20230726-天风证券-汽车_理想汽车Q2业绩前瞻-交付销量持续破新高_Non-GAAP净利润有望超预期_2页_290kb

报告摘要

Li Auto Q2 2023 Performance Forecasts

Ideal Auto's Q2 2023 report highlights strong performance expectations for growth in deliveries, revenue, and profitability.

Deliv eries and Sales

Q2 deliveries projected at 86,533 units, up 201.6% year-over-year.
June 2023 delivery: 32,575 units, first monthly record exceeding 30,000, driven by the L series.
Ideal Auto is the fifth brand globally and only Chinese luxury automaker with monthly deliveries surpassing 30,000.

Financial Performance

Revenue expected: 264.1 billion CNY (+2025% YoY).
Margins sustain growth at 20.8% (down 7pct YoY), with Non-GAAP profit of 147 billion CNY anticipated.
Factors include higher L9 sales on new platforms and improved supply chain efficiency.

Product and Future Outlook

New models like L7, L8, and L9 expected to boost Q3 deliveries to over 10,000 units each.
Industry-wide policy support from central meetings aims to stimulate auto consumption, potentially favoring leading brands.

Investment Recommendation

Based on strong growth trajectory and cost management, Ideal Auto is recommended for investment due to heightened sales potential and profitability improvements from scale.