Launch the first five-seat SUV to enrich the product portfolio
The company released the first five-seat SUV product ideal L7, which will be delivered in March. L7 product highlights: 1) space and interior: Super second row space and comfort, Queens seat, super queen bed mode, high-end audio-visual equipment and other flagship configurations; 2) Technical parameters: four-wheel drive extended range electric, WLTC range of 1100 km, no pure electric car mileage anxiety; 3) rich entertainment functions: to create a mobile audio-visual room, game hall, camping house 4) Product model: L7 includes three models: Air, Pro and Max, with a price of 319800 yuan, 339800 yuan and 379800 yuan (RMB, the same below). Simultaneous launch of the ideal L8 Air retail price of 339800 yuan. 5) cost-effective battery: it has been announced that it will work with Xin Wanda and Honeycomb Energy to establish a proprietary production line to produce the company's own battery pack, equipped with L8 Air and ideal L7 Air models, with battery performance, quality and warranty policies consistent with Pro and Max models.
Accurate positioning, large-scale cost reduction, Air version to expand market share
1) Product positioning: on the basis of the leading advantage of six large and medium-sized SUV, continue to expand the five SUV markets and extend the original product line. Although the market competition of the five SUV is fiercer than that of the six, the market space is larger. 2) large-scale cost reduction: L9 (big six seats) / L8 (six seats) / L7 (five seats) is separated by the number of seats and price. the basic parts of the three cars have strong versatility to achieve large-scale procurement, which is conducive to cost control. 3) differentiation of L7/L8 products: purely from the price band, the L8/L7 has some overlap, but the proportion is small. Five seats are suitable for high-frequency travel of two generations and one child, and six seats are suitable for high-frequency travel of two generations and two children of the third generation. The use frequency and scene can be effectively differentiated, and the ideal "accurate positioning play" can be reproduced. 4) the Air version expands the market share: L8 and L7 add the Air version, using the same performance and better cost-effective battery pack, compared with Pro to reduce air suspension. The price of the L7 Air is 30, 000 yuan lower than the old ideal One, approaching the price range of 300000 yuan. Interindustry price competition is intensifying, and the company intends to gain more market share by increasing new products with high performance prices.
5) supply chain: the introduction of two new battery suppliers will help to reduce procurement costs.
Maintain the overweight rating and target price of HK $150 / US $38
The company is the first stock in our new power plate. Maintain an overrated Hong Kong stock (2015 HK) of HK $150 / US stock (LI US) of US $38, which is equivalent to 3x 2023E P & S. Focus on the company's short-term catalyst: L7 began to deliver, monthly sales rose. Risk factors: the prosperity of the industry is lower than expected, and the competition in the new energy vehicle market intensifies.