智通财经APP获悉，招商证券国际发布研报称，理想汽车-W(02015,LI.US)今年次季度业绩低于预期，新车空窗期销量增长乏力，但盈利能力稳中有升，纯电新品i8交付顺利，管理层预计截至9月底累计交付目标为8,000至10,000台，产能与供应链稳定性良好，i8市场接受度好于预期。建议逢低吸纳，维持“增持”评级，下调港股目标价至115港元、美股目标价至30美元，相当于2026财年19倍市盈率，相对公司历史平均估值折让27%。
招商证券国际表示，当前市场对公司产品周期过度悲观，忽略公司精细管理提效能力，渠道下沉拓展空间以及海外拓展空间。公司有超过千亿现金，有足够源应对短期逆风。预计三季度是交付量低点，i6上市后将扭转市场悲观预期。该行分别下调理想汽车2025至2027年净利润预测(非GAAP)48%、28%、25%，反映新品断档期盈利承压。
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