智通财经APP获悉，招银国际发布研报称，维持理想汽车-W(02015)“买入”评级，目标价由117港元升至131港元。考虑到销量和营业外收入的下调，该行下调理想2025年的净利润预测10%至119亿元，认为理想已经在短期内跃升为自动驾驶技术的行业领军者，其领先的AI能力将为公司布局更广泛的AI设备奠定基础，也成为其估值倍数提升的有力支撑。
招银国际指出，理想汽车去年第四季收入符合该行此前预测，但毛利率较预期低1.4个百分点，主要因采购承诺损失拖累。研发与销售管理费用合计较预期减少约9.8亿元人民币(下同)，完全抵消毛利率不及预期的影响。营业利润率达8.4%，创历史新高，带动净利润按季增长25%至35亿元，较该行预期高4%。
报告指，考虑到宏观不确定性，管理层并未给出明确销量指引，但表示今年将加速推进海外销售。该行下调2025财年销量预测3万辆，至63万辆，主要是调低了对增程车型的销量预期，认为今年海外的增量贡献或难抵消国内竞争加剧影响。部分投资者可能担心今年新发布的纯电车型会蚕食公司增程车型的市场份额，该行对此保持积极的态度，因为过去几款L系列车型已经证明了公司精准的产品定位能力。
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