研究员：刘一鸣/张觉尹/潘若婵 本报告导读： 机构：国泰海通证券 理想汽车25Q3 盈利能力收Mega 召回扰动。考虑到公司技术迭代加速，智能化属性突出，维持"增持"评 级。 公司积极推进组织变革，战略回归创业公司管理模式。公司2025 年第三季度业绩电话会披露，公司将 从25Q4 起坚定回归"创业公司"管理模式，并将其作为公司进入第二个十年阶段的三大关键决策之一。 我们认为，此次组织变革体现了公司对发展阶段与行业环境的清醒认知，也展现出持续推进智能化转型 的战略决心。 风险提示：新能源车销量不及预期；原材料价格大幅上涨。 理想汽车发布2025 年第三季度的未经审计财务业绩。公司25Q3 实现营收274 亿元，同比-36%，环 比-10%；净亏损6.2 亿元，同环比转亏。展望25Q4，公司预计车辆交付量10.0-11.0 万辆，同比-37% 至-31%；收入总额预计为265-292 亿元，同比-40%至-34%。 25Q3 盈利能力受理想Mega 召回扰动。公司25Q3 实现新车交付9.3万辆，同比-39%，环比-16%。根据 我们测算，公司25Q3 单车收入约28 万元，同比+0.7 万元，环比+1.7 万 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5]. Core Insights - The company is experiencing a gradual ramp-up in its pure electric product cycle, with accelerated iterations in intelligent driving technology enhancing product competitiveness [1][3]. - For Q4 2024, the company reported revenue of 44.27 billion RMB, a year-on-year increase of 16.6% for the full year, but a decline in net profit by 31.9% [1]. - The company anticipates Q1 2025 vehicle deliveries between 88,000 and 93,000 units, representing a year-on-year growth of 9.5% to 15.7% [1]. - The overall gross margin for Q4 2024 was 20.3%, with vehicle gross margin at 19.7%, impacted by changes in product mix and pricing strategies [1]. Sales and Store Situation - Total sales for Q4 2024 reached 158,696 units, a year-on-year increase of 20.4%, with annual sales of 500,508 units, up 33.1% [2]. - The company holds a 15.3% market share in the RMB 200,000 and above new energy vehicle segment, leading among domestic brands [2]. - By the end of 2024, the company plans to increase its retail presence to 3,700 locations, with significant expansions in service and charging infrastructure [2]. Intelligent Driving - The focus for 2025 will be on further upgrades to intelligent driving software and hardware, aiming to enhance product strength and competitiveness [3]. - The introduction of the MindVLA architecture aims to create a more integrated driving experience, potentially expanding the company's market reach [3]. Product Cycle and Technological Innovation - The company is set to launch new models in the L series and MEGA intelligent driving in the first half of 2025, with additional electric SUV models expected in the second half [4]. - Upgrades to the AD Max system will transition from dual Orin-X chips to a single Thor-U chip, enhancing driving assistance capabilities [4]. - The report suggests that the combination of product cycles and technological innovations may lead to exceeding sales expectations [4].