SERES(SH:601127) Huaxin Securities·2024-08-27 14:04Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company achieved expected performance in Q2 2024, with total revenue of 38.484 billion yuan, representing a year-on-year increase of 547.7% and a quarter-on-quarter increase of 44.9% [1] - The delivery of the AITO M9 model has significantly improved the gross margin to 27.5%, an increase of 6 percentage points from Q1 2024 [1] - The acquisition of a 10% stake in Shenzhen Yiwang from Huawei for 11.5 billion yuan marks a deepening of the partnership with Huawei, enhancing the company's technological capabilities in smart electric vehicles [2][3] Financial Performance Summary - In Q2 2024, the company reported a net profit attributable to shareholders of 1.405 billion yuan, a significant recovery from a loss of 719 million yuan in Q2 2023 and an increase from 220 million yuan in Q1 2024 [1] - The company’s gross margin improved due to the successful delivery of the AITO M9, with cumulative orders exceeding 120,000 units [1] - The operating expenses ratio increased to 22.1% in Q2 2024, with sales expenses rising by 2.6 percentage points to 15.4% [2] Product and Market Strategy - The AITO brand focuses on the SUV market, covering price ranges from 250,000 to 570,000 yuan, with the introduction of new models like the M7 Pro to attract a broader consumer base [3] - The company plans to expand its product lineup further, with new series expected to launch by the end of the year [3] Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 140.196 billion yuan, 166.497 billion yuan, and 195.9 billion yuan respectively, with corresponding EPS estimates of 2.95 yuan, 3.22 yuan, and 3.85 yuan [4][6] - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 291.2% in 2024 [7]