SERES(SH:601127) Guoxin Securities·2025-09-08 09:32Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Views - The company achieved a significant increase in profits in Q2 2025, with a pre-sale of the revamped M7 model exceeding 100,000 units within one hour, indicating strong market demand [3][25]. - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 173.1 billion, 211.5 billion, and 247.1 billion yuan respectively, while maintaining a net profit forecast of 9.437 billion, 13.533 billion, and 16.992 billion yuan for the same years [3][34]. Financial Performance Summary - In H1 2025, the company reported revenues of 62.402 billion yuan, with a net profit of 2.941 billion yuan. Q2 2025 saw revenues of 43.255 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 125.91% [1][7]. - The gross margin for H1 2025 was 28.93%, and the net profit margin was 4.71%, both reaching record highs. In Q2 2025, the gross margin increased to 29.52%, and the net profit margin rose to 5.07% [1][12]. - The company maintained high investment in R&D and sales, with sales, management, and R&D expense ratios of 14.33%, 2.46%, and 4.69% respectively in H1 2025 [18]. Sales Performance Summary - The core product, the Wanjie series, sold 152,100 units in H1 2025, with Q2 sales reaching 106,800 units, reflecting a year-on-year growth of 8.09% and a quarter-on-quarter growth of 135.81% [2][19]. - The revamped M9 model has consistently sold over 10,000 units monthly since its relaunch, while the M8 model, launched in April, has also seen strong sales, exceeding 22,000 units in June and July [19][25]. Future Outlook - The company is expected to benefit from the strong pre-sale performance of the revamped M7 model, which is anticipated to significantly boost sales in Q4 2025 and into 2026 [3][25]. - The company has revised its profit margin expectations upward due to improved product structure and economies of scale, with projected gross margins increasing to between 28.5% and 30% [33][34].