SERES(SH:601127) Xinda Securities·2025-01-22 14:20Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a revenue of 144.2 to 146.7 billion yuan in 2024, representing a year-on-year increase of 302.32% to 309.30%. The net profit attributable to the parent company is forecasted to be between 5.5 to 6 billion yuan, indicating a turnaround from losses [1][2] - The company anticipates a decline in revenue and net profit for Q4 2024, with expected revenue of 37.57 to 40.07 billion yuan, a quarter-on-quarter decrease of 10% to 4%. The net profit is projected to be between 1.46 to 1.96 billion yuan, a quarter-on-quarter decline of 39% to 19% [2] - The Wanjie M8 model is expected to contribute significantly to revenue growth, with specifications indicating a dual-motor all-wheel-drive version and battery capacities of 36.019 kWh and 51.975 kWh [2] Financial Summary - The company’s total revenue for 2024 is projected at 145.45 billion yuan, with a year-on-year growth rate of 305.8%. The net profit attributable to the parent company is expected to be 5.768 billion yuan, marking a year-on-year increase of 335.5% [3] - The gross profit margin is expected to improve to 25.3% in 2024, with a return on equity (ROE) projected at 36.4% [3] - Earnings per share (EPS) is forecasted to be 3.82 yuan in 2024, with a price-to-earnings (P/E) ratio of 34.53 [3]