Ping An Securities: Maintaining Ideal Automobile-W (02015) “Recommended” Rating The first pure electric model is expected to be released in the fourth quarter

The Zhitong Finance App learned that Ping An Securities released a research report saying that maintaining the Ideal Automobile-W (02015) “Recommended” rating, it has achieved net profit correction for two consecutive quarters. With the L7/L8/L9 models being popular in 2023, the revenue scale is expected to exceed 100 billion yuan. The delivery volume for the first quarter of this year was in line with expectations (52,584 units). The delivery guide for the second quarter of 2023 was 76,000-81,000 units, the revenue guide was 24.22 billion to 25.86 billion yuan, and the April delivery volume was 25,681 units. During the earnings call, it was stated that it is expected to sprint to sell 30,000 units per month in June. The strategic plan is clear and the product definition ability is outstanding. If the company's success in the field of range extension can be replicated in pure electric models, it will enter a new level of development.

According to the report, the company officially released its “dual energy strategy” during the Shanghai Auto Show, and the company will fully develop “intelligence” + “electric energy”, which means that the company has officially entered a new stage of development. In terms of intelligence, the company will launch an early bird test of the city's NOA function in the second quarter, and plans to launch it to 100 domestic cities by the end of 23. In terms of electricity, the pure electric model will use 800V high-voltage overcharging to solve the energy efficiency problem. Its 800V overcharge can achieve 10 minutes of charging and a battery life of 400 kilometers. The technical support mainly comes from an ideal self-developed silicon carbide power chip, a self-developed 3-in-1 electric drive system, a 4C Kirin battery developed in cooperation with Ningde Times, a self-developed thermal management system, and a rapidly expanded overcharging network. In addition, the charging network is expected to be put into construction starting in the second quarter. By the end of 2023, construction of 300+ high-speed overcharging stations will be completed, covering the four major economic zones of Beijing-Tianjin-Hebei, Yangtze River Delta, Greater Bay Area, and Chengdu-Chongqing. In 2025, 3,000 supercharging stations will be built, covering 90% of the country's high-speed mileage.

Looking forward to the future, the company's first pure electric model will be officially released in the fourth quarter of 2023, and is expected to be officially delivered in early 24. The company will speed up the pace of launching new models. In 2024/25, the company will launch 3-4 new models every year. By 2025, the company will form a product layout of “1 super flagship+5 extended-range electric models+5 high-voltage pure electric models”, targeting a market of 200,000 yuan or more. In addition, the 800V high-voltage pure electric model launched by the company can be drastically reduced with silicon carbide and a good wind resistance coefficient. It is expected that the pure electric model can achieve the same price as the extended range model and achieve the same profitability as the extended-range model.