然而，市场对i8认知有偏差，该行认为，纯电i系列并非理想投资价值的最大核心，增程L系列的潜力仍 巨大。该两个因素至少使公司拓展30-50%的潜在市场空间。因此，该行认为不必对理想汽车太过悲 观，大幅撤后是逐步长线买入机会。 另外，该行认为i8为高端慢热产品，预计九月发布的i6才是纯电系列真正走量产品，短期交付不会有强 劲的拉动效应。该行估计i8月销为3000-5000辆，主以验证纯电产品，走稳后为i6开路。 招商证券国际发布研报称，理想汽车-W(02015)公布新车i8定价，基本符合预期，且油电同价超预期。 故维持目标价138港元及"增持"评级。 ...

智通财经APP获悉，招商证券国际发布研报称，理想汽车-W(02015)公布新车i8定价，基本符合预期， 且油电同价超预期。故维持目标价138港元及"增持"评级。 另外，该行认为i8为高端慢热产品，预计九月发布的i6才是纯电系列真正走量产品，短期交付不会有强 劲的拉动效应。该行估计i8月销为3000-5000辆，主以验证纯电产品，走稳后为i6开路。 然而，市场对i8认知有偏差，该行认为，纯电i系列并非理想投资价值的最大核心，增程L系列的潜力仍 巨大。该两个因素至少使公司拓展30-50%的潜在市场空间。因此，该行认为不必对理想汽车太过悲 观，大幅撤后是逐步长线买入机会。 ...

Core Viewpoint - The article discusses the strategic adjustments made by Li Auto in response to competitive pressures in the electric vehicle market, particularly following the impressive sales performance of Xiaomi's new car model YU7, which achieved 200,000 pre-orders in just 3 minutes [4][8]. Group 1: Organizational Changes - Li Auto has announced a significant internal restructuring, with President Ma Donghui now overseeing research, supply chain, and sales, reporting directly to CEO Li Xiang [5][7]. - The restructuring aims to create a more integrated approach to production, supply, and sales, enhancing operational efficiency and aligning with strategic goals [5][6]. - The sales department has been integrated into the research and supply chain groups, indicating a shift towards a more cohesive operational model [5]. Group 2: Market Competition - The launch of Xiaomi's YU7 poses a direct threat to established models like Tesla's Model Y and Li Auto's upcoming electric SUVs, i6 and i8 [8]. - Li Auto's extended range L series has faced increased competition from other brands, prompting the company to adjust its sales targets for the second quarter [9]. - The company delivered 92,800 vehicles in the first quarter and initially planned to deliver 123,000 to 128,000 vehicles in the second quarter, but this target has been revised downwards [9]. Group 3: Infrastructure Development - Li Auto has established over 2,500 fast-charging stations and aims to reach 4,000 by the end of the year, adding an average of 4 stations daily [9]. - The company is consolidating its sales regions from 26 to 5 major areas to better allocate resources in a competitive market [9].

文 | 李安琪 编辑 | 李勤 杨轩 昨夜，小米新车如核弹一般，创下了YU7 3分钟20万大定的惊人成绩。在YU7的滔天巨浪下，已经有同 行连夜进入了"战争模式"。 36氪汽车独家获悉，6月27日，理想汽车发布内部公告，宣布新的人事任命，理想汽车总裁马东辉即日 起全面负责研发、供应制造、销售业务，向CEO李想汇报。 小米汽车YU7在一夜之间完成了全年销量KPI，这不仅威胁了市场上的纯电SUV常青之王——特斯拉 Model Y，理想的两款纯电SUV i6与i8，也同样在YU7射程范围之内。 不仅纯电，理想的基本盘增程L系列在今年以来，也受到了问界、腾势、领克、深蓝等同行们的集体跟 风与"致敬"。 然而，现实的市场竞争恐怕更残酷。据36氪汽车了解，理想汽车还将下调二季度的销量目标。在今年一 季度，理想交付了9.28万辆车，还计划二季度交付12.3-12.8万辆车，如今该计划有了变动。 不过年初的变动只涉及决策层，不涉及实体架构变动。此次调整后，马东辉将从组织架构上，更加深度 参与整车的产、供、销环节。 而理想销售与服务高级副总裁邹良军，此前向CEO李想汇报，调整后邹良军继续担任销服业务顾问。 另外，邹良军管辖的出 ...

Investment Rating - The investment rating for the company is downgraded to Neutral with a target price of HKD 93.62, reflecting a potential downside of 17.3% from the current closing price of HKD 113.20 [1][7][8]. Core Insights - The report indicates that the automotive gross margin for the fourth quarter was below expectations, with a gross margin of 19.7%, which is lower than the market expectation of approximately 20%. This decline is attributed to a decrease in average selling price (ASP) and an increase in per-vehicle costs, including provisions for purchase commitment losses and promotional activities [2][8]. - The company has guided first-quarter sales to be between 88,000 and 93,000 units, with March sales estimated at 32,000 to 37,000 units, indicating that price reductions have effectively stimulated sales recovery. However, the ASP is expected to continue declining to around RMB 250,000 in the first quarter, which is below expectations [2][8]. Financial Overview - The company's revenue for 2023 is projected at RMB 123.851 billion, with a year-on-year growth of 173.5%. For 2024, revenue is expected to reach RMB 144.460 billion, reflecting a growth of 16.6% [3][16]. - The net profit for 2023 is estimated at RMB 11.704 billion, with a significant decline of 673.8% year-on-year. The forecast for 2024 shows a net profit of RMB 8.032 billion, a further decrease of 32.2% [3][16]. - The earnings per share (EPS) for 2023 is projected at RMB 5.95, dropping to RMB 4.03 in 2024, with a forecasted EPS of RMB 4.29 for 2025 [3][16]. Market Competition and Challenges - The report highlights that the competition in the automotive market is shifting from incremental to stock competition, with more competitors entering the range-extended vehicle segment in 2025. This includes the launch of new models from competitors that may impact the company's sales base [8]. - The report expresses concerns regarding the company's ability to maintain its gross margin, particularly with the introduction of new electric models expected to have lower margins, which could further pressure overall profitability [8].

Investment Rating - The investment rating for the company is downgraded to Neutral with a target price of HKD 93.62, reflecting a potential downside of 17.3% from the current closing price of HKD 113.20 [1][7][8]. Core Insights - The report indicates that the automotive gross margin for the fourth quarter was below expectations, with a gross margin of 19.7%, which is lower than the market expectation of approximately 20%. This decline is attributed to a decrease in average selling price (ASP) and an increase in per-vehicle costs, including provisions for purchase commitment losses and promotional activities negatively impacting ASP [2][8]. - The company has guided for first-quarter sales between 88,000 to 93,000 vehicles, with March sales estimated at 32,000 to 37,000 vehicles, suggesting that recent price cuts have effectively stimulated sales recovery. However, the ASP is expected to continue declining to around RMB 250,000 in the first quarter, which is below expectations [2][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 123.851 billion - 2024: RMB 144.460 billion (YoY growth of 16.6%) - 2025E: RMB 157.981 billion (YoY growth of 9.4%) - 2026E: RMB 202.373 billion (YoY growth of 28.1%) - 2027E: RMB 224.975 billion (YoY growth of 11.2%) [3][16]. - Net profit estimates are: - 2023: RMB 11.704 billion - 2024: RMB 8.032 billion - 2025E: RMB 8.560 billion - 2026E: RMB 10.843 billion - 2027E: RMB 12.458 billion [3][16]. - The report highlights a significant drop in earnings per share (EPS) for 2023, with a forecast of RMB 5.95, declining to RMB 4.03 in 2024, and a slight recovery to RMB 4.29 in 2025 [3][16]. Market Competition and Challenges - The report notes that the company faces significant challenges in terms of sales growth, cost control, and market competitiveness. The competition is expected to intensify in 2025 with the introduction of more range-extended competitors, including new models from rival companies [8]. - The sales forecast for 2025 has been reduced by 7.5% to 558,000 vehicles, reflecting concerns over the sales performance of the range-extended series and new electric models [8].