First Read: Seres Group "2026 AIC: Upbeat outlook on the new-generation AITO M9"

研报英文原文证据摘录

First Read: Seres Group "2026 AIC: Upbeat outlook on the new-generation AITO M9"

Global Research

26 May 2026abc

First Read

EquitiesSeres Group

2026 AIC: Upbeat outlook on the new- China

generation AITO M9 Automobile Manufacturers

12-month rating Neutral

12m price target Rmb95.00

Seres attended the UBS Asian Investment Conference (AIC)

Key takeaways: 1) Seres believes its sales base is stable at present, which is at odds with

the share price downtrend; 2) The company expects sales volume to be flattish or higher Price (26 May 2026) Rmb86.41

YoY in 2026, while noting that its business strategy will focus on premiumisation, brand RIC: 601127.SS BBG: 601127 CH

strength, and tech investment; 3) Committed to the premium positioning, Seres saw its

Trading data and key metrics

AITO M6 model fetch an actual average transaction price of Rmb290k/unit. It expects

the new-generation AITO M9 and the M9 extended-wheelbase variant to ramp up sales 52-wk range Rmb171.57-78.56

in H226, which could help it meet its annual shipment target and improve its Market cap. Rmb151b/US$22.2b

profitability; 4) Given rising input materials costs, Seres may consider price hikes in H226; Shares o/s 1,742m (ORDA)

5) The company has been actively developing its partnership with Zhongsheng Group. Free float 47%

It’s tapping into the latter's existing client base to convert buyers of traditional premium Avg. daily volume ('000) 20,962

car brands. Avg. daily value (m) Rmb1,927.6

Common s/h equity (12/26E) Rmb46.0b

Slower-than-expected progress in exports P/BV (12/26E) 3.3x

Since the start of 2026, Seres has signed agreements with partners in multiple countries Net debt to EBITDA (12/26E) NM

including Qatar, UAE, Egypt, Bahrain, Azerbaijan, Armenia, and Mongolia, and in May it

EPS (UBS, diluted) (Rmb)