SERES(SH:601127) Dongguan Securities·2025-11-04 08:51Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 98.01 billion, 131.23 billion, and 168.15 billion yuan respectively, corresponding to PE ratios of 25.86, 19.32, and 15.07 times [2][7]. Core Insights - The company has shown a continuous improvement in gross margin, reaching 29.9% in Q3 2025, an increase of 4.4 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, driven by a higher proportion of high ASP models and scale effects [5]. - The total revenue for the first three quarters of 2025 reached 1,105.3 billion yuan, a year-on-year increase of 3.7%, with Q3 revenue at 481.3 billion yuan, up 15.8% year-on-year and 11.3% quarter-on-quarter [5]. - The company is advancing its "internationalization + intelligence" strategy, which is expected to open up long-term growth opportunities, particularly with its upcoming listing on the Hong Kong Stock Exchange [5]. Summary by Sections Financial Performance - In Q3 2025, the company's net profit attributable to shareholders was 23.7 billion yuan, a slight decrease of 1.7% year-on-year but an increase of 8.1% quarter-on-quarter [5]. - The non-recurring net profit for the first three quarters was 47.7 billion yuan, up 26.7% year-on-year, while Q3 non-recurring net profit was 22.9 billion yuan, down 1.4% year-on-year but up 10.2% quarter-on-quarter [5]. Sales and Market Position - The total sales volume of the AITO series reached 124,000 units in Q3 2025, a year-on-year increase of 12.2% and a quarter-on-quarter increase of 16.0% [5]. - The AITO M8 and M9 models maintained leading positions in the high-end smart electric vehicle market, with cumulative sales exceeding 60,000 and 30,000 units respectively [5]. Strategic Initiatives - The company is deepening its collaboration with Huawei in the field of smart technology, covering areas such as intelligent driving and smart cockpit systems, which may provide new growth avenues [5].