SERES(SH:601127) 汽车琰究·2025-07-15 07:03Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, with projections indicating a year-on-year increase of 66.2% to 97.0% [1][2] Financial Performance - The forecasted net profit attributable to shareholders for H1 2025 is between 2.7 billion to 3.2 billion yuan, with a non-GAAP net profit of 2.23 billion to 2.73 billion yuan, reflecting a year-on-year increase of 55.1% to 89.9% [1][2] - For Q2 2025, the expected net profit is 2.19 billion yuan, showing a year-on-year growth of 56.0% and a quarter-on-quarter increase of 188.9% [1][2] Sales and Market Performance - The company anticipates a wholesale volume of 152,000 units for H1 2025, a decrease of 18.3% year-on-year, but Q2 2025 shows a recovery with 107,000 units sold, marking a year-on-year increase of 6.5% and a quarter-on-quarter increase of 135.8% [2] - The M8 model has gained traction in the high-end market, with 41,000 units sold in Q2 2025, contributing to the brand's upward momentum [3] Strategic Initiatives - The company has submitted an application for an H-share IPO to the Hong Kong Stock Exchange, aiming to enhance its global strategy and expand its international market presence [4] - The funds raised from the IPO will be allocated to R&D for new energy vehicles, enhancing core technology capabilities, and expanding online marketing and overseas sales channels [4] Future Projections - Revenue projections for 2025 to 2027 are 171.45 billion, 228.94 billion, and 259.35 billion yuan respectively, with net profits expected to reach 10.15 billion, 13.53 billion, and 16.74 billion yuan [5][8] - The company maintains a positive outlook with a projected PE ratio decreasing from 21 in 2025 to 13 by 2027, indicating potential for growth [5][8]