理想汽车-W（02015）：1季度业绩符合预期，2季度指引略低于预期；维持中性

Investment Rating - The investment rating for the company is Neutral [4][10]. Core Insights - The first quarter performance met expectations, while the guidance for the second quarter is slightly below expectations. The first quarter revenue and profit were approximately in line with expectations, with total revenue showing a quarter-on-quarter increase of 1.1% and a year-on-year decrease of 41.4%. The automotive gross margin was 19.8%, which is better than market expectations and above the company's previous guidance of over 19% [2][3]. - The company expects second quarter revenue to be between 32.5 billion and 33.8 billion RMB, representing a quarter-on-quarter increase of 25.5% to 30.5%. Vehicle sales are projected to be between 123,000 and 128,000 units, with a quarter-on-quarter increase of 32.4% to 37.8% [3][9]. - The average selling price per vehicle is expected to decline by 13,000 RMB quarter-on-quarter, indicating potential pricing pressure in the upcoming quarter due to the transition between old and new models and increased inventory reduction efforts [3][9]. Financial Overview - Revenue projections for the company are as follows: 123.85 billion RMB in 2023, 144.46 billion RMB in 2024, and 157.98 billion RMB in 2025, with year-on-year growth rates of 173.5%, 16.6%, and 9.4% respectively [8][14]. - Net profit is expected to be 11.70 billion RMB in 2023, decreasing to 8.03 billion RMB in 2024, and then slightly increasing to 8.56 billion RMB in 2025 [8][14]. - The earnings per share (EPS) are projected to be 5.95 RMB in 2023, 4.03 RMB in 2024, and 4.29 RMB in 2025, reflecting a significant decline in 2023 followed by a modest recovery [8][14]. Market Performance - The company's stock has a 52-week high of 128.70 HKD and a low of 69.15 HKD, with a market capitalization of approximately 363.50 billion HKD [6][10]. - The average daily trading volume is 16.84 million shares, and the year-to-date change in stock price is 15.17% [6][10].