SERES(SH:601127) Huaxin Securities·2025-09-29 07:17Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company is taking a significant step in its internationalization strategy by planning to issue up to 331 million H shares, which has been approved by the China Securities Regulatory Commission. The funds raised will be used for R&D, diversified marketing channels, overseas sales, charging network services, working capital, and general corporate purposes [6][5] - The company achieved a historic turnaround in 2024, with annual sales of new energy vehicles reaching 426,900 units, a year-on-year increase of 182.84%. Revenue exceeded 145.176 billion yuan, and net profit reached 5.946 billion yuan. In the first half of 2025, net profit was 2.941 billion yuan, up 81.03% year-on-year, demonstrating strong profitability resilience [5][6] - The company has established a solid product matrix with the launch of the M9 model, which leads the luxury car market priced above 500,000 yuan, and the M8 model, which became the sales champion in the 400,000 yuan SUV segment [5][6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 186 billion yuan, 248.4 billion yuan, and 279.2 billion yuan, respectively. The expected earnings per share (EPS) for the same years are 5.25 yuan, 7.55 yuan, and 8.61 yuan, with corresponding price-to-earnings (P/E) ratios of 29.9, 20.8, and 18.3 [7][10]