sandalwood

In Mar-24, Amazon continues to lose shares to both Temu and Tiktok shop globally and US only. The strong Mar-24 sales in Temu and Tiktok shop are helped by Spring sales promotion.

In the low price band (<10 USD),  Amazon has lost significant shares to Temu and Tiktok Shop. Epsecially in Mar-24, Amazon market shares drop to below 50%. In the higher price band (10 -50 USD), Temu and Tiktok shop  are also penetrating aggressively.

Sunrise and CDF Hainan platforms deteriorated to -55% y/y in F3Q24(ending Mar-24)  from -52% y/y in the last quarter.

Live streaming platforms accelerated in F3Q24(ending Mar 24), partially offset Tmall/JD weakness.

Based on China Auto Insurance data’s 19,101 units of Seres passenger cars delivery in Feb MTD, we estimate the company’s full Feb delivery at 23,000-25,000 passenger cars, outperforming peers despite a slowdown on the CNY holiday. The data indicates that M7 model continued to be a significant contributor to Seres’s outperformance in Feb MTD. M9 model commenced delivery on Feb 26. Considering its impressive number of non-refundable orders disclosed by the company, we expect M9 to be another strong driver for Seres in the upcoming months.