SERES(SH:601127)2025-03-13 06:23Investment Rating - The report rates the industry as "Overweight," indicating an expectation for the industry to outperform the overall market [15]. Core Insights - 2025 is anticipated to be the "year of acceleration" for intelligent driving technology, with significant consumer awareness and demand growth, particularly in the price segments of 100,000 to 200,000 yuan and above 400,000 yuan [5][6]. - The report highlights that both Seres and Xpeng Motors are leading in the high-end intelligent driving sector, benefiting from their technological maturity and user experience [5][6]. - The new vehicle cycles for both companies show promising product iterations and market performance, with Xpeng planning multiple model upgrades and new launches, while Seres has seen strong pre-sale orders for its flagship models [7][8]. - Robotics is identified as a key area for valuation expansion, with Xpeng's bionic robots already in production and Seres leveraging Huawei's technology for its robotics initiatives [8]. Summary by Sections Intelligent Driving Technology - The report emphasizes the growing consumer interest in intelligent driving features, particularly driven by BYD's market education efforts [5][6]. - Seres and Xpeng are positioned to benefit significantly from this trend due to their advanced technology and positive user feedback [5][6]. New Vehicle Cycles - Xpeng's upcoming models include the G6, G9, X9, and P7i, with the G6 featuring a 30% component refresh and comprehensive design upgrades [7]. - Seres has received over 11,300 pre-orders for its M9 and M8 models within the first hour of their pre-sale, indicating strong market demand [7]. Robotics Business - Xpeng is set to mass-produce L3 humanoid robots by 2026, aimed at complex industrial tasks, while Seres is advancing its robotics strategy with support from Huawei and local government initiatives [8]. - The report suggests that the combination of intelligent driving technology, new vehicle launches, and robotics will drive sales and performance growth for both companies in 2025 [8].