SERES(601127) 首创证券·2024-08-29 06:31Investment Rating - Buy rating [1] Core Views - The company reported outstanding performance in the first half of 2024, with total operating revenue reaching RMB 65.044 billion, a year-on-year increase of 489.58% Net profit attributable to the parent company was RMB 1.625 billion, turning a profit compared to the same period last year [3] - In Q2 2024, the company achieved revenue of RMB 38.484 billion, up 547.7% year-on-year and 44.9% quarter-on-quarter Net profit attributable to the parent company for Q2 was RMB 1.405 billion, and adjusted net profit was RMB 1.323 billion [3] - The scale effect in Q2 2024 has gradually released profitability, with new energy vehicle sales becoming the main driver of growth The company sold 200,900 new energy vehicles in the first half of 2024, a year-on-year increase of 348.55% [3] - The gross profit margin for the first half of 2024 increased to 25.04%, with Q2 2024 gross margin reaching 27.47%, up 23.3 percentage points year-on-year and 5.96 percentage points quarter-on-quarter [3] - The AITO brand, particularly the flagship model M9, has been a significant highlight, with cumulative orders exceeding 120,000 units, showcasing strong competitiveness in the luxury vehicle market [3] - The company acquired a 10% equity stake in Yinwang for RMB 1.8 billion, strengthening its strategic partnership with Huawei and enhancing profitability [3] Financial Performance and Projections - Revenue for 2024 is projected to be RMB 147.1 billion, with net profit attributable to the parent company expected to reach RMB 5.07 billion [3] - Revenue for 2025 is forecasted to be RMB 166.87 billion, with net profit attributable to the parent company expected to be RMB 7.8 billion [3] - Revenue for 2026 is projected to be RMB 190.91 billion, with net profit attributable to the parent company expected to reach RMB 9.83 billion [3] - EPS for 2024 is estimated at RMB 3.36, increasing to RMB 5.17 in 2025 and RMB 6.51 in 2026 [3] - The company's gross profit margin is expected to remain stable at around 25.2% to 25.9% from 2024 to 2026 [4] Key Financial Ratios - ROE is projected to be 31.2% in 2024, 33.9% in 2025, and 31.4% in 2026 [4] - ROIC is expected to be 35.3% in 2024, 37.0% in 2025, and 33.6% in 2026 [4] - The debt-to-asset ratio is forecasted to decrease from 91.5% in 2024 to 86.3% in 2026 [4] - The current ratio is expected to improve from 0.95 in 2024 to 1.07 in 2026 [4] Valuation Metrics - The P/E ratio is projected to decrease from 23.4 in 2024 to 12.1 in 2026 [4] - The P/B ratio is expected to decline from 7.30 in 2024 to 3.79 in 2026 [4]