Jinwu Financial News | According to Zhongtai Securities Research, Ideal Auto (02015) price with sinking+range growth → high voltage pure electricity strengthens growth certainty, 1) core competency: accurate industry understanding and industry beta selection; 2) product spectrum expansion: growth range down from 300,000 yuan or more to 200,000 yuan; extension → high voltage pure electricity: L7/8/9 (200,000 to 500,000 yuan PHEV SUV space 220,000 vehicles) → L6 (200,000 yuan 200,000 yuan PHEV SUV space, 230,000 vehicles) → pure high voltage electricity (200,000 yuan or more) vehicles), the audience is expanding and growing There is still plenty of room for improvement in the penetration rate of pure electric SUVs of 400,000 yuan or more.
The bank said that the company's domestic MPV demand is rising, but there are many pain points: the high-end household MPV market continues to expand, but there is an urgent need for high-quality product supply; 2) MEGA temporarily ranked second in the pure electric MPV sales list in March 2024, and its product strength has been verified; 3) in the short term, due to the number of supercharging stations in the city, consumers are still worried about mileage and are optimistic about the sales volume of MEGA and subsequent pure electric models after the city's overcharging network is improved.
Taking into account the company's product strategy adjustments, the bank lowered the company's 24-year performance forecast. Before the adjustment, the estimated 24-25 revenue was 2313.3003 billion yuan in that order, and net profit attributable to mother was 151.4/21.82 billion yuan in that order. After the adjustment, the company's revenue for 24-26 is estimated to be 2002/2695/319.2 billion yuan; net profit attributable to mother is 137.3/229.1/3 billion yuan in that order, corresponding to 2024-2026 PE is 16.6X, 9.9X, and 7.2X, respectively, maintaining a “buy” rating.