SERES(SH:601127) 汽车琰究·2025-08-30 14:56Core Viewpoint - The company reported a mixed performance in its 2025H1 financial results, with a decline in total revenue but significant growth in net profit, indicating a shift towards higher-end products and improved operational efficiency [2][3][4]. Revenue Performance - In 2025H1, total revenue was 62.4 billion yuan, a year-on-year decrease of 4.1%. However, Q2 revenue reached 43.25 billion yuan, showing a year-on-year increase of 12.4% and a quarter-on-quarter increase of 125.9% [2][3]. - The average selling price (ASP) per vehicle in Q2 2025 was 332,000 yuan, reflecting a year-on-year increase of 1.6% and a 5.2 thousand yuan increase [3]. Profitability Analysis - The net profit attributable to the parent company for 2025H1 was 2.94 billion yuan, up 81.0% year-on-year, with Q2 net profit at 2.19 billion yuan, representing a year-on-year increase of 56.1% and a quarter-on-quarter increase of 193.3% [2][3]. - The non-recurring net profit for 2025H1 was 2.47 billion yuan, a 72.1% increase year-on-year, with Q2 non-recurring net profit at 2.08 billion yuan, up 57.3% year-on-year and 428.3% quarter-on-quarter [2][3]. Sales and Delivery Growth - Total deliveries in 2025H1 reached 199,000 units, a year-on-year increase of 6.7%. Q2 deliveries were 130,000 units, up 7.0% year-on-year and 90.5% quarter-on-quarter [4]. - The Wanjie model delivered 108,000 units in Q2, with significant contributions from the Wanjie M9 and M8 models, indicating a strong performance in the mid-to-high-end market [4]. Product Development and Market Positioning - The Wanjie M8 electric version launched on August 25, priced between 359,800 to 449,800 yuan, saw over 7,000 pre-orders within two hours, showcasing strong market demand [5]. - The upcoming Wanjie M7, set to launch on September 27, will offer both range-extended and pure electric options, further enhancing the company's competitive edge in the electric vehicle market [5]. Future Outlook - The company is expected to see revenue growth from 178.89 billion yuan in 2025 to 259.35 billion yuan in 2027, with net profit projected to increase from 9.71 billion yuan to 15.10 billion yuan during the same period [6][8]. - The company maintains a "recommended" rating based on its growth potential and market positioning, with projected PE ratios decreasing from 23 in 2025 to 15 in 2027 [6][8].