金吾财讯 | 国证国际发研报指，理想汽车(02015)2024Q4季度营收443亿元，同比增长6.1%，环比增长3.3%，全年营收1444.6亿元，同比增长16.6%。2024Q4季度净利润为35亿元，环比增长25.3%，同比下降38.6%。2024年净利润为80.3亿元，同比下降31%。公司预计2025Q1实现销量8.8-9.3万辆，同比增长9.5%-15.7%，对应收入234-247亿元，同比减少8.7%-3.5%。该行表示，理想重磅新车I8将会在4月底的上海车展上正式亮相，7月上市，I6计划在四季度发布。I8作为6座中大型SUV，轴距3005mm(与L8一致)，主打家庭用户全周期场景，如通勤、郊游等。I8搭载宁德时代102.7kWh麒麟电池，支持5C超充技术，10分钟补能500km，配合理想自建超充网络，缓解纯电续航焦虑。公司研发的MindVLA智驾有望在I8上应用，将大幅提升智驾系统对复杂场景的理解能力。该行认为下半年才是理想汽车的关键时期，主要关注I8、I6纯电新品上市以及下一代自动驾驶架构MindVLA的应用。上调目标价至132港元，对应25年的27.1倍预测市盈率，距离现价有26%上涨空间，维持买入评级。
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