SERES(601127) 东吴证券·2024-07-10 10:00Investment Rating - Buy (Maintained) [1] Core Views - The company's 2024 H1 performance is in line with expectations, showing significant improvement in profitability [1] - Revenue for 2024 H1 is expected to be between 63.9 billion to 66.0 billion yuan, a year-on-year increase of 479% to 498% [6] - Net profit attributable to shareholders for 2024 H1 is expected to be between 1.39 billion to 1.70 billion yuan, turning from a loss to a profit [6] - Q2 2024 revenue is expected to be between 37.3 billion to 39.4 billion yuan, a year-on-year increase of 538.4% to 563.8% [6] - Q2 2024 net profit attributable to shareholders is expected to be between 1.17 billion to 1.48 billion yuan, compared to a loss of 720 million yuan in Q2 2023 [6] Financial Performance - 2024E revenue is projected to be 138.552 billion yuan, a year-on-year increase of 286.56% [2] - 2024E net profit attributable to shareholders is projected to be 4.544 billion yuan, a year-on-year increase of 285.50% [2] - EPS for 2024E is projected to be 3.01 yuan per share [2] - P/E ratio for 2024E is projected to be 29.71 [2] Market Data - Closing price is 89.42 yuan [3] - 52-week low/high is 31.76/106.66 yuan [3] - P/B ratio is 11.61 [3] - Market capitalization is 135.00472 billion yuan [3] Key Financial Metrics - Net asset per share is 7.70 yuan [4] - Asset-liability ratio is 88.27% [4] - Total shares outstanding are 1,509.78 million [4] Operational Highlights - Q2 2024 sales volume was 121,700 units, a year-on-year increase of 142.2% [6] - M9 model deliveries accounted for 49% of total deliveries in Q2 2024, up from 13% in Q1 2024 [6] - Average selling price (ASP) increased to 372,000 to 393,000 yuan in Q2 2024, a year-on-year increase of 223.4% [6] - Net profit margin for Q2 2024 is 3.55% (midpoint of forecast) [6] Order and Delivery Status - M7 Ultra model received 30,000 new orders within 20 days of launch [7] - M9 model has 100,000 orders as of June 26, with approximately 60,000 units delivered by the end of June [7] - New models, including a 5-seat version of M9, are expected to be released in H2 2024 [7] Future Outlook - The company maintains its 2024/2025/2026 net profit forecasts at 4.54/6.84/8.74 billion yuan, with corresponding P/E ratios of 30/20/15x [7] - The company's strong order and delivery performance supports the "Buy" rating [7]