SERES(SH:601127) Ping An Securities·2025-04-01 12:13Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [10]. Core Views - The company is projected to turn a profit in 2024, with a significant increase in revenue and net profit compared to previous years. The expected revenue for 2024 is 145.18 billion yuan, representing a year-on-year growth of 305.04%, and a net profit of 5.95 billion yuan, marking a turnaround from losses [4][6]. - The launch of new models in 2025 is anticipated to enhance the company's sales and profitability, with the new models expected to maintain strong competitive advantages in their respective market segments [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 145.18 billion yuan, a 305.04% increase year-on-year, and a net profit of 5.95 billion yuan, a significant recovery from a loss of 2.45 billion yuan in 2023 [4][6]. - The gross margin for the automotive business reached 25.69% in 2024, an increase of 16.18 percentage points year-on-year, with the gross margin for the new energy vehicle segment at 26.21%, up 16.29 percentage points [7]. Sales and Market Position - The company sold 427,000 new energy vehicles in 2024, a year-on-year increase of 182.8%. The Wanjie M9 model alone delivered over 150,000 units, leading the luxury car segment in China for 11 consecutive months [7]. - The upcoming models, Wanjie M8 and the updated M9, are expected to further boost sales and profitability, with strong initial order performance noted [8]. Future Projections - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 9.8 billion yuan and 13.1 billion yuan, respectively, with a new projection for 2027 set at 15.5 billion yuan [8]. - The report highlights the potential for continued growth in the Wanjie brand, especially following the introduction of new models, which are expected to enhance sales volume and profitability [8].