Futu Information reported on October 12 that $ Ideal Auto -W (02015.HK)$ rose in the early trading. As of press time, Ideal Auto rose 1.12% to HK$76.85.
In terms of institutional ratings, CITIC Securities stated that it will maintain the buy rating of Ideal Auto with a target price of HK$165. Considering that its cumulative sales of Q1-Q3 are 87,000 vehicles, the delivery of L7 will begin in February 2023, fine-tuning the sales forecast for 2022-24 is 14/35/700,000 vehicles, and the forecast operating income is 47.9/1265/230.7 billion yuan, and the Non-GAAP net profit forecast is adjusted to 83/801/20.67 billion yuan.
The bank maintains a continuous optimistic attitude towards Ideal Auto. CITIC Securities pointed out that the sector has experienced a large-scale correction recently, but it is still optimistic about the continued upward trend and profitability of the automotive sector in Q4. In addition to the long-term trends such as electrification and intelligence, it is recommended that investors focus on three directions that may exceed expectations in the second half of the year: 1) The upward shift of the profit center of the industrial chain brought about by the acceleration of China's automobile exports; 2) The acceleration of hybridization promotes the overall overtake of joint venture brands; 3) The release of profit space in the vehicle and parts industry chain brought about by the downward cost of bulk raw materials. The valuation repair of the sector has basically ended, and the profit-driven profit recovery is expected to be relayed, and the above three directions are expected to help the sector's profits achieve systematic repair.
In addition, Ideal Auto previously released its car delivery situation in September, with delivery volume increasing by 62.5% year-on-year.
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