SERES(SH:601127) 3 6 Ke·2025-09-10 11:11Core Insights - The sales data for the first eight months of the year shows a total of 296,202 units sold, representing a year-on-year decline of 9.21%, with August sales at 45,818 units, down 10% [2] - To match last year's total sales of 497,008 units, the company needs to achieve at least 40% of that target in the remaining four months, indicating significant pressure to exceed last year's performance [2] - The recent pre-order success of the new AITO M7, which surpassed 100,000 units in just 43 minutes, provides a boost of confidence for the company [2][5] Sales Performance - The company reported a total revenue of 624.02 billion yuan for the first half of 2025, a decrease of 4.06% year-on-year, but net profit increased by 81.03% to 29.41 billion yuan [2] - The second quarter showed particularly strong performance with total revenue of 432.55 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 130% [3] - The new AITO M8 model contributed significantly to this growth, with second-quarter sales reaching 130,000 units, a year-on-year increase of 7% and a quarter-on-quarter surge of 90% [3][4] Product Development and Market Positioning - The average selling price (ASP) of AITO models reached 371,000 yuan, reflecting a year-on-year increase of 1,300 yuan [4] - The gross margin for the second quarter rose to 29.5%, an increase of 2 percentage points year-on-year, indicating improved profitability [4] - The company has invested heavily in R&D, with a 154.9% year-on-year increase in R&D spending, supporting the development of new models and enhancing production capabilities [6] Strategic Initiatives - The launch of the new M7 is expected to drive sales growth in the coming months, with the model's pre-order performance exceeding expectations [6][8] - The company is also focusing on building its own sales channels to reduce reliance on partners, with plans to establish exclusive channels starting in 2024 [7] - The introduction of the lower-priced AITO H5 model aims to capture the budget market segment, potentially impacting the sales of higher-end models [9][10] Future Outlook - Analysts have raised profit forecasts for the company, projecting net profits of 10.3 billion, 14.3 billion, and 16.8 billion yuan for 2025-2027 [8] - The company is expected to benefit from the growing demand for high-end SUVs, with new model launches anticipated to enhance sales and profitability [8] - The competitive landscape in the mid-to-high-end market is expected to intensify, necessitating continuous innovation and product differentiation from the company [11]