SERES(601127)2025-06-05 00:25Investment Rating - The report maintains a "Buy" rating for the company with a target price based on the last closing price of 134.60 [1][8] Core Insights - The company has seen significant growth in the delivery of its model, the Wanjie M8, with a delivery volume of 12,116 units in May, marking a substantial increase in weekly deliveries [4][5] - The Wanjie M8 has received over 80,000 pre-orders, indicating strong market demand, while the Wanjie M9 has also achieved over 60,000 pre-orders for its 2025 model [5][8] - The establishment of a joint venture for humanoid robot development signals the company's expansion into new growth areas [5][8] Financial Projections - Revenue projections for 2025-2027 are estimated at 189.11 billion, 220.78 billion, and 263.83 billion respectively, with year-on-year growth rates of 30.26%, 16.75%, and 19.50% [8] - The net profit attributable to the parent company is projected to be 10.22 billion, 12.60 billion, and 15.51 billion for the same years, reflecting growth rates of 71.92%, 23.21%, and 23.13% [8] - The diluted earnings per share (EPS) are expected to rise from 3.94 in 2024 to 9.49 in 2027, with a corresponding decrease in price-to-earnings (PE) ratio from 33.86 to 14.23 [8][12] Market Position and Strategy - The company is enhancing its production capacity with a target of 390,000 units by 2024, utilizing advanced manufacturing technologies to reduce costs and improve efficiency [7][8] - The company is also pursuing a global expansion strategy, including plans for an H-share listing to enhance its international competitiveness [7][8]