智通财经APP获悉，美银证券发布研报称，将理想汽车-W(02015)评级从“买入”下调至“中性”，因公司于第二季财报中预告第三季销量与毛利率将下滑。管理层预估第三季交付量为9万至9.5万辆，同比减少38%至41%，毛利率为19%。美银证券将理想汽车美股ADR(LI.US)和港股目标价分别由31美元和121港元，下调至26美元和101港元，主要基于销售与自由现金流预期下修。
该行认为最新指引反映市场竞争加剧，将拖累理想汽车的销售增长前景。美银证券将理想汽车2025至27财年预期销量分别下调12%、12%及8%，并将营运支出占销售额比例分别上调2.1、2.1及1.5个百分点，将non-GAAP盈利预期分别下调38%、33%及31%。
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