SERES(SH:601127) Xin Lang Cai Jing·2025-04-09 06:58Core Viewpoint - The company is experiencing a temporary decline in sales due to model transitions and new vehicle launches, but upcoming models are expected to drive growth in the near future [2][3]. Sales Performance - In March 2025, the company achieved wholesale sales of 24,600 vehicles, a year-on-year decrease of 34.43% and a month-on-month increase of 15.38% [2]. - Cumulative wholesale sales for the first quarter of 2025 reached 68,400 vehicles, down 40.10% year-on-year and down 46.42% month-on-month [2]. - Cumulative sales of the AITO M9 model reached 23,300 vehicles in the first quarter of 2025, reflecting a year-on-year increase of 117.83% [3]. New Vehicle Launches - The company has launched several new models, including the 2025 AITO M9 and the new M8, which have received strong pre-order interest [3]. - As of March 27, 2025, the AITO M8 had over 80,000 pre-orders, and the 2025 AITO M9 received over 15,000 orders within 24 hours of its launch [3]. Robotics Sector Development - The company is actively entering the humanoid robotics field, having established a joint venture with Beihang University with a registered capital of 50 million [4]. - The joint venture aims to leverage the company's manufacturing experience and Beihang's research capabilities to develop and sell intelligent robots [4]. Investment Outlook - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 180.64 billion, 201.52 billion, and 217.64 billion yuan, representing year-on-year growth rates of 24.4%, 11.6%, and 8.0% respectively [5]. - Net profit attributable to the parent company is projected to be 10.66 billion, 12.17 billion, and 13.49 billion yuan for the same period, with growth rates of 79.3%, 14.1%, and 10.9% respectively [5].