"遇到问题时，有同事还在澡堂里开过电话会议，讨论如何解决。" 当欣旺达理想事业部总经理陈辉，回忆起与理想合作的往事时，不无动容地说："和理想一起打了5、6年仗，所有的事情，都历历在目。" 如今理想i8又要上市了，预售价为35万元-40万元，新车定位大六座纯电SUV，基于800V高压平台打造，搭载90.1kWh和97.8kWh两种规格的电池，分别对 应670km和720km的CLTC续航，百公里最高能耗为14.8kWh。 但与L8上市时所不同的是，那时理想在增程赛道占尽先发优势，而今理想增程增速放缓，需要在纯电赛道开辟下一个增长点。 而理想i8正是肩负这项使命的第一款车型。 理想MEGA作为理想旗下定位50万元以上市场的旗舰车型，可以不追求销量，但从i8开始，理想的纯电车型都要承担起走量的任务。 但i8要想上量并不那么容易。 下半年，盘踞中国市场SUV销冠宝座多时的Model Y，将推出加长款Model Y L；乐道L90在BaaS方案下，起售价不到20万元；M8推出纯电版后战绩依旧 斐然，预售8小时便收获了1万多张小订。 当理想i8和这样一群对手，同时驶入大六座纯电SUV这条狭窄的赛道，i8如何能赢？ 理想的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from the growth in intelligent driving and general robotics, marking 2025 as a pivotal year for commercial penetration in L4 applications [8] - The company has successfully transitioned its product offerings, with significant increases in sales volume for both intelligent driving and robotics sectors [8] - The company has established partnerships with major global automotive manufacturers, enhancing its product matrix and market reach [8] Financial Performance Summary - For Q1 2025, the company reported total revenue of $53 million, a year-on-year increase of 46.3% but a quarter-on-quarter decrease of 27.0% [8] - The net profit attributable to the parent company was a loss of $2 million, improving by 83.6% year-on-year but turning to a loss quarter-on-quarter [8] - The gross margin for Q1 2025 was 41.7%, reflecting a year-on-year increase of 3.0 percentage points and a quarter-on-quarter increase of 2.7 percentage points [8] Revenue and Profit Forecast - The company forecasts total revenue of $474.27 million for 2025, representing a year-on-year growth of 64.13% [1] - The net profit attributable to the parent company is projected to be $33.91 million in 2025, with a significant year-on-year increase of 338.10% [1] - The earnings per share (EPS) is expected to reach $0.26 in 2025, compared to a loss of $0.11 in 2024 [1] Market Position and Product Development - The company has seen a 178.5% year-on-year increase in the shipment of ADAS LiDAR units, totaling 146,000 units in Q1 2025 [8] - The company has launched several new LiDAR products aimed at L2-L4 applications, enhancing its competitive edge in the market [8] - The company has established collaborations with leading automotive manufacturers in both domestic and international markets, indicating strong demand for its products [8] Guidance and Capacity Expansion - The company maintains its revenue guidance for 2025 at $3 billion to $3.5 billion, corresponding to a year-on-year growth of 44% to 69% [8] - The company aims to achieve a production capacity of 2 million units per year by the end of 2025, with capital expenditures projected between $30 million to $50 million [8] - The company has signed a leasing agreement for overseas production capacity, expected to be operational by the end of 2026 or early 2027 [8]