SERES(601127) 光大证券·2024-10-12 09:38Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits of 6.37 billion, 7.62 billion, and 8.40 billion for 2024E, 2025E, and 2026E respectively [3][6] Core Views - The company's 3Q24 performance met expectations, with revenue ranging from 379.6 to 449.6 billion yuan and net profit of 1.88 to 2.48 billion yuan, driven by improved management efficiency and product structure optimization [2] - The company's high-end luxury market position is strong, with M9 sales accounting for 44.9% of total sales and cumulative orders exceeding 150,000 units [2] - The company completed the acquisition of Longsheng New Energy, gaining full ownership of the M9 super factory and strengthening its control over the AITO brand [3] Financial Performance - 3Q24 revenue was 379.6-449.6 billion yuan, with net profit of 1.88-2.48 billion yuan, representing a 37.5% increase in per-vehicle profit compared to the previous quarter [2] - The company's 3Q24 vehicle sales increased by 199.4% year-over-year and 9.8% quarter-over-quarter to 134,000 units, with AITO sales up 680.2% year-over-year and 12.6% quarter-over-quarter to 110,000 units [2] - The company's 2024E-2026E revenue is projected to be 174.24 billion, 169.82 billion, and 174.24 billion yuan, with net profit margins of 4.4%, 4.5%, and 4.8% respectively [9] Market Position and Strategy - The company's M9 model ranked first in the 500,000+ yuan price segment, with daily orders during the National Day holiday reaching 1,110 units [2] - The company's strategy focuses on high-value models, with the M7 Pro and M9 five-seater versions enhancing its competitive edge in the high-end market [2] - The acquisition of Longsheng New Energy strengthens the company's control over the AITO brand and its collaboration with Huawei, contributing to future profitability [3] Valuation Metrics - The company's P/E ratios for 2024E, 2025E, and 2026E are 21x, 18x, and 16x respectively, with P/B ratios of 7.5x, 5.3x, and 4.0x [9] - The company's ROE is projected to be 35.8%, 30.0%, and 24.9% for 2024E, 2025E, and 2026E, indicating strong profitability [9]