Investment Rating - The investment rating for the company is "Recommended" [1][12][18] Core Views - The official release of the first pure electric SUV, the Li Auto i8, indicates a more mature market condition compared to the MEGA launch, with a projected price above 300,000 yuan, which is nearly 200,000 yuan lower than MEGA, targeting a broader customer base [3][8][12] - The company has significantly increased its charging station network to 1,862 stations across 31 provinces and 214 cities, enhancing customer accessibility [8][12] - The expansion of range-extended vehicles is a major trend, with the market capacity for range-extended vehicles expected to reach 7.5 million units in the long term, benefiting the company in the ongoing expansion [8][12] Financial Summary - Revenue projections for the company are as follows: - 2022A: 45.287 billion yuan - 2023A: 123.851 billion yuan (YOY growth of 173.5%) - 2024E: 144.565 billion yuan (YOY growth of 16.7%) - 2025E: 194.436 billion yuan (YOY growth of 34.5%) - 2026E: 250.626 billion yuan (YOY growth of 28.9%) [5][15] - Net profit forecasts are: - 2022A: -2.012 billion yuan - 2023A: 11.704 billion yuan (YOY growth of 681.7%) - 2024E: 7.936 billion yuan (YOY decline of 32.2%) - 2025E: 14.065 billion yuan (YOY growth of 77.2%) - 2026E: 21.524 billion yuan (YOY growth of 53.0%) [5][15] - The company’s gross margin is projected to be 22.2% in 2023, with a slight decline to 21.1% by 2025 [5][15] Market Position and Competitive Landscape - The competitive landscape is evolving, with the launch of new models from competitors such as the AITO M8 and M9, which may affect the company's market position [8][9] - The company is expected to enhance its product offerings in the L series, focusing on upgrades in power systems, intelligent driving systems, and comfort features [9][12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 141.5 HKD, compared to the current price of 103.2 HKD [5]. Core Insights - The electric vehicle wave is driving domestic brands to penetrate the high-end market, with a significant increase in market share from less than 5% in 2019 to over 30% by 2024 in the SUV market priced above 300,000 RMB [1][12]. - The company is focusing on enhancing its product definition capabilities and improving its charging network, which is expected to lead to significant growth in its pure electric vehicle sales [2][45]. - The company has established an overseas department to accelerate its international expansion, particularly in markets like Russia and the Middle East, where it has already seen promising sales figures [3][31]. Summary by Sections 1. High-End Market Domestic Substitution Acceleration - The domestic brands are gaining traction in the high-end market, with a market share increase to over 40% by Q3 2024 [12]. - The competitive landscape is shifting as traditional luxury brands face declining sales, with BBA's sales in China expected to drop by 10% in 2024 [1][21]. 2. Pure Electric Network Improvement - The company has made significant investments in its charging network, with the number of charging stations increasing from 349 to 1730 within a year [50]. - The introduction of the 800V platform is expected to enhance the efficiency and appeal of its pure electric models, addressing consumer concerns about charging times [46][49]. 3. Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 147.6 billion, 201.9 billion, and 251.8 billion RMB, with net profits of 8.6 billion, 14.9 billion, and 18.6 billion RMB respectively [4][52]. - The company is expected to maintain a price-to-sales ratio of 1.00 by 2025, reflecting its strong market position and growth potential [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from the clear trend of range-extended vehicle expansion, with a solid foundation for 2025 despite competition [6][19] - The company has multiple strategies to respond to competition, including production capacity increases and product upgrades [19][25] - The company is well-positioned to capture market share in the 200,000 to 300,000 RMB price range for pure electric vehicles [40][48] - The company has a competitive advantage in intelligent driving technology, with rapid feature iterations and early releases [52] Summary by Sections 1. Agile Adjustments and Efficiency - The company has adjusted its pure electric strategy and maintains leading operational efficiency, with a gross margin around 20% [9] - Despite challenges, the company’s overall operations remain stable, with a significant recovery in profitability expected in the latter half of 2024 [10][16] 2. Range-Extended Vehicle Expansion - The company is expected to benefit from the expansion of range-extended vehicles, with L6 sales projected to grow over 50% in 2025 [19][25] - The competitive landscape is manageable, with the company’s L series facing limited direct competition [19][20] 3. Pure Electric Strategy - The company plans to leverage the large market potential in the 200,000 to 300,000 RMB price range for pure electric vehicles, where penetration rates are high [41][48] - The company is prepared to adjust its pure electric vehicle launch schedule based on market conditions [46] 4. Intelligent Driving Advantage - The company has a high ownership rate of intelligent driving vehicles and is rapidly iterating features, with plans to enhance the driving experience significantly by 2025 [52] - The company’s intelligent driving training data volume is substantial, supporting faster iterations and improvements [52]

丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车点评：12 月销量 5.9 万辆创新高，全 年销量突破 50 万辆 报告要点 [Table_Summary] 理想 2024 年 12 月销量 5.9 万辆，同比增长 16.2%，环比增长 20.1%。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 想汽车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车点评：2] 12 月销量 5.9 万辆创新高，全 年销量突破 50 万辆 [Table_Summary2] 事件描述 理想 2024 年 12 月销量 5.9 万辆，同比增长 16.2%，环比增长 20.1%。 事件评论 丨证券 ...

证券研究报告 港股公司|公司点评|理想汽车-W（02015） 理想汽车 2024 年 12 月销量点评：年度 交付破 50 万辆，AI 助力下一阶段成长 请务必阅读报告末页的重要声明 glzqdatemark1 2025年01月06日 基本数据 | 总股本/流通股本(百万股) | 1,992/1,992 | | --- | --- | | 流通市值(百万港元) | 191,312.02 | | 每股净资产(元) | 31.90 | | 资产负债率(%) | 58.71 | | 一年内最高/最低(港元) | 182.90/68.65 | 证券研究报告 |报告要点 2025 年 1 月 1 日，理想汽车公布 2024 年 12 月及全年交付数据。2024 年 12 月，理想汽车交 付 58,513 辆，同比增长 16.2%。2024 年累计交付 500,508 辆。我们预计公司 2024-2026 年营 业收入分别为 1473/2054/2800 亿元，同比增速分别为 19.0%/39.4%/36.3%，归母净利润分别 为 85.3/142.4/237.3 亿 元 ， 同 比 增 速 分 别 为 -27.1%/6 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车点评：11 月销量 4.9 万辆，智驾迭代 推动 AD Max 销售占比超过 70% | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 理想 2024 年 11 月销量 4.9 万辆，同比增长 18.8% ，环比下滑 5.3% 。理想汽车产品优势和品 | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 理想汽车-W（2015.HK） cjzqdt11111 2024-12-03 港股研究丨公司点评 [Table_BaseData] 当前股价（ ...

港股公司报告 | 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 港股公司|公司点评|理想汽车-W（02015） 理想汽车 11 月交付数据点评： 端到端加速推送，高阶车型占比提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年12月03日 证券研究报告 |报告要点 2024 年 12 月 1 日，理想汽车公布 2024 年 11 月交付数据。2024 年 11 月，理想汽车交付新车 48,740 辆，同比增长 18.8%。我们预计公司 2024-2026 年营业收入分别为 1473/2054/2800 亿 元，同比增速分别为 19.0%/39.4%/36.3%，归母净利润分别为 85.3/142.4/237.2 亿元，同比 增速分别为-27.1%/67.0%/66.6%，EPS 分别为 4.02/6.71/11.18 元/股，3 年 CAGR 为 40.6%。 公司产品力提升，智能电动加速，销量兑现和盈利能力兑现。维持"买入"评级。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年12月03日 理想汽车-W(02015) 理 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车点评：10 月销量超 5.1 万辆，连续 27 周获中国市场新势力品牌销量第一 | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------| | | | | | | | 。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 | | | | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 理想汽车-W（2015.HK） cjzqdt11111 [Table_BaseData] 当前股价（HKD） 88.50 注：股价为 2024 年 11 月 13 日收盘价 [Table_Title 理想汽车点评： ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车三季报点评： L6 销量占比近 50%，规 模效应拉动毛利率提升明显 | --- | --- | |-----------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2024Q3 理想销量 | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 理想汽车-W（2015.HK） cjzqdt11111 2024-11-11 港股研究丨公司点评 [Table_BaseData] 当前股价（HKD） 96.05 注：股价为 2024 年 11 月 8 日收盘价 [Table_Title 理想汽车三季报点评： 2] L6 销量占比近 50%，规 模效应拉动毛利率提升明显 [Table_Summary2] 事件描述 理想汽车三季度实现营收 428.7 亿元，同比+23.6 ...