SERES(601127) 申万宏源证券·2025-05-07 09:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is strong, supported by high-end product offerings, despite a significant decline in total sales volume and revenue in Q1 2025 [4][6] - The company is expected to benefit from the growing market for high-end autonomous vehicles, with a projected increase in sales in the premium segment [6] - The company is focusing on expanding its robotics business, which is seen as a key growth area for the year [6] Financial Performance Summary - In Q1 2025, the company achieved total sales of 68,000 vehicles, a year-on-year decrease of 40.1%, with total revenue of 19.15 billion yuan, down 27.9% year-on-year [4][5] - The net profit attributable to the parent company was 750 million yuan, a significant increase of 240.6% year-on-year [4][5] - The gross margin improved to 27.6% in Q1 2025, up 6.1 percentage points year-on-year, despite a decline in sales volume [6] Revenue and Profit Forecast - Revenue projections for 2025 have been adjusted down from 184.3 billion yuan to 168.6 billion yuan, with net profit forecasts also reduced from 9.3 billion yuan to 8.7 billion yuan [6] - The company is expected to maintain a strong return on equity (ROE) of 44.1% in 2025, despite the competitive pressures in the automotive industry [5][6]