理想汽车-W：应变敏捷，攻守兼备

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]