Shenwan Hongyuan Research: Maintains a "buy" rating on Cecilia, the robot business is expected to make a breakthrough.

Shenwan Hongyuan Research pointed out that in the first quarter of 2025, Sailes achieved a total revenue of 19.15 billion yuan, a year-on-year decrease of 27.9% and a month-on-month decrease of 50.3%; net profit attributable to shareholders was 0.75 billion yuan, a year-on-year increase of 240.6%. Under the improvement of sales structure, the gross profit margin in the first quarter of 2025 showed a bright performance. High-end positioning remains the most important label for the company, laying the foundation for growth in 2025. It is predicted that the total sales volume of high-end autonomous driving vehicles in the Chinese passenger car market above 200,000 yuan in 2025 is expected to reach 2.23 million vehicles, an increase of 1.12 million vehicles compared to 2024, a year-on-year increase of 100.5%. As a leading player in intelligent technology, the company is expected to benefit greatly. The robot business is a key focus for this year. The company has been selected as one of the first batch of companies in Chongqing's intelligent robot project, and is expected to achieve breakthroughs in the field of robots. As a new force in luxury brands, the company's Wanjie series focuses on the middle and high-end new energy market. The company's intelligent driving capabilities are already in the domestic top tier, benefiting deeply from the wave of intelligent driving. M8 data is impressive, and the robot business is expected to make breakthroughs. The company's "buy" rating is maintained.