SERES(SH:601127) 光大证券研究·2025-09-06 00:03Core Viewpoint - The company shows signs of performance recovery in Q2 2025, driven by increased sales of the high-end model, the Aito M8, indicating a positive trend in revenue and profit margins [3][4]. Group 1: Financial Performance - In the first half of 2025, the company's operating revenue decreased by 4.1% year-on-year to 62.4 billion yuan, while the net profit attributable to shareholders increased by 81.0% to 2.94 billion yuan [3]. - In Q2 2025, the operating revenue increased by 12.4% year-on-year and 125.9% quarter-on-quarter to 43.25 billion yuan, with net profit rising by 56.1% year-on-year and 193.3% quarter-on-quarter to 2.19 billion yuan [3]. Group 2: Sales and Profitability - In the first half of 2025, the company's vehicle sales decreased by 15.8% year-on-year to 199,000 units, with Aito sales down by 18.2% to 148,000 units, where the M8 and M9 models accounted for 66.6% of total sales [4]. - In Q2 2025, vehicle sales increased by 7.0% year-on-year and 90.5% quarter-on-quarter to 130,000 units, with Aito sales up by 3.8% year-on-year and 122.3% quarter-on-quarter to 102,000 units, where M8 and M9 accounted for 73.7% of sales [4]. - The company's gross margin improved by 3.9 percentage points year-on-year to 28.9% in the first half of 2025, and in Q2 2025, the gross margin increased by 2.0 percentage points year-on-year and 1.9 percentage points quarter-on-quarter to 29.5% [4]. Group 3: Strategic Initiatives - The company is focusing on high-end brand positioning and leveraging Huawei's support, aiming to build long-term competitiveness through multiple strategies: 1. Deepening technology layout and enhancing manufacturing capabilities, utilizing a self-developed technology platform for efficient vehicle development [5]. 2. Actively pursuing globalization by establishing subsidiaries in Kazakhstan, Uzbekistan, and Mexico, and planning to issue H-shares to raise funds for global expansion [5]. 3. Forward-looking initiatives in robotics, collaborating with Beihang University to establish a company focused on intelligent robotics research and sales [6].