机构：平安证券 研究员：王德安/王跟海 事项： 理想汽车发布7 月份销量数据，7 月理想汽车销量达到30731 台，同比下降39.7%。此外公司第二款纯电 车型也于近期上市，新车共推出三款配置车型，售价分别为32.18/34.98/36.98 万元。 平安观点： 增程系列承压，亟待大的升级换代提升产品力。我们在2025 年1 月发布的公司深度报告《应变敏捷，攻 守兼备》中指出，L 系列改款升级将是公司25 年最重要的工作之一，并指出改款升级可能集中在三大 方向：动力系统升级（电池容量扩大、增加超快充功能等）、智驾升级、舒适性配置升级，但后续公司 L 系列2025 年的产品升级力度略低于我们此前预期。 公司L9 自2022 年上市已超过3 年，估计市场也等待L 系列进行大的升级换代，目前市面上中大型混动 SUV竞争对手增加，对公司L 系列在2025年的销量也造成一定影响。2025 年1-7 月，理想汽车累计销量 达到23.5万台，同比下降2.2%，其中7 月份交付量同比下降39.7%，虽然公司7月初推出了全新的购车权 益，但实际效果尚未达到预期。 首款纯电SUV i8 配置策略稍显保守。价格方面，i8 的定价基 ...

25年8月4日晚上，孙少军直播表示，i8定单6000左右，理想上周大定13000左右。i8 70%+ Ultra， 20%+Max，Pro几乎为0。 加微信，进群深度交流理想实际经营情况与长期基本面。不是车友群。 ...

智通财经8月4日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价: 高盛：维持理想汽车-W买入评级 目标价138港元 高盛就理想汽车-W(02015.HK)发布研报称，该公司正式推出首款纯电动SUV车型i8，起售价符合预期， 预计月销量6000辆，与ES6/L8相当，推动销量增长。 招商证券(香港)：维持中国生物制药优于大市评级 招商证券(香港)就中国生物制药(01177.HK)发布研报称，该公司作为中国领先的制药公司，在创新转型 中取得了显著成果。公司聚焦于肿瘤学、肝/代谢、呼吸和手术/镇痛四大核心治疗领域，建立了强大的 创新管线，包括多个具有全球授权潜力的资产。此外，其生物类似药产品的快速销售增长和仿制药业务 的稳健增长将持续推动公司发展。 摩根大通：上调恒隆地产至增持评级 升目标价至10港元 摩根大通就恒隆地产(00101.HK)发布研报称，将该公司评级由"中性"上调至"增持"，目标价由7.5港元升 至10港元，认为公司6.5%股息收益率在同行中具吸引力，且内地租户销售回稳，同比跌幅收窄，管理 层对下半年持审慎乐观态度，预期销售将持平或轻微增长。 里昂证券：维持中海物业跑赢大市评级 下调目 ...

曾执着于纯电或增程"单行道"的车企，如今正纷纷转向多元技术路线。 日前，小鹏宣布进军增程市场，计划今年四季度推出G9、X9旗舰车型，并将技术下放至15万元级 MONA系列；广汽方面日前也明确表态，要抓住增程和混动市场的机会；而作为增程车型的最早开拓 者，理想汽车继续发力纯电市场，本月将推出第二款纯电车型i8；小米汽车预计在2026年推出增程车 型，多张代号"昆仑"的全新增程SUV谍照已然流出。 这些曾经在电动化初期执着于单一路线的企业，如今纷纷迈出了多元化的脚步。这种集体性的战略转 向，不仅是企业对市场需求的敏锐回应，更标志着汽车电动化已走过非此即彼的初级阶段，进入"多元 协同"的新发展周期。 路线之争落幕 纯电、插混各有其位 在汽车电动化的进程中，关于"终局"技术路线的讨论曾长期存在分歧。 此前，行业内普遍在两种极端判断间摇摆：一部分观点认为，终局阶段将是纯电车型的天下，插混（包 括增程）仅是过渡性产物；另一部分则坚持，插混技术更贴合当下能源结构与使用场景，可能成为终局 的主流。这种"非此即彼"的争论，与车企早期的单一路线选择相互呼应，有的执着于纯电赛道，有的则 深耕插混领域。 清华大学汽车系博士张抗抗分析 ...

金十数据7月21日讯，摩根士丹利发报告指，理想汽车(02015.HK)6月市占率按月下降1.4个百分点至 3.2%，第二季市占率按季减0.1个百分点至3.9%。大摩认为，由于组织架构调整及L系列升级后的价格 竞争，理想汽车6月在大多数地区的份额均有所下降。该行预计，在i8上市的推动下，8月销售量将出现 更显著的回升。 摩根士丹利：理想汽车市占率6月下滑 看好8月i8推动销量回升 ...

Core Viewpoint - The article discusses the expectations and market dynamics surrounding the i8 vehicle, highlighting its pre-order success and competitive positioning in the market. Group 1: Pre-order Data and Market Expectations - As of 2 PM, pre-orders for the i8 exceeded 20,000, with an average of over 40 per store, surpassing market expectations that the i8 would struggle to reach 10,000 on its first day [1] Group 2: Pricing and Conversion Rates - The anticipated launch price of the i8 is around 330,000, which is more aggressive than the expected 340,000 to 350,000, narrowing the price gap with the L8, leading to a more optimistic conversion rate for pre-orders [2] Group 3: Competitive Landscape - The second half of the year is expected to be significant for six-seater vehicles, but high-quality offerings in the 300,000 to 400,000 price range remain scarce, with the i8 being the only model that combines charging experience, space, and intelligence [3] Group 4: Impact on Range-Extended Vehicles - After the launch of the pure electric model, the focus will shift to core cities in the first and second tiers, while range-extended models will target lower-tier markets to avoid direct competition [4] Group 5: Channel Expansion and Sales Growth - There is a need to focus on channel expansion, as coverage in third-tier cities and below is less than 50%, with sales accounting for about 33% (approximately 150,000 units). Assuming a doubling of channel coverage, a sales growth of 60-70% is likely, indicating a high certainty of an increase of 100,000 units [5]

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 先调整自己，迎接这场更难的战斗。 文 丨 赵宇 编辑 丨 龚方毅 我们获悉，理想汽车今日发布内部信，宣布多项组织与人事调整，主要涉及销售与服务群组相关变 动：原销售与服务群组将和研发与供应群组合并，成立新的智能汽车群组，对理想汽车智能汽车业务 的战略到经营闭环负责。 总裁马东辉将担任智能汽车群组的负责人，向董事长兼 CEO 李想汇报。其余一级群组不受影响，包 括理想汽车董事长、CEO 李想直管的产品与战略群组，CTO 谢炎负责的系统与计算群组，CFO 李铁 负责的组织与财经群组。其中，李想除了继续负责汽车业务相关的产品线、产品部、品牌、战略等团 队，也会将更多精力投入 AI（人工智能）领域。 理想汽车在内部信中称，智能汽车群组成立后，将通过研发、供应、销售、服务的端到端经营与深度 协同，更有力地支撑面向用户的价值创造、价值传递与经营闭环，为理想汽车构筑面向下一个阶段的 领先优势。 今年 7 月和 9 月，理想将先后发布 i8 和 i6 两款非常重要的纯电 SUV 产品。一位接近理 ...

先调整自己，迎接这场更难的战斗。 文 丨 赵宇 编辑 丨 龚方毅 我们获悉，理想汽车今日发布内部信，宣布多项组织与人事调整，主要涉及销售与服务群组相关变 动：原销售与服务群组将和研发与供应群组合并，成立新的智能汽车群组，对理想汽车智能汽车业务 的战略到经营闭环负责。 总裁马东辉将担任智能汽车群组的负责人，向董事长兼 CEO 李想汇报。其余一级群组不受影响，包 括理想汽车董事长、CEO 李想直管的产品与战略群组，CTO 谢炎负责的系统与计算群组，CFO 李铁 负责的组织与财经群组。其中，李想除了继续负责汽车业务相关的产品线、产品部、品牌、战略等团 队，也会将更多精力投入 AI（人工智能）领域。 理想汽车在内部信中称，智能汽车群组成立后，将通过研发、供应、销售、服务的端到端经营与深度 协同，更有力地支撑面向用户的价值创造、价值传递与经营闭环，为理想汽车构筑面向下一个阶段的 领先优势。 今年 7 月和 9 月，理想将先后发布 i8 和 i6 两款非常重要的纯电 SUV 产品。一位接近理想汽车的人 士对我们分析称，理想希望借助这样的组织调整，更加快速地适应当下国内汽车市场激烈的竞争环 境，因此进一步消除部门墙、让公司 ...

Core Viewpoint - The report emphasizes the formation of the brand moat for the company in the high-end market and the competitive landscape, highlighting the potential for sales and profit growth through brand barriers [1][2] Group 1: High-End Market Position - The company holds the leading market share among domestic brands in the segment priced above 250,000 yuan, approximately 10% [1] - The high-end market space for vehicles priced above 250,000 yuan is projected to be 3.807 million units in 2024, showing a year-on-year decline of 5.9% [1] - The brand moat is established through a strong brand identity that is not easily surpassed by imitation products, supported by sales volume and intelligent technology capabilities [1] Group 2: Infrastructure and Product Development - The company is addressing two major pain points in pure electric products: range anxiety and charging anxiety, by providing industry-leading solutions [1] - As of June 15, 2025, the company has invested in 2,451 supercharging stations nationwide, enhancing the convenience of charging and potentially increasing sales of pure electric products [1] - The launch of new pure electric models, i8 and i6, is expected to further support the company's growth trajectory [1] Group 3: Technological Advancements - The MindVLA technology integrates spatial, language, and behavioral intelligence, enabling vehicles to possess human-like multi-dimensional cognitive abilities [2] - AI-enabled smart cabins and driving capabilities are anticipated to provide passengers with a revolutionary product experience, enhancing the company's competitive edge in a homogenized high-end market [2] - The technological advantages are expected to strengthen the brand image and create a more solid moat for the company, leading to higher valuation potential [2] Group 4: Financial Projections - Revenue projections for the company are estimated at 158.3 billion yuan, 193.0 billion yuan, and 226.9 billion yuan for the years 2025, 2026, and 2027 respectively [2] - The net profit attributable to the parent company is forecasted to be 10.12 billion yuan, 14.57 billion yuan, and 18.41 billion yuan for the same years [2] - The price-to-earnings (PE) ratios are expected to be 20, 14, and 11 times for 2025, 2026, and 2027 respectively, based on the closing price of 101.9 HKD per share on June 19, 2025 [2]

Core Insights - The article discusses the progress of the company's supercharging station construction, highlighting the completion of 2502 stations, achieving a target of 2500+ stations ahead of the i8 release [1] - The company aims to reach a total of over 4000 supercharging stations by the end of 2025, with current progress indicating a need for daily construction to meet this goal [1] Summary by Sections - **Current Supercharging Stations**: The total number of supercharging stations has increased from 2489 to 2502, with a completion rate of 100.26% towards the immediate target [1] - **i8 Release Timeline**: With 42 days remaining until the i8 release, the company needs to maintain a daily construction rate of -0.05 stations to meet the target [1] - **2023 Construction Goals**: For the year 2023, the company has achieved a progress value of 34.10% towards the goal of adding new stations, requiring a daily addition of 7.68 stations to meet the year-end target [1] - **Newly Built Stations**: The article lists 13 newly constructed supercharging stations across various provinces, including specifications for each station [1][3]