CITIC Securities: Sailesi's Q1 gross profit margin increased significantly year-on-year, optimistic about double growth in sales performance in the next 25 years.

CITIC Securities Research Report pointed out that Siles 25Q1 net profit attributable to shareholders was 748 million yuan, up 240.60% year-on-year; gross profit margin was 27.62%. In the off-season + product shift period, while revenue decreased year-on-year, the gross profit margin increased significantly year-on-year, with a slight increase month-on-month, demonstrating the improvement in sales structure leading to an enhancement in the company's profitability. It is expected that the profitability will be further significantly improved after the listing of M8, and the sales performance in 25 years is expected to double. In addition, the company's robot business is progressing steadily, with massive room for valuation potential in the future. In an optimistic scenario, the company's revenue will grow rapidly, and raw material costs will significantly decrease. The rating has been upgraded to "buy".