SERES(601127) 方正证券·2025-03-14 09:43Investment Rating - The report maintains a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [10]. Core Insights - The company experienced a slight fluctuation in sales in February, with total vehicle sales of 21,329 units, reflecting a year-on-year decrease of 39.4% and a month-on-month decrease of 4.9%. The sales of new energy vehicles were 17,841 units, down 41.0% year-on-year and 0.4% month-on-month [3][4]. - The flagship SUV, the Wanjie M9, has achieved over 200,000 pre-orders in 12 months and has been the monthly sales champion in the luxury segment for nine consecutive months, indicating strong brand positioning [4]. - The launch of the 2025 models of Wanjie M9 and M8 is expected to further enhance market leadership, with pre-orders exceeding 30,000 and 58,000 units respectively within a week of opening [4]. Financial Forecast - The company is projected to achieve revenues of 146.7 billion, 191.9 billion, and 228.6 billion RMB for the years 2024, 2025, and 2026 respectively, with net profits expected to reach 5.8 billion, 10.5 billion, and 12.4 billion RMB in the same years [5][6]. - The earnings per share (EPS) is forecasted to improve from -1.63 RMB in 2023 to 6.97 RMB in 2025, and further to 8.23 RMB in 2026 [6][7]. - The return on equity (ROE) is expected to rise significantly, from -21.48% in 2023 to 42.00% in 2025, indicating a strong recovery and profitability trajectory [6][7].