软件功能加速，AD Max 版本率先推送端到端+VLM理想汽车端到端+VLM 系统目前测试用户的城市NOA 里程渗透率已经超过50%，在《如何评价车企端到端能力》报告中我们认为理想具备算力和数据规模优势，未来功能有望保持领先。智能驾驶功能的下限显著提升，理想汽车已将全新一代智能驾驶技术架构端到端+VLM 双系统，推送给AD Max 平台车型的全量用户。理想汽车未来或保持高研发投入，优质智能化功有望提升公司用户满意度。智驾技术的迭代带动AD Max 车型需求增长，目前30 万元以上车型的AD Max 销售占比超过70%，40 万元以上车型AD Max 销售占比超过80%，高阶车型占比有望改善毛利率。occurrences
On December 1, 2024, Ideal Auto announced delivery data for November 2024. In November 2024, Ideal Auto delivered 48,740 new vehicles, an increase of 18.8% year over year.
Delivery capacity realized sales. Renewables of 0.2 million or more continued to lead the way in November 2024. Ideal Auto delivered 0.049 million new vehicles, an increase of 18.8% over the previous year. As of November 30, 2024, Ideal Auto delivered a total of 0.442 million vehicles. Product strength was gradually improved, orders for L series models grew steadily, and the November model delivery was well fulfilled. The product made good use of the sales volume and won the top sales title for the Chinese NEV brand with over 0.2 million yuan for eight consecutive months. On November 29, Ideal will launch a 3-year zero interest plan with a minimum down payment of 0.0698 million yuan, or further boost sales. Ideal Q4 is expected to deliver more than 0.16 million vehicles.
Software functions have been accelerated. The AD Max version is the first to push the end-to-end +VLM ideal car end-to-end +VLM system. Currently, the urban NOA mileage penetration rate of test users has exceeded 50%. In the “How to Evaluate the End-to-End Capability of Car Companies” report, we believe that the ideal has advantages in computing power and data scale, and future functions are expected to remain ahead. The lower limit of intelligent driving functions has been significantly improved, and Ideal Auto has promoted a new generation of intelligent driving technology architecture with an end-to-end +VLM dual system to all users of AD Max platform models. Ideal cars may maintain high R&D investment in the future, and high-quality intelligent performance is expected to improve the company's user satisfaction. The iteration of smart driving technology has led to an increase in demand for AD Max models. Currently, models over 0.3 million yuan account for more than 70% of AD Max sales, and models over 0.4 million yuan account for more than 80% of AD Max sales. The share of high-end models is expected to improve gross profit margins.
Ecosystem construction is accelerating, and the smart electric strategy is expected to be rapidly implemented and the ecology will gradually improve. As of November 30, 2024, Ideal Auto has 475 retail centers across the country, covering 141 cities; 451 after-sales maintenance centers and authorized sheet spray centers, covering 223 cities. Ideal Auto has put into use 1,135 ideal overcharging stations across the country, and has 5,680 charging stations.
Product strength leads smart driving upgrade, profit margin inflection point or
We expect the company's revenue for 2024-2026 to be 147.3/205.4/280 billion yuan, respectively, with year-on-year growth rates of 19.0%/39.4%/36.3%, net profit to mother of 8.53/14.24/23.72 billion yuan, year-on-year growth rates of -27.1%/67.0%/66.6%, EPS 4.02/6.71/11.18 yuan/share, respectively, and a 3-year CAGR of 40.6%.
The company's product strength has been improved, intelligent electric acceleration, sales volume and profitability have been realized. Maintain a “buy” rating.
Risk warning: the speed of intelligent implementation and ability to deliver sales falls short of expectations; passenger car price war may affect subsequent sales