赛力斯20250526

Summary of Conference Call Notes Company Overview - The company discussed is Sais which is preparing for an IPO in the Hong Kong market with a significant financing need, aiming for a trading scale of 15 to 20 billion yuan and expected to list in the third quarter [1] Key Points and Arguments - IPO and Financing: Sais is set to launch its IPO in Hong Kong, indicating a strong financing demand [1] - Robotics Options: The company has established robotics-related job positions, suggesting future developments in this area, although no official announcement regarding partnerships, such as with Huawei, has been made [2] - Vehicle Sales Concerns: There have been investor concerns regarding the sales performance of Sais's vehicles, particularly after the release of models CM9 and M8. Despite these concerns, the company reported that the order volume for the N9 model reached 60,000, and the M8 model's order volume is also promising [2][3] - Delivery Performance: The delivery of the M8 model is slower than expected, but this is seen as a normal ramp-up phase. The M8 is expected to reach delivery levels of 3,000 to 5,000 units per week in the coming weeks [3] - Sales Projections: The company anticipates that the sales volume could exceed 50,000 units in the upcoming months, with the M8 and M9 models expected to contribute significantly to this figure [4] - Gross Margin Expectations: The gross margin is projected to approach 30%, indicating strong financial performance in the second and third quarters [5] - Long-term Growth Concerns: Investors have expressed concerns about the long-term growth potential of Sais. However, the company reassured that there are many upcoming models and significant growth opportunities, including potential upgrades to existing models [5][6] - International Expansion: The company is in the early stages of international expansion, with expectations for significant contributions starting next year. Sais is currently the top-selling luxury SUV brand in China, indicating strong domestic performance and potential for international growth [6] - Valuation Comparisons: The company’s valuation is compared to that of BMW, suggesting that Sais could exceed BMW's valuation in the future, with a target market cap of 300 billion yuan [7] Additional Important Insights - The company has been consistently recommended since December, with multiple follow-up calls and reports indicating ongoing support for Sais as a strong investment opportunity [7]