SERES(SH:601127) Huaxin Securities·2024-06-25 01:02Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The sales volume in May saw a significant year-on-year increase, further solidifying the position of the Wanjie brand in China's high-end new energy vehicle market [1][4] - The company reported a total sales volume of 38,600 units in May, representing a year-on-year increase of 130.8%, with total sales from January to May reaching 186,600 units, up 154.2% year-on-year [4] - The Wanjie M9 model has topped the luxury car sales list in China for vehicles priced above 500,000 yuan for two consecutive months, indicating strong market demand [4] - The newly launched Wanjie M7 Ultra achieved over 10,000 deliveries within 18 days of its release, setting a record for new energy vehicles in China [4] Financial Projections - The company is projected to achieve revenues of 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 [5][9] - The current stock price corresponds to a price-to-sales ratio of 1.0, 0.9, and 0.7 for the years 2024, 2025, and 2026 respectively, reflecting the company's growth potential [5][9] - The company is expected to report a net profit of 4.5 billion yuan in 2024, with a growth rate of 9.2% in subsequent years [9]