坡，赛力斯有望 在第四季度迎来新一轮增长高峰。(郑渝川) 10月8日晚间，赛力斯（601127）发布9月产销快报。数据显示，赛力斯新能源汽车9月销量4.4678万 辆，同比增长19.44%；今年1—9月，累计销量达30.4629万辆。 9月23日，全新问界M7正式上市，在外观设计、空间座舱、性能驾控与安全能力等维度实现全方位进 阶。上市后24小时内，大定订单突破4万台，真正实现"上市即上量"。9月26日，全新问界M7首批用户 在赛力斯超级工厂(凤凰)完成工厂验收交付，全国同步开启新车交付。 ...

Core Insights - Seres reported a total of 44,678 electric vehicle sales in September, marking a year-on-year increase of 19.44%, with cumulative sales reaching 304,629 units for the first nine months of the year [1] Group 1: Product Launch and Performance - The new AITO M7 was officially launched on September 23, achieving over 40,000 pre-orders within 24 hours, indicating strong market demand [4] - The AITO product lineup has been expanding, with the new M5 Ultra, M9 2025 model, M8, and the all-new M7 being well-received by consumers, leading to over 800,000 cumulative deliveries, setting a record for luxury electric vehicle brands in China [4] - The AITO M9 and M8 have become sales champions in their respective price segments, with the M9 surpassing 240,000 cumulative deliveries and the M8 exceeding 100,000 deliveries [6] Group 2: Market Outlook - The capital market remains optimistic about Seres' growth potential, especially with the upcoming peak car-buying season at the end of the year [6] - The synergistic effect of the AITO product lineup is expected to become more pronounced, coupled with the ramp-up of new product deliveries, positioning Seres for a potential growth surge in the fourth quarter [6]

Core Insights - The automotive market in August showed strong performance despite the traditionally slow season, with several new energy vehicle brands achieving record sales [1][2][3][4][5][7] Group 1: New Energy Vehicle Brands Performance - Li Auto experienced a significant decline in sales, dropping below the 30,000 unit mark for the first time in five months, with a year-on-year decrease of 40.7% [7][8][9] - Zeekr Technology reported a total delivery of 44,843 vehicles in August, with a year-on-year increase of 10.6% [4] - Leap Motor achieved a record delivery of 57,066 units in August, marking an 88.3% year-on-year increase [2] - XPeng Motors delivered 37,709 units, a 169% year-on-year increase, with the new XPeng MONA contributing significantly to this growth [3] - NIO's sales surpassed 30,000 units for the first time, driven by the success of the L90 model [3][4] Group 2: Market Trends and Strategic Shifts - The automotive market is transitioning into a peak sales season, with expectations for strong performance in September and October [1] - The shift towards pure electric vehicles is evident, as the market for range-extended vehicles is declining, with a notable change in sales structure [7][8] - Li Auto's strategic adjustments, including the launch of the new i8 model, reflect the challenges faced in the competitive landscape of electric vehicles [8][9] - The introduction of new models and technologies by various brands, such as Lantu's new hybrid technology, indicates a focus on high-quality development [4]

Group 1 - The core reason for the continuous improvement in Seres' profitability is its focus on high-end smart electric vehicles and adherence to a premium strategy, which drives performance growth [2][4] - According to Minsheng Securities, the significant year-on-year improvement in Seres' profits in the first half of the year is mainly due to the increase in high-end product sales, optimization of revenue structure, enhanced cost control, and accelerated scale effects [2] - Ping An Securities emphasizes that brand premiumization is essential for the healthy profitability of automotive companies [2] Group 2 - Multiple new models have been launched in the second half of the year, with the all-new Wanjie M7 expected to become a blockbuster in the 300,000 yuan market, further unlocking the company's performance potential [4] - Research reports are optimistic about Seres' significantly enhanced profitability and strong momentum driven by core models, with招商证券 noting excellent operational indicators in the first half and a substantial quarter-on-quarter performance increase [4]

Group 1 - The core viewpoint of the articles highlights the significant growth in sales and revenue for the company, driven by the success of its high-end electric vehicles [1][3][5] - In August, the company sold 43,262 electric vehicles, marking a year-on-year increase of 19.57%, with total sales reaching 259,951 units from January to August [1] - The launch of new models in the AITO series, including the AITO M5 Ultra, M9 2025, and M8, has been well-received in the market, contributing to a cumulative delivery of over 750,000 units [3] Group 2 - The company's half-year report indicates a substantial increase in revenue, with operating income reaching 62.402 billion yuan, reflecting the profitability of its high-end electric vehicle segment [5] - The strong sales performance of the AITO M9 and M8 SUVs has established the company as a leader in the high-end new energy vehicle market, laying the foundation for future profitability [5] - The recent launch of the AITO M8 pure electric version saw over 10,000 pre-orders within 24 hours, indicating strong market interest and demand [3]

Core Viewpoint - In the first half of 2025, Seres achieved impressive financial results, with revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a year-on-year growth of 81.03% [1][3] Financial Performance - Seres' performance aligns with expectations, with gross margin exceeding forecasts, as noted by Dongwu Securities [1] - Multiple securities firms, including Dongwu Securities, Minsheng Securities, and others, have given positive evaluations of Seres' performance [1] Growth Drivers - The core factor driving Seres' profit growth is its focus on the high-end smart electric vehicle segment, maintaining a high-end strategy [3] - Minsheng Securities attributes the significant improvement in profits to the increase in high-end product sales, optimized revenue structure, enhanced cost control, and accelerated scale effects [3] - The high-end positioning of the brand is seen as a guarantee for healthy profitability, with Seres holding a strong position in the high-end SUV market [3] Product Development - The continuous iteration and upgrade of the AITO brand's new products, such as the AITO M5 Ultra, M9 2025, and M8, have been well-received in the market [3] - The launch of the pure electric version of the AITO M8 set a new benchmark in the 400,000 yuan electric vehicle segment, with over 7,000 units reserved within two hours [3] Market Outlook - The upcoming launch of several new models, including the upgraded AITO M7, is expected to further enhance the company's performance potential [5] - Securities firms are optimistic about Seres' enhanced profitability and strong momentum driven by core models [5] - The company is entering a new phase of "volume and price increase," supported by the expansion of the mid-to-high-end market and the release of delivery potential [5]

Group 1 - The core viewpoint of the articles highlights the significant growth in sales and profitability of Seres, driven by the success of its high-end electric vehicles [1][5][6] - In August, Seres sold 43,262 electric vehicles, marking a year-on-year increase of 19.57%, with total sales from January to August reaching 259,951 units [1] - The Wanjie series of new products, including the Wanjie M5 Ultra, Wanjie M9 2025 model, and Wanjie M8, have been well-received in the market, with total deliveries exceeding 750,000 units [3] Group 2 - The half-year report indicates that Seres achieved a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, reflecting a year-on-year profit increase of 81.03% [5][6] - The strong sales of high-end smart electric vehicles are expected to drive further growth, with analysts maintaining a positive outlook on Seres' brand resilience and market position [6] - The recent launch of the Wanjie M8 pure electric version saw over 10,000 pre-orders within 24 hours, indicating strong market interest [3]

Core Viewpoint - In the first half of 2025, Seres achieved impressive financial results, with revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a year-on-year increase of 81.03% [1][3] Financial Performance - Seres' performance met expectations, with gross margin exceeding forecasts, as noted by Dongwu Securities [1] - Multiple securities firms, including Minsheng Securities and Ping An Securities, provided positive evaluations of Seres' financial results [1][3] Growth Drivers - The core factor driving Seres' profit growth is its focus on the high-end smart electric vehicle segment, maintaining a high-end strategy [3] - Minsheng Securities highlighted that the significant improvement in profits is due to the increase in high-end product sales, optimized revenue structure, and enhanced cost control [3] - The launch of high-end SUVs, such as the Wanjie M9 and M8, has established Seres' leading position in the high-end new energy sector, serving as a foundation for profit release [3] Product Development - The continuous iteration and upgrade of Wanjie products, including the new M5 Ultra and the 2025 models of M9 and M8, have been well-received in the market [3] - The Wanjie M8 pure electric version set a new benchmark in the 400,000 yuan segment, with over 7,000 units reserved within two hours of its launch [3] Market Outlook - The upcoming launch of multiple new models, including the upgraded Wanjie M7, is expected to further enhance the company's performance potential [5][6] - Securities firms are optimistic about Seres' profitability and growth momentum, anticipating a "dual increase" in volume and price due to the expansion of the mid-to-high-end market [6] - The strong performance indicators in the first half of the year and significant quarter-on-quarter improvements position Seres as a leading high-end automaker in China [6]