Jinwu Financial News | According to Northeast Securities Research, Ideal Auto (02015) released its first pure electric MPV model, MEGA, in March '24, and delivered more than 3,000 vehicles in that month. In April of the same year, the L6, the first 5-seater SUV product of less than 30W, was released. The cumulative number of orders during the first sales period of 4.18-5.5 has already exceeded 41,000 units. As a result, Ideal has completed full coverage of 20-50W family cars, and will further launch a variety of pure electric series products next year.
According to the bank, the company's family car market positioning is clear, and internal and external circulation is unified. Comparing ideal products with joint ventures, luxury and new power brands, we found that 2+2+2 large space, six seats, extended range power+comfortable and intelligent cockpit configuration+reasonable price are the four magic tricks for the Ideal L Series to win, highlighting the strong ability of ideal cars to accurately position products and markets.
The bank continued that the company's own brands have risen, and the high-end new energy market space is broad. According to the Passenger Federation data, sales of new energy SUVs above 30W in '23 were 671,000 units, up 136% from '22; the penetration rate of the NEV market was 15.5%, compared to 10.4% in '22. Assuming the penetration rate of new energy SUVs above 30W in 2024-2026 is 17%, 18%, and 19%, sales will reach 1.69 million units in '26. The penetration rate of 20-30W new energy SUVs in the new energy SUV market in 23 years was 33.2%. Assuming that the penetration rate of 20-30W new energy SUVs remains 35% in '26, the sales volume of 20-30W new energy SUVs will reach 3.11 million units in '26. The price range for the ideal product is broad.
The bank said that as the company continues to improve the product layout of the L series and pure electric series, the bank expects the company's total sales volume in 2024-2026 to be 48.7/81.3/1 million vehicles, with operating revenue of 1472/2330/290.8 billion yuan respectively, and net profit attributable to ordinary shareholders of 65.3/134.9/16.66 billion yuan respectively. The corresponding PE is 23.79/11.52/9.33 times, covered for the first time, giving a “buy” rating.