Key points of investment
Highlights of the incident: On April 18, Ideal Auto's fourth mid-range SUV, the Ideal L6, was officially launched, offering two max/pro configurations, and the new car sold for 24.98/279,800 yuan; the L6 continues the ideal L series product design style and still focuses on the home user segment. By May 5, Dadong will be able to enjoy preferential benefits totaling 20,000 yuan, such as 5,000 yuan deposit to 10,000 yuan final payment+10,000 yuan optional fund+5,000 yuan charging pile installation. The price of the new L6 car was basically in line with our expectations.
Positioned in the mid-size SUV market, the family lineage design has further declined, and it is expected to further stabilize the ideal market share of 200,000 yuan or more. 1) Large space performance. The ideal L6 length/wheelbase is 4925/2920mm respectively. Compared with the competitor M7 (5020/2820), the size is slightly shorter and the space is larger, giving full play to the ideal “large space” selling point. 2) Strong dynamic performance. The L6 is equipped with a 36.8kwh lithium iron phosphate battery, which supports a WLTC pure electric battery life of 182 km and a power consumption of 20.2 kwh; using standard four driving forces, the comprehensive system power/system comprehensive torque is 300 kW/529 N m, respectively. At the same price, the rear drive of the M7 accelerates 7.8s to 100 kilometers, which is slightly reduced compared to the L7/8/9. 3) Smart driving configuration. The ideal L6 high and low configuration revolves around the dual Nvidia Orin/Horizon Journey 5 series chips, each providing 508/126 TOPS computing power and distinguishing sensing hardware configurations such as lidar/8 megapixel cameras. The max version supports NOA in all scenarios such as high speed/loop line+city roads. The pro version only supports highway pilot driving, which is basically the same as the L7/8/9 configuration strategy. The max version is basically the same as the M7 five-seater smart driving version. 4) Comfortable and luxurious. The L6 comes standard with family comfort features such as Nappa leather seats/seat heating and ventilation. The cockpit is equipped with a Qualcomm 8295 chip and a 15.7-inch central control screen/co-driver entertainment screen to ensure a comfortable driving experience for all members of the family.
Overcharging networks and smart driving upgrades continue to empower a strong new car cycle, and a high increase in the share of luxury cars can still be expected: the company continues to promote the construction of high-speed and intra-city overcharging networks and fast charging networks to better solve the mileage anxiety problem of MEGA and H2 pure electric products; in an intelligent dimension, the company's all-road NOA pilot assistance driving function continues to be optimized and iterated, and software algorithm capabilities are better enhanced through large-scale model empowerment and continuous data collection. The dual dimensions of intelligence and electricity enable the new car cycle, and the company's sales volume is expected to continue to grow.
Profit forecast and investment rating: We basically maintain Ideal Auto's profit forecast for 2024-2025, with net profit to mother of 143/24.9 billion yuan, and forecast 2026 revenue/net profit to mother of 3640/31.7 billion yuan respectively, corresponding EPS of 2024 to 2026 of 6.75/11.74/14.96 yuan respectively, corresponding PE of 16/9/7 times, respectively, maintaining Ideal Auto's “buy” rating.
Risk warning: The sales volume of the company's new models fell short of expectations, and the price war in the passenger car industry exceeded expectations; the introduction of industry stimulus policies fell short of expectations.