SERES(601127) 长江证券·2025-05-06 08:45Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company reported Q1 2025 revenue of 19.147 billion yuan, a year-on-year decrease of 27.9%, while achieving a net profit attributable to shareholders of 748 million yuan, a significant increase of 240.6% year-on-year [2][4]. - The launch of new vehicles is expected to accelerate, with the company pushing for a listing in Hong Kong, leading to continuous marginal improvements [10]. - The projected net profit attributable to shareholders for 2025-2027 is 10.423 billion, 12.660 billion, and 14.886 billion yuan, respectively, with current market capitalization corresponding to valuations of 20.42, 16.81, and 14.30 times [2][10]. Summary by Sections Financial Performance - Q1 2025 revenue was 19.147 billion yuan, down 27.9% year-on-year and down 50.3% quarter-on-quarter. Vehicle sales reached 68,000 units, down 40.1% year-on-year and down 46.4% quarter-on-quarter. The average revenue per vehicle was 280,100 yuan, an increase of 4,740 yuan year-on-year [10]. - The gross margin for Q1 2025 was 27.6%, up 6.10 percentage points year-on-year, while the net profit margin was 3.9%, up 3.08 percentage points year-on-year [10]. - The company’s expense ratio was 22.1%, with stable cost control across sales, management, R&D, and financial expenses [10]. Market Outlook - The company is set to launch several new models, including the M5/M9 facelift in March and the M8 in April, which is expected to alleviate the current market hesitation and boost sales [10]. - The M8 has already received over 60,000 pre-orders, and total sales are anticipated to exceed 120,000 units in Q2, enhancing the company's annual sales outlook [10]. - The upcoming M7 facelift and the rollout of Huawei's ADS 4.0 version are expected to further strengthen the company's competitive edge in smart vehicles [10].