SERES(SH:601127) 东吴汽车黄细里团队·2025-05-01 14:53Core Viewpoint - The company reported its Q1 2025 performance, showing a significant decline in revenue but a notable increase in net profit year-on-year, indicating a mixed performance influenced by product transitions and seasonal factors [4][5]. Revenue Performance - In Q1 2025, the company achieved revenue of 19.15 billion yuan, reflecting a quarter-on-quarter decline of 27.9% and a year-on-year decline of 50.3% [4]. - The AITO brand delivered 45,300 vehicles in Q1, down 45.7% year-on-year and 53.1% quarter-on-quarter, primarily due to the Spring Festival holiday and a product transition period [5]. - The average selling price (ASP) increased to 423,000 yuan, up 32.6% year-on-year [5]. Profitability Metrics - The company reported a net profit attributable to shareholders of 750 million yuan, a year-on-year increase of 240.6% but a quarter-on-quarter decline of 60.8% [4]. - The gross margin for Q1 was 27.6%, showing a year-on-year increase of 6.1 percentage points [5]. - The net profit margin was 3.9%, reflecting a year-on-year increase of 3.1 percentage points [5]. Cost and Expense Management - The selling, general, and administrative expenses (SG&A) ratio was 13.9%, with R&D expenses at 5.5%, indicating a continued investment in innovation [5]. - The company is focusing on technological advancements in smart range-extended electric vehicles and intelligent driving systems [5]. New Product Launch and Market Position - The M8 model has shown strong pre-order performance, with over 60,000 units booked within 13 days of its launch [6]. - The company’s asset-liability ratio improved to 76.83%, down from 87.38% at the end of 2024, due to sustained profitability and strategic equity acquisitions [6]. Future Plans and Capital Raising - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital operations and competitiveness [7]. - The IPO proceeds will be allocated primarily to R&D (70%), marketing (20%), and general corporate purposes (10%) [7]. Earnings Forecast - The company maintains its profit forecasts for 2025, 2026, and 2027 at 9.6 billion, 14.2 billion, and 18.5 billion yuan respectively, with corresponding price-to-earnings ratios of 22, 15, and 11 times [8].