According to Ideal’s latest financial report, after becoming the first “new force in car-building” to achieve profit in 2023, Ideal Automobile experienced operating losses in the first quarter, and the delivery guidance in the second quarter was only slightly more than 100,000 vehicles, which was below market expectations.
On the morning of May 21, Ideal Automobile’s Hong Kong stock price plummeted 19.
22% and closed at HK$80.
7 at noon.
Wang Xing, CEO of Meituan and non-executive director of Ideal Automobile, Li Tie, chief financial officer of Ideal Automobile, and Ma Donghui, president of Ideal Automobile, all cashed out in Ideal Automobile at high points, and at some points of reduction, they were even twice the current share price.
.
In addition, Citigroup released a research report saying that it maintains the ideal car “buy” rating and lowered its target price from HK$167.
6 to HK$113.8. The report stated that the evaluation of ideal cars will be updated and the net profit forecast for the three-year period from 2024 to 2026 will be lowered by 38% to 51%, to 6.
7 billion, 7.
7 billion and 12.
1 billion yuan respectively.
It is believed that the market headwinds will continue until next year.
However, the company’s customer penetration, cash flow and cash position are strong compared to other competitors newly entering the new energy vehicle market, and it has a better positioning under the new pure electric vehicle product cycle.
The bank said it would lower its annual sales forecast for Ideal Cars from this year to 2026 from 570,000, 690,000 and 760,000 to 480,000, 560,000 and 645,000 respectively, because industry news said that orders fell significantly after May Day Golden Week and the postponement of the launch of pure electric vehicles are expected to affect sales performance in the second half of the year.
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