According to a research report released by Dongwu Securities, maintaining the Ideal Automobile-W (02015) “buy” rating, the expected operating income from 2024 to 2026 is 1513/2169/273.2 billion yuan, and net profit to mother is 83/13/18.6 billion yuan. In June 2024, Ideal Auto delivered 47,774 new vehicles, an increase of 46.7% over the previous year. Under the dual effects of the launch of the new model Ideal L6 and improved store efficiency, Q2 returned to the top of the sales list of new Chinese brands and won the Chinese automobile brand sales championship in the NEV market of over 200,000 yuan.
The main views of Dongwu Securities are as follows:
In June, Ideal Auto delivered 47,774 new vehicles, a year-on-year increase of 46.7%.
Ideal L6 contributed the most to sales in June, contributing more than 40% to Ideal Cars. In terms of channel layout, as of June 30, Ideal Auto had 497 retail centers across the country, covering 148 cities; 421 after-sales maintenance centers and authorized sheet spray centers, covering 220 cities. Ideal Auto has put into use 614 ideal supercharging stations across the country. It has 2,726 charging piles, 485 high-speed ideal supercharging stations, fully connected to the four major economic belt core cities, and 129 ideal supercharging stations in the city. The sales potential of the Ideal L series continued to increase in June. The delivery volume of the Ideal L successfully exceeded 20,000 units in June, and the monthly delivery volume of all products exceeded 40,000 units.
Cooperate with Kunlun Grid and continue to iterate intelligently.
On a strategic level, the signing ceremony of the cooperation agreement between Kunlun Power Grid and Ideal Auto was held at Ideal Auto's Beijing R&D headquarters to jointly promote the development and construction of charging infrastructure across the country. It is planned that by the end of 2024, more than 2,000 ideal overcharging stations and 10,000 ideal charging stations will be opened at national highways and cities. The coverage rate of core urban areas in Tier 1, 2, and 3 tier 3 cities will exceed 90%, and the mileage coverage rate of national high-speed trunk lines exceeds 70%; the intelligent dimension, Ideal Auto will broadcast the 2024 smart driving summer press conference on July 5, 2024. NOA capability. NoA will be officially promoted to all AdMax users, so that it can be used nationwide and is easy to use all over the country.
Risk warning: The recovery in downstream demand for passenger cars fell short of expectations; the price war exceeded expectations.