SERES(SH:601127) Ping An Securities·2025-04-30 07:46Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company reported a revenue of 19.15 billion yuan in Q1 2025, a year-on-year decrease of 27.9%, but achieved a net profit of 750 million yuan, reflecting a significant increase of 240.6% year-on-year [4]. - Despite a decline in sales, the company's profitability exceeded market expectations, primarily due to an increase in the sales proportion of the higher-margin model, the Wanjie M9 [7]. - The company has initiated a Hong Kong stock financing to accelerate its global strategy, with funds aimed at R&D, new marketing channels, and operational capital [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 19.15 billion yuan, down 27.9% year-on-year, while net profit rose to 750 million yuan, up 240.6% year-on-year [4]. - The gross margin for Q1 reached 27.6%, an increase of 6.1 percentage points year-on-year, despite a decline in sales [7]. Sales and Market Position - The company experienced a 45.7% year-on-year decline in sales volume, with 45,279 units sold in Q1 2025, attributed to a high base from the previous year [7]. - The launch of the 2025 models, Wanjie M9 and M8, has generated strong order demand, indicating potential for recovery in sales [7]. Future Outlook - The company forecasts net profits of 9.8 billion yuan, 13.1 billion yuan, and 15.5 billion yuan for 2025, 2026, and 2027 respectively, reflecting strong growth potential [8]. - The report emphasizes the company's leadership position in the high-end new energy vehicle sector and the expected performance boost from new model launches [8].