Ideal Car-W (02015) fell more than 4% againmamearcadecabinet, as of press time, fell 4mamearcadecabinet.01%, reported at HK$78.9, with a turnover of HK$429 million.
China Merchants Securities International released a report saying that Ideal Automobile's Non-GAAP net profit in the first quarter was 1.28 billion yuan, down 9.7% and 72.2% year-on-year and quarter-on-quarter respectively. Changes in overall unit price and gross profit margin are in line with the guidelines, but high expense investment has significantly dragged down performance. Lyon said that the ideal first-quarter gross profit margin narrowed by 2.9 percentage points quarter-on-quarter, mainly due to discounts provided to older models. Due to the resumption of price cuts starting in April, the bank expects its ideal profitability to be further under pressure in the second quarter.
Founder Securities pointed out that the company is currently in a pressure channel due to factors such as price strategy adjustment and increased industry competition pressure, sales volume is below expectations. It is expected that it is expected to bottom out in the second quarter of 2024 after further pressure. It looks forward to the adjustment of pure electricity strategy, optimization and upgrading of organizational structure, and the company's performance after improved operating efficiency. The bank pointed out that the increase in the proportion of L6 sales may affect the gross profit margin in the second quarter to continue to be under pressure.