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Ideal's first five-seat SUV ideal L7 is officially on the market, with a total of three configurations. The L7 Air is priced at 319800 yuan, and delivery will begin in early April. The L7 Pro and Max versions will be sold at 339800 / 379800 yuan respectively in early March. At the same time, ideal also released the L8 Air version, which is priced at 339800 yuan, and will start delivery in early April.
Peace viewpoint:
L7 is officially on the market, inheriting the advantages of L8 and L9, and is expected to continue the popular style gene. The ideal L7 continues the design style and product power of the ideal L8 and L9, with larger size space at the same level, rich intelligent cockpit configuration and intelligent driving level. The L7's interior space exceeds that of the BMW X5L and is equipped with rich comfort features, such as a large interior screen, 7.3.4 panoramic sound system, seat heating, ventilation, massage, etc., the Pro and MAX versions are equipped with ideal magic carpet air suspension and CDC continuous variable damping shock absorbers. We believe that the L7 has a strong product power and is expected to become another popular style product of the company.
L7 and L8 work together to achieve full coverage of the 300,000-400,000 yuan SUV market. The L7 and the L8 have the same wheelbase and the same powertrain. The biggest difference lies in the number of seats. The L7 is the company's first five-seat SUV. In addition, in order to further enrich the configuration of the model, the company launched the Air version of the L7 and L8. The biggest difference from the Pro version and the Max version is that the air suspension is removed, but the price threshold is further reduced, which can cover a wider price range. With the launch of the L7 and Air versions, it is ideal that there are 6 configuration models in the price range of 30-400000 yuan, and the prices of different configuration models are relatively scattered, through the two models to achieve full coverage of the 300-400,000 yuan SUV market.
The company's products have officially moved from a single popular style model to a multi-product line operation. If it is said that the success of ideal ONE may have some accidental factors, the launch of L7Accord 8 Plus 9 once again confirms the strong product definition ability of the company. The company's delivery volume reached 15141 in January 23, making it one of the few new car-building forces to achieve positive year-on-year growth in January. In addition, L8 officially started delivery in November 22, and delivered more than 10,000 in the first full delivery month. this reflects the strong competitiveness of the company in manufacturing, supply chain and other dimensions. After the listing of L7, ideal has built a relatively complete product portfolio at 300,000 to 500,000 yuan. At the end of 2023, the company is expected to release its first pure electric model, when the company will form a trend of hybrid and pure electric dual power line drive.
Profit forecast and investment advice: after the launch of L7, the three main selling models ideal for 2023 have all been in place, and the company is the car company that has completed the layout of new models for 23 years as soon as possible among the new car building powers. we believe that the company is expected to achieve rapid growth in 23 years with three L7\ L8\ L9 models, and we also believe that the company is the new car company with the strongest growth certainty at present. According to the latest situation of the company, we adjust the revenue forecast of the company for 2022 to 2024 to 44.35 billion / 98.44 billion / 148.66 billion (the original forecast is 43.95 billion / 86.43 billion / 1431.8), and adjust the net profit forecast to-2.96 billion / 15.02 billion / 66.1 billion (the original forecast is-2.99 billion / 1.02 billion / 1.09 billion). Taking into account the price of the company's three models, the scale of sales and the company's good cost control capabilities, we expect the company to achieve a positive net profit in 2023 and maintain the company's "recommended" rating.
Risk tips: 1) L7 may form a certain internal friction with L8 after listing, resulting in less than expected sales; 2) the company does not have pure electric models on the market for the time being, and the market acceptance of pure electric models remains to be verified; 3) after the listing of pure electric models, the investment of the company may increase significantly.