金吾财讯 | 交银国际研报指，理想汽车(02015)2季度总收入同环比-4.5%/ 16.7%，归母净利为11亿元/15亿元，符合市场和该机构预期。公司指引3季度车辆交付量为9.0万–9.5万辆，环比大幅下滑（环比降约37.8%–41.1%），显着低于该机构与市场此前的预期，表明短期需求依然承压。该机构认为公司在产能释放、促销与定价之间将面临权衡。4季度能否回稳取决于i8爬坡进度和i6在9 月发布后市场的反馈。同时L系的基本盘，在下半年会面临问界新款M7的竞争，有可能对L6和L7的销量有负面影响。该机构下调销量预测由56万辆至44万辆，较 2024年下滑12.3%，主要反映该机构对L系和纯电新车型销量预测的下调。该机构下调目标价至80.84港元/20.8 美元。该机构认为，当纯电新车销量超预期时，市场或才会考虑公司价值的重估，维持中性评级。
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