ZHESHANG SECURITIES·2025-06-13 09:33Investment Rating - The report assigns a "Buy" rating to the company for the first time [6]. Core Insights - The report highlights the launch of the new product cycle and the company's advancements in AI technology, indicating a positive outlook for future growth [1][28]. - The company is expected to maintain stable sales for its L series while the i8 model is anticipated to drive new sales growth [4][28]. - The report emphasizes the company's strategy to alleviate range anxiety through extensive supercharging infrastructure and innovative product design [3][28]. Summary by Sections Competitive Landscape - The main competitors in the same price range are AITO and Xiaomi, with each targeting different customer segments [2]. - The L series sales have remained stable despite the competitive pressure from the AITO M series, indicating strong brand loyalty [2][17]. Breakthroughs - The company is optimistic about the I series breaking into the pure electric SUV market, leveraging its advancements in smart driving technology and manufacturing capabilities [3][28]. - The construction of supercharging stations is set to significantly enhance customer experience, with plans to have 4,000 stations by the end of 2025 [29][33]. - The i8 model is expected to be priced between 300,000 to 400,000 RMB, addressing the current market gap in this price range for pure electric vehicles [28]. Financial Forecast and Valuation - Projected sales for the L series are 513,000 units in 2025 and 508,000 units in 2026, with total revenue expected to reach 170 billion RMB in 2025 and 225.55 billion RMB in 2026 [4][12]. - The net profit forecast for 2025 is 8.99 billion RMB, with a year-on-year growth rate of 12% [4][12]. - The target price for the company's stock is set at HKD 209.37, based on a 30x PE ratio for 2026 [4].