Key points of investment
In August 2024, Ideal Auto delivered 48,122 new vehicles, a year-on-year increase of 37.8%. A total of 288,103 vehicles were delivered in January-August 2024, an increase of 38.4% year over year. As of August 31, 2024, the cumulative delivery volume of Ideal Cars reached 921,467 units. Ideal L6 continued its strong performance, with monthly deliveries exceeding 20,000 vehicles in March, and is highly competitive in the 0.2 million yuan to 0.3 million yuan price range.
In August, Ideal Auto delivered 48,122 new cars, up 37.8% year over year. A total of 288,103 vehicles were delivered from January to July 2024. The performance of Ideal L6 in August was still impressive, with sales exceeding 20,000 for March in a row. In terms of channel layout, as of August 31, Ideal Auto has 481 retail centers across the country, covering 145 cities; 423 after-sales maintenance centers and authorized sheet spray centers, covering 220 cities. Ideal Auto has 748 ideal supercharging stations in use across the country, with 3,506 charging stations.
The penetration rate of the ideal NOA city has increased, and OTA 6.2 smart driving has been upgraded again. The ideal full-stack self-developed end-to-end + visual language model system continues to evolve. Currently, the urban NOA mileage penetration rate of test users has exceeded 50%, user satisfaction continues to rise, and the NPS value has reached a new high during the year. On August 31, Ideal OTA 6.2 was launched. In terms of intelligent driving, high-speed NOA construction diversion, street scene safety capabilities were further enhanced, custom freeform parking was added, and AD Pro provided closed parking. In terms of active safety, it is ideal for all-round low-speed AEB autonomous braking to avoid obstacles at low speeds and prevent collisions in blind spots from front to back. In terms of the smart cockpit, Ideal added the industry's first ideal demonstration hall for interactive vehicle function demonstration applications, integrating all vehicle information such as intelligent space, intelligent driving, vehicle electrics, and comfort configuration.
Profit forecast and investment rating: We maintain the company's 2024-2026 operating income forecast of 146.3/191.8/250.7 billion yuan, respectively, +18%/+31%/+31% year-on-year, and net profit to mother of 7.5/12.1/17.6 billion yuan, respectively, -36%/+61%/+45%, respectively; corresponding EPS for 2024-2026 is 3.55/5.72/8.28 yuan, corresponding PE is 19/12/8 times, maintaining the company's “buy” rating .
Risk warning: The industry price war continues to be interpreted; the pace of development of advanced smart driving is lower than expected.