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According to domestic media reports, Huawei's automotive BU "charges" 36,700 yuan for each car sold.

According to the "Independent Financial Advisor Report on the Major Asset Acquisition of SERES Group Co., Ltd." released by Galaxy Securities, the top five customers of Shenzhen Yinwang Intelligent Technology Co., Ltd. (formerly Huawei Automotive BU) accounted for 90.55% of its revenue in the first half of this year, among which the top-ranked customer A had sales of 6.614 billion yuan in the first half of this year.

Among Huawei's current partners, Seres Wenjie is the brand with the largest sales volume, with sales reaching 180,000 vehicles in the first half of this year. By analogy, for every Wenjie car sold by Seres, Huawei's car BU charges about 36,700 yuan for parts and services.

The report also shows that Huawei's automotive BU predicts a 2024 P/E ratio of 34.39 times, while the 2024 P/E ratios of Tesla and Mobileye, two listed companies in the same industry in the U.S., are predicted to be 78.91 times and 112.64 times, respectively.

Galaxy Securities believes that the price-to-earnings ratio corresponding to the transaction pricing of Huawei's Automotive BU is lower than the average level of comparable companies in the same industry in the global and A-share markets, and is within the comparable range of A-share companies in the same industry. The transaction pricing is reasonable.