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研報掘金|招商證券:理想L6上市拓寬家用SUV基本盤 維持“增持”評級
招商證券發表報吿指,理想L6正式上市,最終定價符合公司此前25萬至30萬元指引區間,但上市權益包括直降+選裝+充電樁安裝高達2萬元,力度偏大。理想L6售價對比相近配置理想L7低5.2萬元,考慮上市權益,實際性價比顯現。此次L6定價策略相比之前MEGA及新L系列更貼合市場需求,對銷量拉昇效果將更加明顯,預計理想L6將吸引更多年輕和小家庭用户,通過擴大目標用户人羣拓寬其家用SUV基本盤。該行維持目標價港股191港元,維持“增持”評級。招商證券指,L6發佈後將降低潛在客户的觀望情緒,隨着L6產能爬坡,公司後續產銷節奏將重新恢復正常。該行認為公司保留了因應市場競爭態勢推出更具性價比的Air版本L6的可能性。當前24款L7/L8/L9當前終端優惠非常有限,認為公司仍有足夠的以價換量空間來維持銷售動能。公司2023至2026財年Non-GAAP淨利潤年均複合增長率料達37%。
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