SERES(601127) 申万宏源·2025-02-24 01:17Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company is positioned as a leading luxury SUV manufacturer, leveraging its partnership with Huawei to enhance product offerings and market presence. The introduction of new models like the M9 and M7 has significantly boosted sales, leading to a projected net profit of 4 billion CNY in 2024 [4][6][7]. Summary by Sections Company Overview - The company, originally established in 1986, has transitioned through various phases, focusing on electric vehicles since 2016. It has launched several models under the AITO brand in collaboration with Huawei, including the M5, M7, and M9, which have contributed to its growth in the luxury SUV market [4][19][21]. Financial Data and Profit Forecast - The company is expected to achieve total revenues of 144.3 billion CNY in 2024, with a year-on-year growth rate of 302.7%. The net profit is projected to reach 5.7 billion CNY, marking a significant turnaround from previous losses [5][9][34]. Investment Highlights - The partnership with Huawei has evolved through three stages, enhancing product capabilities and market competitiveness. The company is expected to explore both high-end and mainstream markets, with the M8 model anticipated to fill pricing gaps and drive additional sales [6][8][40]. Sales and Market Dynamics - The company has seen a substantial increase in sales, with the M9 model becoming a bestseller in the high-end SUV segment. The total sales for the AITO series are projected to reach 486,000 units by 2025, contributing to a revenue forecast of 208 billion CNY [8][26][34]. Profitability and Cost Management - The gross margin is expected to improve significantly, with projections of 26.0% in 2024 and 28.2% in 2025, driven by enhanced operational efficiency and cost control measures [5][37].