SERES(SH:601127) Xin Lang Cai Jing·2025-04-01 12:54Group 1 - The company reported a significant increase in revenue for 2024, achieving 145.176 billion yuan, a year-on-year growth of 305.04%, and a net profit of 5.946 billion yuan, marking a turnaround from losses [1] - The company’s new energy vehicle sales reached 427,000 units in 2024, representing a year-on-year increase of 182.8%, with the Wanjie M9 model delivering over 150,000 units and maintaining the top sales position in the luxury car segment for 11 consecutive months [2] - The gross margin for the automotive business improved to 25.69% in 2024, an increase of 16.18 percentage points year-on-year, with the new energy vehicle segment achieving a gross margin of 26.21%, up 16.29 percentage points [2] Group 2 - The company is set to launch new models, including the 2025 Wanjie M9 in March and the Wanjie M8 in April, which are expected to boost sales and enhance competitive advantages in their price segments [3] - Profit forecasts for 2025 and 2026 have been adjusted to 9.8 billion yuan and 13.1 billion yuan respectively, with a new forecast for 2027 set at 15.5 billion yuan, reflecting positive expectations for the new vehicle cycle [3] - The company maintains a "recommended" rating based on the long-term growth potential of the Wanjie brand and the value-added potential from its stake in Huawei [3]