SERES(SH:601127) 东吴汽车黄细里团队·2025-08-30 15:23Core Viewpoint - The company's Q2 2025 performance exceeded expectations, with significant revenue and profit growth driven by the successful launch of the M8 model, positioning it favorably in the high-end automotive market [2][3][5]. Revenue Performance - In Q2 2025, the company achieved revenue of 43.25 billion yuan, representing a quarter-on-quarter increase of 12.4% and a year-on-year increase of 125.9% [2]. - The AITO brand delivered 107,000 vehicles in Q2, with a year-on-year increase of 135.8% [4]. - The average selling price (ASP) for Q2 was 405,000 yuan, showing a quarter-on-quarter increase of 3.9% [4]. Profitability - The net profit attributable to shareholders for Q2 was 2.19 billion yuan, with a year-on-year increase of 193.3% [2]. - The gross margin for Q2 was 29.5%, exceeding expectations with a year-on-year increase of 1.9 percentage points [4]. - The company reported a single-vehicle profit of 17,000 yuan, reflecting a year-on-year increase of 54.0% [5]. Cost and Expenses - The selling, general, and administrative expense ratios for Q2 were 14.5%, 2.0%, and 4.3%, respectively, with slight year-on-year changes [4]. - The R&D expense capitalization rate for the first half of 2025 was 43.6%, up from 26.7% in the first half of 2024, indicating increased investment in new vehicle development [4]. Future Outlook - The company has raised its net profit forecasts for 2025, 2026, and 2027 to 10.1 billion, 14.7 billion, and 19.5 billion yuan, respectively, reflecting strong growth potential [6]. - The company maintains a "buy" rating, supported by the high-end positioning of the AITO brand and improving profitability [6].