丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车年报点评：毛利率短期受优惠政策影响 有所波动，看好后续新车周期贡献增量 报告要点 [Table_Summary] 2024Q4 理想销量 15.9 万辆，同比+20.4%，环比+3.8%，实现营收 442.7 亿元，同比+6.1%， 环比+3.3%，车辆毛利率达 19.7%，同比-3.0pct，环比-1.2pct。理想汽车产品优势和品牌设计 深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理想汽 车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SFC：BUW101 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车年2] 报点评：毛利率短期受优惠政策影 响有所波动，看好后续新车周期贡献增量 [Table_Summary2] 事件描述 理想汽车四季度实现营收 442.7 亿元，同比+6.1%；实现归母净利润 35.2 亿元，同比-37.7%。 事件评论 SAC：S0490517060001 SAC ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February 2025, the company achieved sales of 26,263 units, representing a year-on-year increase of 29.7% but a month-on-month decrease of 12.2%. Cumulative sales for January and February reached 56,000 units, up 9.3% year-on-year. The company’s product advantages and brand design are well recognized, and the future vehicle planning is clear, indicating significant sales potential [2][4][7]. Summary by Sections Sales Performance - February 2025 sales reached 26,263 units, a year-on-year increase of 29.7% and a month-on-month decrease of 12.2%. Cumulative sales for the first two months of 2025 were 56,000 units, reflecting a 9.3% year-on-year growth [2][4]. Product Development - The company announced its first pure electric SUV, the i8, on February 25, 2025. The i8 is positioned as a six-seat pure electric vehicle, with a design that bridges the L series and MEGA models. This new vehicle cycle is expected to enhance sales [7]. Strategic Initiatives - The "Dual Energy Strategy" is expected to further enhance the company's competitive edge. As of February 28, 2025, the company has over 10,000 charging piles and 1,874 supercharging stations, with ongoing improvements in smart technology to enhance user experience [7]. Future Outlook - The company has a clear vehicle planning strategy, with a product matrix that includes four range-extended electric models and one high-voltage pure electric model, covering the market above 200,000. The ongoing expansion of direct sales channels and the opening of new retail centers are expected to drive future sales growth [7]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 76.4 billion, 142.1 billion, and 195.6 billion respectively, with corresponding PE ratios of 30.1X, 16.2X, and 11.8X. The non-GAAP net profit projections are 106.4 billion, 147.1 billion, and 195.6 billion, with PE ratios of 21.6X, 15.6X, and 11.8X [7].

港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车点评：2 月销量 2.6 万辆，官宣纯电 SUV i8 外观，期待后续新车周期开启 报告要点 [Table_Summary] 理想 2025 年 2 月销量 2.6 万辆，同比增长 29.7%，环比下降 12.2%。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 想汽车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 丨证券研究报告丨 事件评论 理想汽车智驾技术持续领先，产品优势和品牌设计深入人心，"双能战略"有望进一步扩 大理想汽车的优势。行业智驾渗透率提速，理想智驾持续迭代领先有望最大受益，后续新 车型陆续上市将进一步完善理想产品矩阵，提升理想整体销量空间，高单车售价叠加规模 效应有望保持较好盈利水平，预计 2024-2026 年归母净利润（GAAP）分别为 76.4、142.1、 195.6 ...