Description of the event
Ideal Auto sold 48,000 units in June 2024, up 46.7% year on year and 36.4% month on month.
Incident comments
Ideal sold 48,000 units in June 2024, and Ideal L6 delivered more than 20,000 units in a single month. The ideal sales volume for June 2024 was 47,774 vehicles, up 46.7% year on year and 36.4% month on month. The cumulative sales volume for January-June was 189,000 units, up 77.4% year on year. Among them, the cumulative sales volume of Ideal Q2 reached 109,000 units, which is close to the performance forecast target of 105-110,000 units in Ideal's 2024 quarterly report. The new Ideal L6 has shown strong performance, delivering more than 20,000 units in a single month in June, helping the company continue to grow in sales. According to weekly data, with the launch of Ideal L6, Ideal's weekly sales continued to rise and stabilized at more than 10,000 units. In the 23rd week (6.3-6.9), the sales volume was 10,900 units, in the 24th week (6.10-6.16), the sales volume climbed to 11,700 units in the 25th week (6.17-6.23).
Under the “dual energy strategy”, the rapid layout of supercharging stations across the country and intelligent technology enhances the user experience. 1) Electricity: On March 1, Ideal 5C supercharging piles were officially put into use. As of June 30, 2024, 614 ideal supercharging stations have been put into use, an increase of 188 over the previous month, with 2,726 charging stations, an increase of 838 over the previous month. Looking forward to the future, Ideal plans to invest 6 billion yuan. By the end of 2024, it plans to build a total of 2,000 overcharging stations, and plans to build more than 5,000 overcharging stations in the future. 2) Intelligence: Ideal autonomous driving continues to iterate. After OTA 5.0 is upgraded to AD Max 3.0, it will welcome a major breakthrough, begin nationwide recruitment for the Touchless NOA experience, and it is planned to officially launch Touchless NOA to all customers in 2024Q3. At the same time, users will be provided with supervised L3 autonomous driving experiences as early as the end of 2024 and no later than the first half of 2025, and L4 level unsupervised autonomous driving will be achieved within three years.
Ideal Auto has clear plans for subsequent models, continuous layout of direct sales channels, and broad scope for future sales. At present, there are 4 extended-range SUVs on the extended range platform. The ideal MEGA and 2024 L series models were officially released at the spring press conference on March 1. The product layout of “4 extended-range electric models+1 high-voltage pure electric model” has been formed in 2024. The product matrix covers more than 200,000 markets, meeting a wider range of consumer needs. At the same time, the ideal channel structure continues to be optimized and the number continues to increase. By the end of June 2024, Ideal Auto had 497 retail centers across the country, covering 148 cities, an increase of 10 and 4 cities compared to the end of last month; 421 after-sales maintenance centers and authorized sheet spray centers, covering 220 cities, an increase of 47 and 6 cities compared to the end of last month. Looking ahead to this year, the ideal sales and service network will continue to be upgraded. It is planned to increase the number of retail centers to 800 by the end of this year, and the number of after-sales service centers and authorized sheet spray centers is expected to exceed 500.
As the pioneer of the household SUV concept, Ideal Auto's product advantages and brand design are deeply rooted in the hearts of the people, and the “Dual Energy Strategy” is expected to further expand the advantages of Ideal Auto. Subsequent new models will be launched one after another to further improve the ideal product matrix and increase the ideal overall sales space. The combined scale effect of high bicycle sales prices is expected to maintain a good profit level. The ideal sales volume is expected to reach 560,000 units (neutral) in 2024, maintaining a “buy” rating.
Risk warning
1. The global economic recovery was weaker than expected;
2. Increased competition in the industry weakens corporate profits.