Tianfeng Securities' research report showed that in Q3 2024, Ideal Autos (02015) had a total revenue of 42.9 billion RMB, up by 24% year-on-year and 35.3% quarter-on-quarter; auto sales revenue was 41.3 billion RMB, up by 22.9% year-on-year and 36.3% quarter-on-quarter, mainly due to the increased automotive delivery volume; other sales and service revenue in the third quarter of 2024 reached 1.6 billion RMB, up by 45.8% year-on-year and 14.1% quarter-on-quarter, mainly attributed to the increase in cumulative vehicle sales volume and delivery volume, resulting in an increase in product and service sales.

The bank pointed out that in Q3 2024, Ideal delivered a total of 152,831 units, a 45.4% year-on-year increase, with a market share in the new energy vehicle market above 0.2 million yuan increasing from 14.4% in Q2 to 17.3% in Q3, ranking first in China's 0.2 million yuan and above passenger vehicle domestic market. The company's sales in China's 0.2 million yuan and above passenger vehicle market surpassed several mature European premium brands for the first time, ranking in the top three of all brands and leading among all Chinese brands. Since the release of Ideal L6, monthly deliveries have exceeded 25,000 units, with cumulative deliveries exceeding 0.139 million units, ranking second in the 0.2 million yuan and above passenger vehicle market, second only to Tesla's Model Y.

The bank stated that extreme concerns about domestic consumption at the transactional level had been digested in Q3. In fact, driven by the policy of trading in old cars for new ones, automobile consumption saw a slight recovery trend in July. The continued market demand beyond this point is difficult to determine, but the company's fundamentals in Q3-Q4 are expected to gradually improve, with smart driving technology development expected to drive growth in per-vehicle value/gross margin. With the completion of L6 ramp-up and the gradual recovery of 789 orders, gross margin is further released. Therefore, the bank believes that Ideal is expected to unleash elasticity in gross profit and net income in the second half of the year. The bank expects the company's adjusted net income for 2024/2025 to be 11.6/14.8 billion yuan, compared to the previous 10.5 billion yuan in 2024.