SERES(SH:601127) 汽车琰究·2025-11-03 01:08Core Viewpoint - The company reported steady growth in its Q3 2025 performance, with a focus on high-end vehicle sales and advancements in humanoid robotics, indicating a positive outlook for future revenue growth and market positioning [2][5][6]. Financial Performance - For the first nine months of 2025, total revenue reached 110.53 billion yuan, a year-on-year increase of 3.7%, with Q3 revenue at 48.13 billion yuan, up 15.8% year-on-year and 11.3% quarter-on-quarter [2][3]. - The net profit attributable to shareholders for the first nine months was 5.31 billion yuan, reflecting a 31.6% increase year-on-year, while Q3 net profit was 2.37 billion yuan, down 1.7% year-on-year but up 8.1% quarter-on-quarter [2][3]. - The adjusted net profit for the first nine months was 4.77 billion yuan, up 26.7% year-on-year, with Q3 adjusted net profit at 2.29 billion yuan, down 1.4% year-on-year but up 10.2% quarter-on-quarter [2][3]. Sales and Market Position - Total deliveries for the first nine months of 2025 amounted to 341,000 units, a decrease of 7.8% year-on-year, while Q3 deliveries were 142,000 units, up 6.3% year-on-year and 9.1% quarter-on-quarter [4]. - The high-end model sales, particularly the Wanjie M9 and M8, accounted for 77% of Q3 deliveries, indicating a shift towards premium products and sustained brand value [3][4]. Strategic Initiatives - The company has entered into a preliminary cooperation agreement with ByteDance's Volcano Engine to leverage AI technologies for humanoid robotics, aiming to expand into this emerging market [5]. - The establishment of a super factory is expected to support increased delivery volumes, while the IPO in Hong Kong is anticipated to accelerate the company's global strategy [6]. Future Projections - Revenue forecasts for 2025-2027 are projected at 160.67 billion yuan, 202.5 billion yuan, and 246.3 billion yuan respectively, with net profits expected to reach 8.43 billion yuan, 11.2 billion yuan, and 13.82 billion yuan [6][7].