理想汽车-W（02015）：25Q1业绩符合预期，期待纯电产品周期

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 135.84 for the next six months [7]. Core Views - The company reported Q1 2025 results that met expectations, with a revenue of CNY 25.93 billion, a year-on-year increase of 1.1%, and a net profit of CNY 0.65 billion, up 9.4% year-on-year [1]. - The growth in revenue was driven by a 35% year-on-year increase in automotive business revenue, reaching CNY 24.7 billion, with vehicle deliveries of 93,000 units, a 15.5% increase year-on-year [2]. - The company is expected to enter a significant product cycle with its pure electric series, supported by strong order backlogs and an expanding charging infrastructure [5]. Financial Performance - The Q1 2025 average selling price (ASP) per vehicle was approximately CNY 279,000, a decrease of CNY 22,400 year-on-year, primarily due to changes in product sales structure [3]. - The automotive sales gross margin improved to 19.8%, up 0.4 percentage points year-on-year, indicating strong cost reduction capabilities [3]. - R&D expenses decreased by 16.97% year-on-year to CNY 2.514 billion, reflecting improved operational efficiency [4]. Future Outlook - The company expects Q2 2025 deliveries to be between 123,000 and 128,000 units, with projected revenue of CNY 32.5 billion to CNY 33.8 billion [4]. - The next-generation intelligent driving architecture is set to launch with the pure electric i8 in July, enhancing the company's competitive edge in AI and smart driving [4]. - The company has a solid layout for its pure electric series, with expectations for significant delivery volumes in the upcoming months [5]. Valuation Metrics - Projected net profits for 2025, 2026, and 2027 are CNY 10.33 billion, CNY 16.03 billion, and CNY 17.74 billion, respectively, with corresponding P/E ratios of 21.8, 14.0, and 12.7 [11]. - The company's market capitalization is approximately HKD 240.42 billion, with a circulating market value of HKD 200.46 billion [7].