SERES(SH:601127) Changjiang Securities·2025-07-08 23:30Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - In June, the company achieved a record high sales volume of 46,086 units, bringing the total sales for the first half of the year to 172,108 units. The M8 model's delivery accelerated, and the sales of the Wanjie series doubled quarter-on-quarter in Q2 [2][4]. - The company is expected to see significant profit growth, with projected net profits for 2025-2027 at 10.423 billion, 12.660 billion, and 14.886 billion yuan respectively. The current market valuation corresponds to P/E ratios of 21.39, 17.61, and 14.98 times for the respective years [2][5]. Summary by Sections Sales Performance - The company reported a sales volume of 43,000 units in June, with a continuous high growth rate since Q2. The Wanjie M9 model sold 12,000 units, maintaining a leading position in the 500,000 yuan price range. The M8 model's sales reached 21,000 units in June, reflecting a 74.85% month-on-month increase. Cumulatively, the company sold 107,000 units in Q2, representing a 137.3% increase compared to Q1 [5]. New Product Planning - The new product lineup is becoming clearer, supporting long-term sales growth. The Wanjie M5 and M9 facelift models are expected to launch in H1 2025, with the M8 model already showing strong performance with over 80,000 pre-orders. The company anticipates that the M7 model's facelift will further boost sales, alongside the rollout of Huawei's ADS 4.0 version, enhancing the competitiveness of smart vehicles [5]. Financial Projections - The report forecasts the company's net profits for 2025-2027 at 10.423 billion, 12.660 billion, and 14.886 billion yuan, with corresponding P/E ratios of 21.39, 17.61, and 14.98 times. This indicates a strong growth trajectory and justifies the "Buy" rating [2][5].