LI AUTO(US:LI) Hua Yuan Zheng Quan·2025-08-04 11:56Investment Rating - The investment rating for the automotive industry is "Positive" [1] Core Insights - The report highlights that the Ideal i8 has received positive feedback regarding its product strength, with potential orders expected to gradually increase [4][8] - The sales strategy of Ideal is noted to be conservative, which may contribute to a significant portion of potential customers remaining in a wait-and-see state [5][17] - The report emphasizes the potential for the Ideal i8 to attract a broader customer base, including single individuals and traditional vehicle owners considering electric options [18][20] Summary by Sections 1. Ideal i8 Product Feedback - The Ideal i8, launched on July 29, is priced between 321,800 to 369,800 yuan, and has received favorable feedback from potential users regarding its appearance, space, range, and configuration [5][8] - A survey of 401 potential customers revealed that 49% are still in a wait-and-see mode, with only 7% having placed orders, indicating a cautious approach to purchasing [19] - The i8's range of 670/720 km and energy consumption of 14.6/14.8 kWh per 100 km are highlighted as competitive advantages [28] 1.1. Product Strength Recognition - Over 90% of respondents do not consider the i8's appearance unattractive, and more than 70% believe its electric range is sufficient [9][13] - The survey indicates that more than 50% of users are comfortable with the absence of a front trunk, and most find the rear trunk adequate [11][12] 1.2. Customer Observation State - The report notes that 41% of potential users are not considering purchasing the i8, while 49% are contemplating but have not yet committed [19] - The conservative sales strategy, including the lack of aggressive discounts or financing options, is suggested as a reason for the observed customer hesitation [16][17] 1.3. Expanding Customer Demographics - The survey indicates that nearly 25% of potential i8 customers are single, suggesting a widening demographic for the vehicle [20][21] - A significant portion of potential customers currently own traditional fuel vehicles and are showing interest in switching to electric models [18][22] 1.4. Alternative Vehicle Considerations - If not purchasing the i8, nearly 50% of potential customers would consider other electric models rather than hybrid or traditional fuel vehicles [24][26] - The report identifies that potential customers are comparing the i8 with models such as NIO ES8 and other Ideal models, indicating competitive positioning in the market [25][27]