SERES(601127) 长江证券·2024-11-11 08:03Investment Rating - The report maintains a "Buy" rating for Seres (601127 SH) [2] Core Views - Seres' Q3 2024 performance significantly exceeded expectations, with substantial improvement in profitability [3] - The company achieved a revenue of 1066 27 billion yuan in the first three quarters of 2024, a year-on-year increase of 539 24% [3] - Net profit attributable to the parent company reached 40 38 billion yuan, turning from a loss to a profit [3] Financial Performance - Q3 2024 revenue reached 415 82 billion yuan, up 8 05% quarter-on-quarter [4] - Q3 2024 net profit attributable to the parent company was 24 13 billion yuan, a 71 74% increase quarter-on-quarter [4] - Q3 2024 gross margin was 25 53%, with a year-on-year increase of 17 95 percentage points [4] - Adjusted gross margin for Q3 2024 was 28 43%, up 0 95 percentage points quarter-on-quarter [4] - Q3 2024 net profit margin reached 5 80%, up 2 15 percentage points quarter-on-quarter [4] Product Performance - Q3 2024 sales of the AITO series reached 110,400 units, up 11 8% quarter-on-quarter [4] - AITO M9 deliveries reached 49,300 units in Q3 2024, up 2 4% quarter-on-quarter [4] - AITO M7 deliveries reached 44,900 units in Q3 2024, up 21 3% quarter-on-quarter [4] - AITO M5 deliveries reached 16,200 units in Q3 2024, up 18 8% quarter-on-quarter [4] Strategic Developments - Seres has deepened its cooperation with Huawei, focusing on intelligent technology to reshape the competitive landscape of the high-end automotive market [1][5] - The company has acquired a 10% stake in Yinwang, which is expected to enhance profitability through increased revenue and profits from Huawei's smart selection models [5] - The cumulative orders for AITO M9 have exceeded 160,000 units, indicating strong market demand [5] Future Outlook - The company's product structure is expected to continue improving with the launch of the five-seat version of AITO M9 and the anticipated release of AITO M8 [5] - Seres' net profit for 2024-2026 is forecasted to be 5 802 billion yuan, 9 04 billion yuan, and 11 363 billion yuan, respectively [5] - The current market valuation corresponds to a P/E ratio of 30 37x, 19 49x, and 15 51x for 2024-2026 [5] Financial Projections - Revenue for 2024-2026 is projected to be 1 41416 trillion yuan, 2 01764 trillion yuan, and 2 20773 trillion yuan, respectively [10] - Gross profit margin is expected to be 27%, 26%, and 25% for 2024-2026 [10] - Net profit margin is forecasted to be 4 1%, 4 5%, and 5 1% for 2024-2026 [10]