《大行》交銀國際:理想(02015.HK)i8定價優於預期 但配置與消費者預期存落差
交銀國際發表報告指,理想(02015.HK)(LI.US)新車型i8定價優於預期,但消費者或對更高性價比有需求,同時下半年有多款30萬元人民幣級別六座SUV新車型上市,該價格帶將成為紅海市場。
報告指,理想公布其第二款純電車型i8的最終定價。正式上市後的售價區間為32.18萬元至36.98萬元人民幣,正式價格比預售價便宜約2.8萬至3萬元人民幣左右,新車將會從8月20日開始交付。同時理想i8首發智能輔助駕駛系統VLA和理想同學智能體。這次i8最終定價和增程L8系列基本保持一政,優於市場預期。
但從消費者渠道調研發現,消費者反饋與預期有所落差,如超30萬元人民幣定價的Pro和Max版本未標配冰箱和電視,同時首銷權益較一般。而從買方機構調研來看,其對理想i8的穩態月銷量預期約為5,000台,隨著更多新車型如L90、純電問界M8和Model Y六座等上市,i8可能會面臨不少挑戰。
該行維持對理想全年銷量預測56萬輛,較2024年增長10.7%,主要反映對L系和純電新車型銷量的保守預測。該行認為,當L系改款和純電新車i8和後期上市的i6銷量超預期時,市場或才會考慮公司價值的重估,維持「中性」評級,港股目標價103.7港元,美股目標價26.6美元。
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