SERES(SH:601127) Minsheng Securities·2025-08-08 08:37Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a wholesale sales volume of 47,900 units in July 2025, representing a year-on-year increase of 2.47% but a month-on-month decrease of 4.77%. The sales of new energy vehicles reached 44,600 units, up 5.70% year-on-year but down 3.27% month-on-month. Other vehicle sales were 3,362 units, down 27.10% year-on-year and 21.01% month-on-month [3][11] - The AITO brand, particularly the M8 model, has been a significant driver of growth, with 40,800 units delivered in July, accounting for 85.3% of the total deliveries by the brand [11][12] - The company is expected to maintain high sales levels in August, supported by the strong performance of the M8 and the upcoming launch of the new M7 model [12][13] Summary by Sections Sales Performance - In July 2025, the company achieved a wholesale sales volume of 47,900 units, with new energy vehicles contributing 44,600 units. Cumulative sales for the first seven months of the year reached 216,700 units [11] - The AITO brand's M8 model has seen significant success, with over 60,000 units delivered by August 1, 2025 [12] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 167.99 billion, 226.05 billion, and 240.97 billion yuan respectively, with year-on-year growth rates of 15.7%, 34.6%, and 6.6% [13] - Expected net profits for the same years are 10.22 billion, 12.26 billion, and 13.53 billion yuan, with growth rates of 71.9%, 20.0%, and 10.3% [13] Market Position - The company has improved its brand value significantly, ranking 169th in the 2025 Fortune China 500 list, an increase of 235 positions from the previous year [12]