SERES(601127) 东吴证券·2024-08-27 03:41Investment Rating - Buy (Maintained) [1] Core Views - The company's Q2 2024 revenue reached 38484 billion yuan, a year-on-year increase of 5477% and a quarter-on-quarter increase of 449% [3] - Q2 2024 net profit attributable to the parent company was 1405 billion yuan, compared to -720 million yuan in Q2 2023 and 220 million yuan in Q1 2024 [3] - The gross margin in Q2 2024 was 275%, up 233 percentage points year-on-year and 60 percentage points quarter-on-quarter, exceeding expectations [3] - The company announced the acquisition of a 10% stake in Yinwang for 115 billion yuan, which is expected to enhance future investment income [4] - The company's 2024/2025/2026 net profit forecasts have been revised upward to 490/764/1145 billion yuan, with corresponding P/E ratios of 25/16/11x [4] Financial Performance - Q2 2024 sales volume was 1217 thousand units, a year-on-year increase of 1422% and a quarter-on-quarter increase of 66% [3] - The ASP (Average Selling Price) for AITO models increased to 390 thousand yuan in Q2 2024, up 22% quarter-on-quarter [3] - The company's operating cash flow for H1 2024 was 16360 billion yuan [4] - The company's 2024E/2025E/2026E operating income is projected to be 148665/167994/196782 billion yuan, with year-on-year growth rates of 31478%/13%/1714% [2] - The 2024E/2025E/2026E net profit attributable to the parent company is expected to be 4904/7636/11450 billion yuan, with year-on-year growth rates of -/5573%/4993% [2] Strategic Developments - The acquisition of a 10% stake in Yinwang is expected to strengthen the company's strategic cooperation with Huawei, enhancing R&D efficiency and supply chain security [4] - The company's cooperation with Huawei has been upgraded to "business cooperation + equity cooperation," positioning it as a key player in the intelligent driving system industry [4] Market Data - The company's closing price is 7856 yuan, with a one-year low/high of 3296/10666 yuan [5] - The P/B ratio is 896x, and the total market capitalization is 11860849 billion yuan [5] - The company's total shares outstanding are 150978 million shares, with a net asset per share of 877 yuan [6]