智通财经APP获悉，摩根士丹利发布研报称，理想汽车-W(02015)全新L系列虽未调整价格，但配置有显著升级，整体符合市场预期。然而，市场仍在讨论仅透过新L系列的配置及自动驾驶(AD)升级而不调整建议零售价，是否足以应对激烈的市场竞争。目前尚待观察月销量能否回升至下半年平均的约5万辆水平。
报告表示，理想汽车2025款L系列改款车型在多方面功能升级，包括更大的电池续航/容量、更大的显示屏以及双腔空气悬架的升级。LiDAR现已成为所有车型的标配。此外，供应商如禾赛(HSAI.US)、地平线机器人-W(09660)和德赛电池(000049.SZ)等，也将受惠于L系列的配置升级。
大摩认为，现市价为约2025年预测市盈率低于20倍，该股的风险回报具吸引力，尤其是在5月8日全新L系列发布及今夏BEV车型推出后。尽管疲弱的第一季度业绩可能在短期内成为压力，但市场对此已有合理预期调整。
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