SERES(SH:601127) Changjiang Securities·2024-09-19 00:09Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to benefit from a deep collaboration with Huawei, focusing on smart technology to reshape the high-end automotive competition landscape, capturing industry growth driven by consumer upgrades and smart technology [6][4] - The company's net profit for the first half of 2024 is projected to be 16.25 billion yuan, a turnaround from a net loss of 13.44 billion yuan in the same period last year, with revenue reaching 650.44 billion yuan, a year-on-year increase of 489.58% [4][5] - The company plans to acquire a 10% stake in Shenzhen Yingwang from Huawei for 11.5 billion yuan, marking the beginning of a new "business + equity" cooperation model [6][10] Financial Performance - In Q2 2024, the company achieved revenue of 384.84 billion yuan, with a year-on-year growth of 547.69% and a quarter-on-quarter increase of 44.89% [5] - The gross margin for Q2 2024 was 27.47%, an increase of 23.3 percentage points year-on-year and 5.96 percentage points quarter-on-quarter [5] - The company sold 203,900 new energy vehicles in the first half of 2024, a year-on-year increase of 349%, with the core model AITO Wenjie M9 achieving sales of 58,900 units [5][6] Future Projections - The projected net profit for the company from 2024 to 2026 is expected to be 47.02 billion yuan, 81.4 billion yuan, and 103.63 billion yuan respectively, with corresponding valuations of 23.68, 13.68, and 10.74 times [6][4]