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研報掘金|中金:上調理想汽車目標價至155港元 看好公司泛AI佈局
格隆匯 02-26 14:40
中金表示,理想汽車首次發佈純電SUV i8圖片,外觀相比MEGA有大量改動。中金判斷i8將於年中左右發佈,車型近期或有更多積極信息逐步釋放。理想超充站已建1862座,且1至2月佈局加速,中金預計年中左右車型上市時可建成3至4千座超充站,超越特斯拉中國的補能網絡密度,緩解消費者補能焦慮。高端純電市場格局未定,公司產品力提升有望提振市場份額。公司近期推送OTA7.0,實現全場景端到端推送,並通過智駕決策邏輯可視化,增強營銷宣傳,優化消費者體驗;公司現金流、算力儲備位居可比車企前列;同時中金判斷現有Pro車型也有望搭載激光雷達,實現城市NOA功能標配,綜合看中金認為公司智駕能力位居市場前列。此外,中金更看好公司泛AI佈局,一方面公司近期戰略上ALL IN AI,CEO李想本人於訪談中多次強調公司在基座模型的投入和領先優勢。另一方面,公司智駕基座模型採用端到端+VLM架構,並提及將向VLA架構演進,與近期Figure正式發佈自研的端到端VLA通用具身智能模型Helix技術路徑類似。中金維持理想汽車“跑贏行業”評級,上調目標價21%至155港元。
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