2025 年9 月26 日，理想i6 正式上市。 事件评论 理想i6 定价24.98 万元，首销权益3.5 万元，上市即交付。价格方面，理想i6 售价24.98万元，上市至10 月底下定可享受价值3.5 万元的首销权益（现金减免1.0 万元、双腔空悬1.5 万元、压缩机冷暖箱0.5 万 元、静音电吸门0.5 万元）。尺寸方面，理想i6 长宽分别为4950/1935mm，高1670（螺簧）/1655（空 簧）mm，轴距3000mm，低风阻造型下，i6 相较竞品空间具有一定优势。续航方面，理想i6 CLTC 纯电 续航660-720km，百公里耗电量13.6-14.8kWh/100km，在低风阻造型加5C 快充配置下相较竞品电耗更 小、里程焦虑更小。智驾方面，理想i6 全系标配Thor-U 芯片,搭载VLA 司机大模型，理想同学智能体能 力持续进化。其他配置方面，具备超大后备箱储物空间、可选配原厂拖挂套装等丰富配置。上市即交 付，理想i6 将于9 月27 日正式开启交付。理想i6 发布会整体向年轻化转型，新车产品竞争力强，未来 有望开拓新用户群体，打开理想整体销量空间。 机构：长江证券 研究员：高伊楠/王子豪 事 ...

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：i6 正式上市，年轻化转型明显，上市 即交付 报告要点 [Table_Summary] 理想 i6 正式上市，定价 24.98 万元，首销权益 3.5 万元，上市即交付。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 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车：2] i6 正式上市，年轻化转型明显，上市 即交付 1、全球经济复苏弱于预期； 2、行业竞争加剧削弱企业盈利。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-09-30 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Tab ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - In August 2025, the company sold 29,000 vehicles, representing a year-on-year decline of 40.7% and a month-on-month decline of 7.2%. The company has a clear product planning and continues to optimize its direct sales channel structure, with the "dual-energy strategy" expected to further enhance its advantages, indicating a broad future sales potential [2][4][6]. Summary by Sections Sales Performance - In August 2025, the company achieved sales of 28,529 vehicles, down 40.7% year-on-year and down 7.2% month-on-month. Cumulatively, from January to August, total sales reached 263,000 vehicles, a year-on-year decline of 8.6%. Weekly sales data shows fluctuations, with the highest weekly sales reaching 0.76 million vehicles in the 34th week [4][6][8]. Future Outlook - The company expects September sales to range between 31,000 to 36,000 vehicles, with a year-on-year decline of 42.8% to 33.5%, but a month-on-month increase of 7.8% to 25.3%. The MEGA production capacity is anticipated to exceed 3,500 vehicles, and the i6 model is set to launch in September, which is expected to open up new customer segments [6][8]. Product and Technology Development - The company continues to lead in intelligent driving technology, with ongoing iterations expected to benefit from the accelerating penetration rate in the industry. The upcoming new models will enhance the product matrix and overall sales potential. The projected net profits for 2025-2027 are estimated at 3.14 billion, 8.48 billion, and 12.61 billion yuan, with corresponding PE ratios of 57.8X, 21.4X, and 14.4X [6][8]. Infrastructure and Channel Expansion - As of August 2025, the company has established 3,190 supercharging stations and 17,597 charging piles, with plans to reach 4,000 supercharging stations by the end of the year. The company has also expanded its retail and service network, with 543 retail centers and 536 service centers across 156 and 222 cities, respectively [6][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In July 2025, the company sold 30,731 vehicles, representing a year-on-year decline of 39.7% and a month-on-month decline of 15.3%. This decline is attributed to a seasonal slowdown and the upcoming launch of the i8 model. Cumulative sales from January to July 2025 reached 235,000 vehicles, down 2.2% year-on-year. The company has a clear product roadmap and is optimizing its direct sales channels, which is expected to expand its market advantage and sales potential in the future [2][4][8]. Summary by Sections Sales Performance - In July 2025, the company recorded sales of 30,731 vehicles, a decrease of 39.7% year-on-year and 15.3% month-on-month. The cumulative sales for the first seven months of 2025 were 235,000 vehicles, reflecting a year-on-year decline of 2.2% [2][4][8]. Product Launch and Strategy - The i8, the company's first pure electric SUV, has been officially launched and is set to begin deliveries on August 20, 2025. This new model is expected to significantly boost sales as it opens a new product cycle for the company. The company is also planning to launch additional models, including the i6, which is scheduled for September 2025 [8]. Infrastructure and Technology - The company has established over 10,000 supercharging stations nationwide, with 3,028 supercharging stations operational as of the end of July 2025. The company aims to have 4,000 supercharging stations by the end of the year. Additionally, advancements in smart driving technology are expected to enhance user experience and further solidify the company's competitive edge [8]. Future Outlook - The company is set to accelerate the launch of high-pressure pure electric products in the second half of the year, with a total of four range-extended electric SUVs and two high-pressure pure electric SUVs planned. This robust product lineup is anticipated to significantly increase sales potential. The company has also optimized its retail channel structure, with 535 retail centers and 527 after-sales service centers established across 222 cities by the end of July 2025 [8]. Financial Projections - The projected net profit for the company from 2025 to 2027 is estimated to be 8.3 billion, 12.5 billion, and 16.0 billion respectively, with corresponding price-to-earnings ratios of 23.6X, 15.7X, and 12.2X for GAAP net profit, and 19.0X, 13.5X, and 10.9X for Non-GAAP net profit [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The official launch of the Li Auto i8, priced between 321,800 to 369,800 CNY, features the AD Max version equipped with the VLA model. The product advantages and brand design of Li Auto are well recognized, with a clear future model planning and continuous optimization of direct sales channels. The "dual-energy strategy" is expected to further enhance Li Auto's advantages, indicating a broad future sales potential [2][4]. Summary by Sections Event Description - The Li Auto i8 was officially launched on July 29, 2025 [4]. Product Pricing and Specifications - The pricing for the i8 includes Pro version at 321,800 CNY, Max version at 349,800 CNY, and Ultra version at 369,800 CNY, with a maximum first-sale benefit of 51,900 CNY available until September 7. The dimensions of the i8 are 5085mm in length, 1960mm in width, and 1740mm in height, with a wheelbase of 3050mm. The i8 offers a CLTC pure electric range of 670-720 km and a power consumption of 14.6-14.8 kWh/100 km, showcasing lower energy consumption compared to competitors [2][7]. Charging Infrastructure and Smart Technology - As of July 29, 2025, Li Auto has over 10,000 supercharging piles nationwide, with 3,000 supercharging stations and 16,000 supercharging piles in operation. The company plans to have 4,000 supercharging stations by the end of the year. The smart driving technology continues to evolve, with the latest OTA 7.4 version update enhancing the capabilities of the Li Auto intelligent assistant [2][7]. Future Model Planning and Sales Potential - Li Auto has a clear future model planning with the i8's launch, followed by the i6 model set to launch in September. The company aims to have a product lineup of four range-extended electric SUVs and two high-voltage pure electric SUVs, which is expected to significantly increase sales volume. As of June 2025, Li Auto has 530 retail centers across 151 cities, with ongoing optimization of its channel structure [2][7]. Financial Projections - The projected net profit for Li Auto from 2025 to 2027 is estimated at 8.3 billion, 12.48 billion, and 16.01 billion CNY respectively, with corresponding PE ratios of 23.6X, 15.7X, and 12.2X for GAAP, and 10.3 billion, 14.48 billion, and 18.01 billion CNY for Non-GAAP, with PE ratios of 19.0X, 13.5X, and 10.9X [2][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In June 2025, the company sold 36,279 vehicles, representing a year-on-year decline of 24.1% and a month-on-month decline of 11.2%. However, the sales slightly exceeded the previously adjusted delivery guidance [2][8]. - The company's product advantages and brand design are well recognized, and the "dual-energy strategy" is expected to further enhance its competitive edge. The upcoming new models are anticipated to significantly contribute to sales growth [6][8]. - The company is projected to achieve a net profit attributable to shareholders (GAAP) of 8.3 billion, 12.4 billion, and 15.7 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 25.1X, 16.8X, and 13.3X. The non-GAAP net profit estimates are 10.3 billion, 14.4 billion, and 17.7 billion yuan, with PE ratios of 20.3X, 14.5X, and 11.8X [6]. Summary by Sections Sales Performance - The company reported a total of 111,000 vehicles sold in the second quarter of 2025, marking a year-on-year increase of 2.3% and a quarter-on-quarter increase of 19.6%. Cumulatively, 204,000 vehicles were sold in the first half of 2025, reflecting a year-on-year growth of 7.9% [8]. Product and Technology Development - The company is set to launch its first pure electric SUV, the i8, in July 2025, followed by the i6 in September 2025. This will expand its product lineup to include four range-extended electric SUVs and two high-voltage pure electric SUVs [6][8]. - The company has established over 10,000 supercharging stations nationwide, with 2,851 stations operational as of June 2025, and plans to increase this number to 4,000 by the end of the year [8]. Market Position and Strategy - The company is focusing on enhancing its direct sales channels, with 530 retail centers established across 151 cities as of June 2025. This is an increase of 24 centers from the previous month [8].

Core Viewpoint - Li Auto reported a revenue of 25.93 billion yuan in Q1 2025, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 650 million yuan, up 9.7% year-on-year [1] Group 1: Financial Performance - In Q1 2025, Li Auto achieved a vehicle sales revenue of 24.68 billion yuan, a year-on-year increase of 1.8%, with an average selling price of 266,000 yuan per vehicle, down 36,000 yuan year-on-year and 3,000 yuan quarter-on-quarter [1][2] - The gross margin for Q1 2025 was 20.5%, with a vehicle gross margin of 19.8%, reflecting a year-on-year increase of 0.5 percentage points due to cost reductions and smaller promotional discounts [2] - The company expects Q2 2025 deliveries to be between 123,000 and 128,000 vehicles, a year-on-year increase of 13.3% to 17.9%, with projected revenue of 32.5 billion to 33.8 billion yuan, a year-on-year increase of 2.5% to 6.7% [2] Group 2: Product and Market Strategy - Li Auto has established a product lineup of "4 range-extended electric vehicle models + 1 high-voltage pure electric model," covering the market above 200,000 yuan, with a strong new vehicle launch cycle expected in 2025 [3] - The company has optimized its channel structure, with 500 retail centers across 151 cities as of the end of April 2025, and has increased its supercharging stations to 2,267, with 12,340 charging piles [3] - The introduction of new models is anticipated to enhance Li Auto's product matrix and overall sales potential, with high vehicle prices and scale effects expected to maintain good profitability [4] Group 3: Future Outlook - Li Auto's projected net profits for 2025-2027 are 9.09 billion, 12.72 billion, and 17.12 billion yuan (GAAP), with corresponding PE ratios of 23.4X, 16.7X, and 12.4X [4] - Non-GAAP net profits for the same period are expected to be 11.09 billion, 14.72 billion, and 19.12 billion yuan, with PE ratios of 19.2X, 14.4X, and 11.1X [4]

丨证券研究报告丨 SAC：S0490517060001 SAC：S0490524070004 请阅读最后评级说明和重要声明 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车一季报点评：利润好于预期，期待纯电 新周期 报告要点 [Table_Summary] 2025Q1 理想销量 9.3 万辆，同比+15.5%，实现营收 259.3 亿元，同比+1.1%，车辆毛利率达 19.8%，同比+0.5pct。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 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车一季报点评：利润好于预期，期待纯电 2] 新周期 [Table_Summary2] 事件描述 理想汽车一季度实现营收 259.3 亿元，同比+1.1%；实现归母净利润 6.5 亿元，同比+9.7%。 ...

Investment Rating - The report maintains an "Outperform" rating for Li Auto, indicating an expected relative performance above the market benchmark over the next 12-18 months [10][19]. Core Insights - Li Auto's revenue for 2024 is projected at RMB 144.5 billion, reflecting a year-on-year increase of 17%. The fourth quarter of 2024 saw revenue of RMB 44.3 billion, up 6% year-on-year and 3% quarter-on-quarter [3][10]. - The net profit attributable to shareholders for 2024 is expected to be RMB 8 billion, down 31% year-on-year, with Q4 2024 net profit at RMB 3.5 billion, down 38% year-on-year but up 25% quarter-on-quarter [3][10]. - For Q1 2025, vehicle deliveries are anticipated to be between 88,000 and 93,000 units, representing a year-on-year increase of 9.5% to 15.7%. Total revenue for this period is expected to be between RMB 23.4 billion and RMB 24.7 billion, down 8.7% to 3.5% year-on-year [3][10]. Financial Data Summary - Key financial metrics for Li Auto from 2023 to 2027 are as follows: - Revenue (in million RMB): 2023: 123,851; 2024: 144,460; 2025E: 189,483; 2026E: 210,516; 2027E: 230,781, with year-on-year growth rates of 173.5%, 16.6%, 31.2%, 11.1%, and 9.6% respectively [2][3]. - Net Profit (in million RMB): 2023: 11,704; 2024: 8,032; 2025E: 13,146; 2026E: 15,434; 2027E: 17,955, with year-on-year growth rates of 681.7%, -31.4%, 63.7%, 16.6%, and 15.9% respectively [2][3]. - Fully Diluted EPS (in RMB): 2023: 5.52; 2024: 3.79; 2025E: 6.19; 2026E: 7.27; 2027E: 8.46 [2][3]. Market Position and Strategy - Li Auto is focusing on enhancing user experience through intensive OTA upgrades, which have led to an increase in the order proportion of the ADMax version, particularly in models priced above RMB 300,000 [3][10]. - The company is set to launch its first pure electric SUV, the Li Auto i8, in July 2025, as part of its dual-energy strategy, while also expanding its charging network with 1,874 supercharging stations and 10,008 charging poles by February 2025 [3][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The report highlights that the gross profit margin is temporarily affected by preferential policies, but the upcoming new vehicle cycle is expected to contribute to incremental growth [4]. - In Q4 2024, the company achieved sales of 159,000 vehicles, a year-on-year increase of 20.4% and a quarter-on-quarter increase of 3.8%, generating revenue of 44.27 billion yuan, which is a 6.1% increase year-on-year and a 3.3% increase quarter-on-quarter [2][4]. - The vehicle gross margin reached 19.7%, down 3.0 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, primarily due to the impact of a December interest-free car purchase policy [4]. Summary by Sections Sales and Revenue - In Q4 2024, the average selling price per vehicle was approximately 269,000 yuan, with total vehicle sales revenue of 42.64 billion yuan, reflecting a year-on-year increase of 5.6% and a quarter-on-quarter increase of 3.2% [4]. - The company expects Q1 2025 delivery volumes to be between 88,000 and 93,000 vehicles, representing a year-on-year growth of 9.5% to 15.7% [4]. Profitability - The company reported a net profit attributable to shareholders of 3.52 billion yuan in Q4 2024, a decrease of 37.7% year-on-year [4]. - The net profit margin was 9.1%, down 1.9 percentage points year-on-year, while the profit per vehicle was 25,000 yuan, a decrease of 9,000 yuan year-on-year [4]. Product Strategy - The company has a clear product planning strategy with a lineup of "four range-extended electric vehicle models and one high-voltage pure electric model," covering the market above 200,000 yuan [4]. - The company has optimized its direct sales channel structure, with 500 retail centers across 150 cities as of the end of February 2025 [4]. Future Outlook - The report anticipates strong new vehicle cycles starting in 2025, which will open up sales opportunities for the company [4]. - Projected net profits for 2025-2027 are 9.77 billion, 14.18 billion, and 19.65 billion yuan respectively, with corresponding PE ratios of 22.7X, 15.6X, and 11.3X [4].