Core Viewpoint - SAIC Motor Corporation is undergoing a significant transformation, focusing on user-centric values and technological equality to adapt to new industry demands and competition [3][4][6]. Group 1: User-Centric Approach - The company emphasizes the importance of "user genes," viewing users as "starting partners" rather than just "end payers" [4]. - SAIC's President, Jia Jianxu, highlighted that the competition in the automotive industry has shifted from mere product manufacturing to deeply exploring user value [6]. - The company has introduced a "smart safety system" that exceeds national standards by 30%, achieving industry benchmarks for battery safety with "zero self-ignition and zero thermal runaway" [8][9]. Group 2: Technological Equality - SAIC believes that technological equality is not just about universal access to features but involves open ecosystems and diverse collaborations to drive industry-wide upgrades [10]. - The company is expanding its partnerships with tech giants like Huawei and DJI to create a new industrial ecosystem, aiming for a comprehensive coverage of smart driving, cockpit, and chip technologies [10][12]. Group 3: Individualized Mobility - The company envisions a future where cars evolve into personalized mobility services, transitioning through software and hardware personalization stages [12][13]. - SAIC's self-developed Galaxy full-stack cockpit 3.0 is designed to integrate with major mobile operating systems, ensuring seamless connectivity across various devices [13]. Group 4: Strategic Response to Competition - To tackle fierce market competition, SAIC employs a "combination strategy" that integrates internal resources and deepens collaborations with partners [14]. - The company plans to launch over ten new models by 2025, covering a wide range of consumer needs, and aims to push "Chinese manufacturing" onto the global stage [14]. - In Q1 2025, SAIC achieved a wholesale vehicle sales volume of 945,000 units, a year-on-year increase of 13.3%, and expects a net profit of 3 to 3.2 billion yuan, reflecting a stable growth trend [14]. Conclusion - SAIC Motor's 70-year journey reflects the rise of Chinese industry, as it embraces "technological equality" and "user co-creation" to redefine its product logic and embark on a new chapter in the automotive sector [15].

3 月31 日晚公司发布2024 年度报告，2024 年分别实现营收、归母、扣非归母1451.76、59.46、55.73 亿 元，同比分别+305.04%、+342.72%、+215.71%；销售毛利率26.15%，同比+15.76pct；销售净利率 3.27%，同比+14.87pct。 2024 年公司净利润实现同比扭亏为盈，主要系新能源汽车销量增加，摊薄提升；同时营业毛利率同比 增长，期间费用率同比下降。 2024Q4 营收净利同比增长显著，盈利能力稳步提升。2024Q4，分别实现营收、归母、扣非归母 385.49、19.08、18.10 亿元，同比分别+101.18%、+1325.88%、+200.47%。销售毛利率28.70%，同比 +15.16pct，环比+3.17pct；净利率3.45%，同比+7.13pct，环比-1.48pct。 新能源车销量同比高增，旗下车型销量领先。2024 年，公司新能源汽车销量42.69 万辆，同比 +182.84%。问界凭借产品力与高端化战略，位居中国高端汽车市场第一梯队。2024 年，全景智慧旗舰 SUV 问界M9 累计交付量突破15 万辆，连续蝉联中国50 万元 ...

证券研究报告 | 公司点评报告 2025 年 04 月 03 日 赛力斯（601127.SH） 2024 业绩高增，领跑高端 SUV 市场 中游制造/汽车 2024 年 11 月，公司发布全新一代赛力斯超级增程系统。该系统采用赛翼 （C2E）增城架构，实现 RoboREX 智能控制，热效率达 44.8%，综合油耗 降低 15%，1 升油可发电超 3.6 度，处于行业量产增程器的领先水平。2024 年，公司增程器销量达 47 万台。 此外，智能座舱及智能驾驶领域，公司与华为联合开发并量产的鸿蒙座舱和 ADS 智驾系统，率先实现全国无图智驾。公司深度融合整车控制技术，持续 优化智驾体验，实现全维安全进化。智能测试领域，公司运用大数据、自动 化和 AI 技术，构建 VTS+VHR+IDS 三大系统，提供全链路、全生命周期主动 智慧服务。 强烈推荐（维持） 目标估值：NA 当前股价：125.82 元 基础数据 | 总股本（百万股） | 1633 | | --- | --- | | 已上市流通股（百万股） | 1510 | | 总市值（十亿元） | 205.5 | | 流通市值（十亿元） | 190.0 | | 每股净 ...

Core Viewpoint - The Chinese electric vehicle market in 2024 is experiencing a significant transformation, with a penetration rate exceeding 50%, leading to a dual scenario of intense competition and rapid growth for some companies like Seres [1] Group 1: Financial Performance - In 2024, Seres achieved total revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, ranking third globally among electric vehicle manufacturers [2] - The company sold 426,900 electric vehicles in 2024, a year-on-year increase of 182.84%, exceeding its annual sales target [2] - Seres reported a net profit of 5.946 billion yuan in 2024, showcasing its ability to achieve profitability in a challenging market [5][10] Group 2: Market Strategy - Seres has adopted a high-end product strategy, which has allowed it to achieve a gross margin of 25.69%, the highest among global electric vehicle manufacturers [10] - The company has integrated the AITO brand and leveraged its brand strength through initiatives like the "Brand Strong Nation Project," enhancing its market recognition [7] - The average transaction price of Seres vehicles has surpassed 402,000 yuan, reflecting an 11.9% increase from 2023, positioning it as a leading premium electric vehicle brand [8] Group 3: Technological Advancements - Seres has invested 7.053 billion yuan in R&D in 2024, a year-on-year increase of 58.9%, enabling significant technological breakthroughs [12] - The company has developed a versatile technology platform compatible with various powertrains, enhancing its production flexibility [13] - Seres has achieved notable advancements in intelligent driving and range extension technologies, contributing to its competitive edge in the high-end market [13][14] Group 4: Future Outlook - With a strong cash position of 45.955 billion yuan as of December 31, 2024, Seres is well-positioned for future growth and investment in R&D [12] - The company plans to list H-shares in Hong Kong, aiming to attract international strategic investors and enhance its capital structure [17] - Seres is expected to maintain its growth momentum, supported by new product launches and a robust market presence [6][17]

Core Insights - The company, Seres, reported a significant increase in revenue and net profit for 2024, achieving a revenue of 145.176 billion yuan, a year-on-year growth of 305.04%, and a net profit of 5.946 billion yuan, marking it as the fourth profitable electric vehicle manufacturer globally [2] - Seres' brand, AITO, has established itself in the high-end automotive market, breaking the monopoly of foreign brands, and has become a leading player in the new luxury vehicle segment [2][4] - The company has been included in major indices such as CSI 300, indicating strong market recognition and investor interest [2][8] Financial Performance - In 2024, Seres achieved a gross margin of 26.21% for its electric vehicles, an increase of 16.29 percentage points from the previous year, significantly outperforming the industry average [4] - The company plans to distribute a cash dividend of 0.97 yuan per share, totaling 2.084 billion yuan, which represents 35.05% of the net profit attributable to ordinary shareholders [8] Product and Market Development - Seres sold 426,900 electric vehicles in 2024, a year-on-year increase of 182.84%, with the AITO M9 model leading the luxury SUV segment in China [3] - The AITO brand achieved an 82% Net Promoter Score (NPS), ranking first in the electric vehicle reputation rankings, reflecting strong customer satisfaction [4] Technological Innovation - The company invested 7.053 billion yuan in R&D in 2024, a 58.9% increase from the previous year, and expanded its R&D workforce by 25.15% to 6,201 employees [5] - Seres launched the "Magic Cube" technology platform, integrating various advanced features and enhancing product safety and performance [5][6] Strategic Partnerships and Future Outlook - Seres has acquired intellectual property related to the AITO brand and formed partnerships with Huawei for smart technology development, positioning itself for future growth [9] - The company is set to launch new models in 2025, including the AITO M5 Ultra and M8, aiming to capture further market share in the high-end segment [9]