研報掘金|天風證券:維持理想汽車“買入”評級 智能化或將定義新豪華
天風證券發表研究報吿指,理想汽車的智能化或將定義新豪華。伴隨着龍頭車企開啟端到端上車和車位到車位的推送,以及L3的潛在落地。智駕的擬人性實現了跨越式的發展,伴隨着智能化在購車決策中影響佔比提升,自主可望迎來1-10的國產替代加速階段。該行續指,理想汽車的產品定位是家庭用車,增程L系列持續打造產業熱門車型,新車L6下探價格有望持續帶動銷售增長;純電系列依靠補能網路的持續完善或將復刻增程系列的市場佳績,帶來第二增長曲線。
該行對集團2024至26年各年營收預測分別為1476億、2019億及2518億元,淨利潤分別為86億、149億及186億元,維持“買入”評級。考慮到公司在智能化的領先表現以及純電新產品序列帶來新一輪成長週期,予目標價141.5港元。
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