SERES(601127) 国信证券·2024-11-05 02:10Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 130.56 - 144.30 yuan for 2025, based on a PE multiple of 19-21x [3][5] Core Views - The company experienced explosive growth in 2024, with Q3 revenue reaching 41.582 billion yuan, up 539.2% YoY, and net profit of 2.413 billion yuan, a 71.7% QoQ increase [1] - Gross margin remained high at 25.5% in Q3, with net profit margin improving to 5.8%, up 3.15 percentage points QoQ [1][9] - The company's core product, the AITO series, achieved sales of 110,400 units in Q3, with the M9 model accounting for 44.7% of total sales [2][10] Financial Performance - Revenue for the first three quarters of 2024 reached 106.627 billion yuan, with net profit of 4.038 billion yuan [1] - The company achieved a turnaround in Q1 2024, with cumulative net profit for the first three quarters reaching 4.038 billion yuan [1] - Vehicle revenue per unit in Q3 was 376,700 yuan, with gross profit per unit of 96,200 yuan and net profit per unit of 21,900 yuan, a 53.68% increase QoQ [11] Product Performance - AITO series sales reached 292,500 units in the first three quarters, with Q3 sales of 110,400 units, up 11.8% QoQ [2] - M9 sales in Q3 were 49,330 units, M7 sales were 44,901 units (up 21.3% QoQ), and M5 sales were 4,195 units (up 75.6% QoQ) [2][10] Future Projections - Revenue for 2024-2026 is projected at 148.4/170.7/193.6 billion yuan, with net profit of 6.026/10.376/13.184 billion yuan [3][12] - EPS for 2024-2026 is forecasted at 3.99/6.87/8.73 yuan, with PE ratios of 28.5x/16.6x/13.0x [3][12] - Gross margin is expected to remain stable at 25.01%/26.20%/25.78% for 2024-2026 [13] Industry Position - The company is positioned as a benchmark in the domestic luxury car market, benefiting from high barriers to entry and high gross margins in the luxury car segment [3] - The company focuses on high-price, high-margin products, with the M7 and M9 models contributing significantly to sales [12]