公 汽车 司 2024年04月 19日 报 理想汽车-W(2015.HK) 告 L6上市，L系列售价下探扩大销量基本盘 推荐（维持） 事项： 公司旗下L系列第四款车型L6正式上市，L6共推出两款配置车型，其中L6 Pro 股价：114.8 元（港币） 售价24.98万元，L6 Max售价27.98万元，在24年5月5日24点前定购的 用户还可享受20000元的定购权益。L6将在4月下旬开启小批量交付，5月份 公 主要数据 开启大批量交付。 司 平安观点： 行业 汽车 事 公司网址 ir.lixiang.com  L6延续 L系列设计风格，聚焦年轻家庭市场。L6是理想L系列第四款车 大股东/持股 Amp Lee Ltd/16.77% 型，也是 L 系列尺寸最小，售价最低的车型。从造型风格和配置看，L6 项 实际控制人 李想 延续了公司此前 L 系列的造型和配置策略，在智驾方面采用地平线 J5 和 点 总股本(百万股) 2122.02 英伟达 Orin 两套智驾方案。L6 底盘搭载的是 CDC 运动悬架，并未搭载 流通A股(百万股) 评 流通B/H股(百万股) 空气悬架。从市场定位来看，L6 主要面向的是年轻家 ...

智通财经APP获悉，理想汽车-W(02015)跌超7%，截至发稿，跌7.06%，报106.7港元，成交额6.82亿港元。 消息面上，4月18日，理想汽车第四款中型增程SUV理想L6正式上市，提供max/pro两种配置，新车售价24.98/27.98万元。乘联会秘书长崔东树此前公布数据显示，2023年中国市场20万~30万元价位乘用车的零售销量占比为15.9%，30万~40万元价位乘用车的零售销量占比为11%，40万元以上价位乘用车的零售销量占比则为3.2%。 东方证券此前指出，2024年理想等相继推出下沉车型，加之华为、小米等新进车型上市，预计20-30万元新能源车细分市场竞争将持续白热化。平安证券则表示，理想汽车的一系列调整措施凸显了敏捷的纠错能力，公司后手准备充足，定位于20万~30万元价格区间的理想L6月销量有望达到2万辆，四款L系列车型盈利能力强劲，依然是公司2024年的销量基盘。 ...

【TechWeb】4月19日消息，昨日理想汽车正式发布家庭五座豪华SUV——全新理想L6。理想L6提供Pro和Max两个版本，理想L6 Pro全国统一零售价24.98万元，理想L6 Max全国统一零售价27.98万元。理想L6即日起开启定购，4月内将开启交付；展车和试驾车已同步到店，用户可到理想汽车全国任意零售中心试驾体验。 作为一款专为年轻家庭用户打造的豪华中大型SUV，理想L6五米以内的车身尺寸让城市驾驶灵活自如，好开好停，同时带来领先同级的超大车内空间。理想L6延续L系列标志性星环设计，造型更加精致动感。理想L6拥有同级领先的舒适豪华配置。动力方面，理想L6搭载了1.5T四缸增程器和36.8千瓦时电池组，标配双电机智能四驱，百公里加速5.4秒，CLTC综合续航里程1390公里。理想L6标配前双叉臂后五连杆悬架和CDC减振器，同时兼顾操控和舒适。智能方面，理想L6采用高清四屏交互，搭载高通骁龙8295P，车机系统经过深度优化，反应快、延迟低、网络稳，AI加持的理想同学是更强的家庭用车助手。理想L6全系标配智能驾驶系统，用户无需额外付费，智驾能力可持续成长。 自2019年12月以来，理想汽车已累计交付72万 ...

文 | 李安琪 编辑 | 李勤 理想汽车迄今为止最便宜的车型来了。 4月18日晚，理想正式发布了增程式中大型五座 SUV车型L6。车辆分为Max 和Pro两个版本，售价分别为24.98万元、27.98万元。据介绍，理想L6将于下周小批量交付，5月开启大批量交付。 这是理想第一款 30 万元以下的车型，也是目前售价最低的车型，L6承担了理想走量的重任。 从尺寸来看，车身长宽高分别为 4925mm*1960mm*1735mm，轴距为 2920mm，为L7的缩小版本。动力层面，搭载了由1.5T 增程器 + 前后双电机智能四驱系统所组成的增程式混动系统，百公里加速 5.4s。CLTC 综合续航达到 1390km，纯电续航里程为 212km。 L6全系皆为四驱，并且在理想增程车上首次采用了磷酸铁锂电池；同时没有搭载空气悬架，而是采用了CDC 运动悬架。 作为理想家族的产品，L6车辆内外没有太多悬念。外观依然有理想的家族式星环灯，但也有侧标志灯与星环灯融合等新细节，还有小象灰等限定外观颜色。 车内有四屏联动，包括中控屏、副驾娱乐屏、安全驾驶交互屏和 HUD 抬头显示，还标配高通骁龙 8295 芯片。 智能化方面，L6也有 ...

智通财经APP讯，理想汽车-W(02015)发布公告，公司正式发布了家庭五座豪华SUV-理想 L6。理想L6将提供Pro和Max两个版本，全国统一零售价分别为人民币24.98万元和27.98万元。理想L6将在2024年4月开启交付。 理想L6是一款豪华中大型SUV，提供了优秀的内部空间和功能配置。理想L6车长4925毫米，车宽1960毫米，车高1735毫米，轴距2920毫米。前排配置丰富，主副驾座椅均标配座椅通风、座椅加热、十点按摩，方向盘支持电动调节、加热、握力感应。理想L6第二排的最大腿部空间为1135毫米，头部空间为968毫米;同时，电动调节座椅、三座加热、两座通风、独立空调、带电动遮阳帘的全景天幕、压缩机冰箱(仅在理想L6 Max上标配)等配置，为二排用户提供了宽敞舒适的乘坐体验。此外，理想L6的后备厢进深超过1米，二排座椅支持一键电动放倒和復位，为用户提供了超大且灵活的储物空间。 理想L6具有卓越的性能和安全。理想L6搭载基于最新一代磷酸铁锂电池打造的增程电动系统，CLTC综合续航里程达到1390公里，CLTC纯电续航里程达到212公里。理想L6全系标配双电机智能四驱系统，总功率达300千瓦，百公里 ...

智通财经APP获悉，理想汽车-W(02015)涨超4%，截至发稿，涨3.98%，报114.9港元，成交额6.1亿港元。 消息面上，据理想汽车官方微博，全新理想L6产品发布会将于4月18日8点举行。光大证券此前指出，增程仍为2024E理想销量增长主要驱动力(关注L6上市的催化剂效应)，预计交付量有望逐季企稳改善。 该行指出，3月首款纯电MPV Mega上市订单表现不及预期；3月21日管理层宣布下调1Q24交付量指引，4月3日理想宣布开启矩阵型组织2.0升级。矩阵组织2.0升级标志着公司已从开始反思迈向付诸行动，CEO办公室职能减负+聚焦产品定义与落地有望实现公司用户价值、经营效率、决策能力的进一步提升，为后续新产品落地提供保障。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company is expected to adjust its product strategy, focusing on expanding its product range and enhancing its market share through a dual-energy strategy of range-extended and high-voltage pure electric vehicles [5]. - The revenue forecast for 2024-2026 has been adjusted to 200.2 billion, 269.5 billion, and 319.2 billion CNY, with net profits of 13.73 billion, 22.91 billion, and 31.43 billion CNY respectively, corresponding to P/E ratios of 16.6X, 9.9X, and 7.2X [5]. Summary by Sections Company Overview - The total share capital is 2,122 million shares, with a market price of 118.00 HKD and a market capitalization of 250,398 million HKD [3]. Market Performance - The company’s revenue is projected to grow significantly, with a year-on-year increase of 173.5% in 2023 and a forecasted growth rate of 61.7% in 2024 [4]. Product Strategy - The company is expanding its product lineup by lowering the price range of its range-extended vehicles to 200,000-300,000 CNY and introducing high-voltage pure electric models [5][20]. - The L6 model is expected to penetrate the 200,000-300,000 CNY market, which has a potential space of approximately 2.6 million units, with a growth rate of nearly 190% [22]. Competitive Landscape - The L6 model faces limited competition in its price range, with only the AITO series as a core competitor, indicating a favorable market structure [24]. Sales Forecast - The MEGA model is anticipated to perform well in the high-end family MPV market, with its sales ranking second in the pure electric MPV segment as of March 2024 [7]. Financial Projections - The adjusted revenue and net profit forecasts for 2024-2026 reflect a strong growth trajectory, with significant increases in both metrics [5].

Financial Performance - In 2023, the total revenue reached RMB 123.85 billion, representing a year-on-year increase of 173.5%[4] - The cumulative delivery volume for the year was 376,030 vehicles, a year-on-year growth of 182.2%[7] - The gross profit for 2023 was RMB 27.50 billion, reflecting a 212.8% increase compared to the previous year[4] - The net profit for 2023 was RMB 11.81 billion, a significant turnaround from a net loss of RMB 2.03 billion in 2022[4] - Vehicle sales accounted for RMB 120.29 billion in 2023, compared to RMB 44.11 billion in 2022, marking a growth of 172.5%[17] - Total revenue increased by 173.5% from RMB 45.29 billion in 2022 to RMB 123.85 billion in 2023[18] - Vehicle sales revenue rose by 172.7% from RMB 44.11 billion in 2022 to RMB 120.29 billion in 2023, driven by increased vehicle deliveries[18] - Gross profit increased by 212.8% from RMB 8.79 billion in 2022 to RMB 27.50 billion in 2023, with gross margin rising from 19.4% to 22.2%[20] - Operating profit for 2023 was RMB 7.41 billion, compared to an operating loss of RMB 3.65 billion in 2022[23] - Cash position increased by 75.1% from RMB 59.21 billion in 2022 to RMB 103.67 billion in 2023[27] Product Development and Launches - The company launched the flagship SUV models, Li L7 and Li L8, in February 2023, followed by the Li L9 Pro in August 2023[7] - The Li MEGA MPV was unveiled at the Guangzhou International Auto Show on November 17, 2023, showcasing advanced safety and electric technology[7] - The launch of the 2024 Li L series models aims to enhance product capabilities to better meet family user needs[15] - The launch of the Li MEGA, the first high-voltage pure electric model, was announced in March 2024, with a retail price of RMB 559,800[14] Market Position and Sales - The company established itself as the best-selling brand in the RMB 300,000 to 500,000 SUV segment in China[7] - The cumulative delivery volume for the Li L9, Li L8, and Li L7 models each surpassed 100,000 units, solidifying their market positions[7] - The company achieved the highest safety ratings for its vehicles, with the Li L9 receiving a five-star safety certification from C-NCAP[7] Research and Development - Research and development expenses in 2023 amounted to RMB 10.59 billion, which is 8.5% of total revenue[11] - Research and development investments have increased by 40%, focusing on electric vehicle technology and autonomous driving[87] Corporate Governance and Management - The company has adopted the corporate governance code as a baseline for its governance practices and has complied with all applicable provisions during the reporting period[94] - The company emphasizes high corporate governance standards to protect shareholder interests and enhance corporate value[93] - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[97] - The company has established a remuneration committee to review the remuneration policy for directors and senior management, ensuring it reflects their qualifications and contributions[73] Financial Position and Liabilities - The company reported a total debt of RMB 82,892,249, which is a substantial increase from RMB 41,351,644 in the previous year[188] - The total liabilities increased from RMB 27,372,601 thousand in 2022 to RMB 72,742,709 thousand in 2023, indicating a significant rise in financial obligations[187] - The company’s long-term investments increased from RMB 1,484,491 thousand in 2022 to RMB 1,595,376 thousand in 2023, a growth of 7.5%[187] Shareholder Relations - The company encourages shareholders to participate in the annual general meeting or appoint representatives to vote on their behalf[136] - The company will provide reasonable information to shareholders to make informed decisions on proposed resolutions at the annual general meeting[136] - The company maintains effective communication with shareholders, particularly during annual general meetings, to enhance investor relations[133] Risks and Challenges - The company faces challenges as a new entrant in the pure electric vehicle market, with limited operational history and unproven capabilities in large-scale production[38] - The company continues to face risks associated with the supply chain, particularly with single-source suppliers for critical components[38] - The company is subject to evolving Chinese laws and regulations regarding data privacy and cybersecurity, which could impact its operations and reputation[39] Future Outlook - The company has set a future revenue guidance of $2 billion for the upcoming fiscal year, indicating a growth target of 20%[84] - New product launches are expected to contribute an additional $100 million in revenue over the next two quarters[85] - The company is expanding its market presence in Southeast Asia, aiming for a 30% market share by the end of 2024[86] Employee and Compensation - Employee compensation expenses totaled RMB 12.14 billion in 2023, up from RMB 7.43 billion in 2022[33] - The remuneration policy aims to ensure compensation is based on skills, knowledge, and responsibilities, with executive directors' pay linked to company performance and market conditions[75] Audit and Compliance - The independent auditor's report confirmed that the financial statements present a true and fair view of the company's financial performance and position[179] - The audit committee reviews the effectiveness of the company's risk management and internal control systems, including financial reporting and internal audit functions[123]

证券研究报告·海外公司点评·汽车(HS) 理想汽车-W（02015.HK） 3 月销量表现超预期，产品矩阵持续丰富支 2024年 04月 03日 撑新车大年 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E huangxl@dwzq.com.cn 证券分析师 杨惠冰 营业总收入（百万元） 27,010 45,287 123,852 190,649 312,707 执业证书：S0600523070004 同比 185.62% 67.67% 173.48% 53.93% 64.02% yanghb@dwzq.com.cn 归母净利润（百万元） -321.46 -2,012.22 11,650.08 14,332.97 24,924.43 同比 -111.96% -525.97% 678.97% 23.03% 73.90% 股价走势 EPS-最新摊薄（元/股） -0.15 -0.95 5.49 6.75 11.75 理想汽车-W 恒生指数 P/E（现价&最 ...

证券研究报告 公 2024年04月02日 司 报 告 理想汽车-W(02015) │ 行 业： 汽车/乘用车 港 投资评级： 股 理想 3 月交付数据点评： 当前价格： 121.30港元 - 公 车型产品力领航，智能超充生态全面升级 目标价格： 司 事件： 点 基本数据 评 研 2024 年 3 月，理想汽车交付新车 28,984 辆，同比增长 39.2%。2024 年第 总股本/流通股本(百万股) 1,991.80/1,991.80 究 一季度共计交付80,400辆，同比增长52.9%。 流通市值(百万港元) 241,604.88 ➢ 产品上市与迭代完成，迎接2024产品大年 每股净资产(元) 25.37 2024年3月，理想汽车共计交付新车 2.9万辆，同比增长 39.2%，2024Q1 资产负债率(%) 50.40 交付8.0万辆，同比增长52.9%，一季度交付数据超过3月21日交付量更 一年内最高/最低(港元) 185.50/86.80 新后的上限值。我们预计理想2024Q1汽车销售业务营业收入为255-265亿 元，同比持续高增。3月1日理想发布全新旗舰纯电 MPV车型Mega，发布 股价相对走势 ...