SERES(SH:601127) Xinda Securities·2025-02-06 10:23Investment Rating - The report assigns a positive outlook for the company, indicating a potential turnaround in profitability for 2024 with a projected net profit of 5.768 billion to 6 billion yuan, marking a significant recovery from previous losses [3][4]. Core Insights - The company delivered 12,000 units of the Wanjie M9 in January, maintaining its position as the top-selling luxury vehicle in China for the past ten months [3]. - The overall sales in January totaled 22,000 units, reflecting a year-on-year decline of 45.8% and a month-on-month decline of 45.9% [3]. - The company expects a substantial increase in revenue for 2024, projecting total revenue between 144.2 billion and 146.7 billion yuan, representing a year-on-year growth of approximately 302.32% to 309.30% [3][4]. Sales Performance - The sales of new energy vehicles reached 18,000 units in January, down 51.4% year-on-year and 52.0% month-on-month [3]. - The Wanjie M8 is anticipated to contribute significantly to sales growth, with its specifications and dual-motor all-wheel-drive version already approved for production [3]. Financial Projections - The company forecasts a total sales volume of 497,000 units for 2024, which is a year-on-year increase of 96.3% [3]. - The projected gross profit margin for 2024 is expected to be around 25.3%, with net profit margins improving significantly as the company scales its operations [4]. Earnings Forecast - The report estimates the company's net profit for 2024 to be between 5.768 billion and 6 billion yuan, with further increases projected for 2025 and 2026 [4]. - Earnings per share (EPS) is expected to rise to 3.82 yuan in 2024, with continued growth anticipated in subsequent years [4].