Seres Group Shares Rise After It Guides for Swing to Profit

Dow Jones10-11

By Jiahui Huang

Shares of Chinese automaker Seres Group jumped in Shanghai after it guided for a swing to profit for the first three quarters this year.

The stock was up 5.65% early Friday, outperforming the benchmark Shanghai Composite Index, which was down 1.7%.

The gains came after the company said overnight that it expects to post a net profit for the first nine months of the year. It projects profit for the period at between 3.5 billion yuan to 4.1 billion yuan, or about $494 million to $579 million, compared with a loss a year earlier.

Seres, which has a partnership with tech giant Huawei for in-car software and assisted driving, is a relative newcomer to China's fiercely competitive electric-vehicle market, but is in the top 10 in terms of sales, the most recent monthly figures show.

In September, the automaker sold 35,852 cars, taking the no. 9 spot in sales, according to data from the China Passenger Car Association.

Seres has also guided for revenue for the first three quarters to rise more than six-fold to between 103.0 billion yuan and 110.0 billion yuan.

Earnings growth has been supported by product-mix adjustments, the company said in a filing, adding that its high-value cars have posted strong sales so far this year.

The company booked a net profit of 1.62 billion yuan for the first half of the year, compared with a net loss of 1.34 billion yuan a year earlier. It reported revenue of 82.42 billion yuan for the six-month period.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

October 10, 2024 22:52 ET (02:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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