SERES(SH:601127) Minsheng Securities·2025-07-15 06:52Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 130.03 CNY as of July 14, 2025 [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.7 billion to 3.2 billion CNY in H1 2025, representing a year-on-year increase of 66.2% to 97.0% [1][2]. - The net profit for Q2 2025 is projected to be 2.19 billion CNY, showing a year-on-year growth of 56.0% and a quarter-on-quarter increase of 188.9% [1]. - The company is experiencing a strong performance in the high-end market, particularly with the launch of the AITO M8, which has received over 60,000 pre-orders within 13 days of its release [3]. - The company is pursuing a global strategy through its Hong Kong IPO, aiming to enhance its R&D capabilities and expand its international market presence [3]. Financial Performance Summary - The company forecasts revenues of 178.89 billion CNY for 2025, with a growth rate of 23.2% [5]. - The net profit attributable to shareholders is expected to reach 10.51 billion CNY in 2025, reflecting a growth rate of 76.8% [5]. - The earnings per share (EPS) is projected to be 6.44 CNY for 2025, with a price-to-earnings (PE) ratio of 20 [5][10]. - The company anticipates a steady increase in revenues and profits through 2027, with revenues reaching 259.35 billion CNY and net profits of 15.14 billion CNY by that year [5][10].