SERES(601127) 东吴证券·2024-10-11 12:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve operating revenue of 103 billion to 110 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 518% to 559% [3] - The net profit attributable to shareholders is projected to be between 3.5 billion and 4.1 billion yuan for the same period, with a non-recurring profit of 3.2 billion to 3.8 billion yuan [3] - The Q3 revenue median is estimated at 41.5 billion yuan, with a year-on-year increase of 634% and a quarter-on-quarter increase of 7.7% [3] - The Q3 net profit attributable to shareholders is expected to be 2.175 billion yuan, with a quarter-on-quarter increase of 54.8% [3] - The company has shown strong sales growth, with a total of 133,600 vehicles sold in Q3, a year-on-year increase of 199.6% [3] - The average selling price (ASP) decreased to 310,300 yuan due to a change in the delivery mix, but still represents a year-on-year increase of 145% [3] - The company has improved its profitability, with a net profit margin of 5.25%, reflecting a significant quarter-on-quarter improvement [3] Financial Forecasts and Valuation - The total revenue forecast for 2024 is 150.644 billion yuan, with a year-on-year growth of 320.3% [2][3] - The net profit attributable to shareholders is projected to be 5.990 billion yuan in 2024, with a growth rate of 62.86% [2][3] - The earnings per share (EPS) for 2024 is estimated at 3.97 yuan, with a price-to-earnings (P/E) ratio of 20.24 [2][3] - The company has revised its net profit expectations for 2024, 2025, and 2026 to 5.990 billion, 9.760 billion, and 15.430 billion yuan respectively [3]