SERES(SH:601127) Huaxin Securities·2024-06-25 01:00Investment Rating - The report maintains a "Buy" investment rating for the company [4][6]. Core Insights - The company's sales in May saw a significant year-on-year increase, with total sales reaching 38,600 units, up 130.8% compared to the previous year. For the first five months of the year, total sales amounted to 186,600 units, reflecting a 154.2% increase year-on-year [5]. - The company's electric vehicle sales in May reached 34,100 units, marking a 298.6% increase year-on-year, with the main brand's sales at 32,200 units, up 489.1% [5]. - The Wanjie brand has solidified its position in the high-end new energy vehicle market in China, with the Wanjie M9 model topping the luxury car sales list for vehicles priced over 500,000 yuan for two consecutive months [5]. - The newly launched Wanjie M7 Ultra achieved over 10,000 deliveries within 18 days of its release, setting a record for new energy vehicle deliveries in China [5]. Financial Projections - Revenue forecasts for the company are projected at 140.2 billion yuan, 166.5 billion yuan, and 195.9 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.95 yuan, 3.22 yuan, and 3.85 yuan [6][8]. - The company is expected to experience substantial growth, with a revenue growth rate of 291.2% in 2024, followed by 18.8% and 17.7% in the subsequent years [8]. - The net profit for 2024 is projected to be 4.5 billion yuan, with a growth rate of 19.5% in the following years [8].