Shulou(Shulou.com)11/24 Report--

On May 10, 2023, ideal announced its results for the first quarter of 2023. Despite the lower-than-expected overall performance of the Chinese car market, ideal car quarterly revenue and delivery are both at record highs. Revenue in the first quarter reached 18.79 billion yuan, an increase of 96.5% over the same period last year. In the same period, ideal car delivered a total of 52584 new cars to users, an increase of 65.8% over the same period last year, achieving the best results in a single quarter. Driven by strong delivery volume, ideal car ranked among the top three sales of new energy brands worth more than 200000 yuan in China in the first quarter, with a market share of about 11%, far surpassing other new power brands. Thanks to the unremitting pursuit of operating efficiency, a number of financial data reached historic highs. After deducting equity incentives, operating profit and net profit reached 890 million yuan and 1.41 billion yuan respectively, and free cash flow reached 6.7 billion yuan. Gross profit margin remained stable at 20.4% in the first quarter. A healthy business model and sufficient cash reserves have laid a solid foundation for the long-term development of the enterprise.

It is worth mentioning that ideal car continues to strengthen its refined operations, driving the continued rise in delivery data from January to April 2023. By the end of last month, more than 330000 household users had chosen ideal car products. Thanks to the emergence of more and more household users, delivery exceeded 25000 vehicles for the first time in April 2023, an increase of 516.3% over the same period last year, setting a new record for monthly delivery since the brand was founded, and has delivered more than 20,000 vehicles for two consecutive months. Based on positive market feedback, ideal Motor's second-quarter performance guidelines set a new high, with expected vehicle delivery of 76000 to 81000 vehicles, an increase of 164.9% to 182.4% over the same period last year, and total revenue of 24.22 billion yuan to 25.86 billion yuan, an increase of 177.4% to 196.1%.

Maintain high growth of R & D investment and constantly optimize product strength

In the first quarter, relying on users' continuous recognition of ideal L9 and ideal L8, as well as the strong order volume and fast production capacity climbing of ideal L7, ideal car refreshed its best delivery performance in a single quarter, and won 11% market share in China's new energy vehicle market of more than 200000 yuan. It is proved once again that the ideal car is constantly giving full play to the advantages and collaborative effectiveness of the supply chain, manufacturing, sales and service network from 1 to 10. At present, the ideal L-series models that have been released have achieved excellent performance in their respective market segments. Among them, as the brand's first family five-seat flagship SUV, the ideal L7 delivered more than 10,000 in the first complete delivery month. it is also the first Chinese brand to deliver more than 10,000 a month with a starting price of more than 300000, making it one of the preferred luxury five-seater SUV for more families; the ideal L8 takes the lead in sales in six-seat market segments; and the ideal L9 has won the monthly large-scale SUV sales title many times since it was delivered last year.

At the same time, ideal Automobile invested a total of 1.85 billion yuan in research and development in the first quarter, an increase of 34.8% over the same period last year. In terms of smart space and smart driving, which are highly utilized by users, the ideal car continues to improve its product power through OTA upgrades. Since the beginning of this year, the ideal L-series models have completed 4.3 and 4.4 OTA version upgrades, optimizing a total of more than 100 features and experiences. Among them, the task master can let users define the function combination independently, and realize the linkage of seat, driving, navigation, application and so on, which has been well received and discussed by the majority of users since its launch. In addition, in OTA 4.4, the new version adds the long-awaited Sentinel mode, which automatically detects the situation around the vehicle and reminds users according to the level of different situations that, through the advantage of their own power-saving strategy, the energy consumption of the whole night is only about half that of other models; at the same time, users equipped with ideal AD Max intelligent driving system also get LKA Plus function through recent upgrades. This function can realize automatic lane change when navigation is not turned on, reduce driving fatigue and improve traffic efficiency.

In April, the family's six-seat flagship SUV-- ideal L9 won a five-star smart star rating in the first batch of IVISTA China Smart car Index 2023 released by the China Automotive Engineering Research Institute Co., Ltd. Especially in the intelligent safety test, the ideal L9 is the car with the highest score among the models tested by the China Intelligent vehicle Index, and it is also the first model to get the navigation-assisted driving test G + on the basis of 4 G evaluations. The ideal L9 has also become the model with the highest performance in the IVISTA China Intelligent vehicle Index.

Create an ideal fortress safety car body ™to protect family members

Ideal car also invests a lot of energy and time in the safety aspects most related to user travel, and strives to create an ideal fortress safety body ™for the whole family through the ultimate safety concept. Last year, the ideal L9 became the first large SUV with a G rating for 25% offset crashes on both the driver side and the passenger side in the China Insurance Automobile Safety Index (C-IASI) rating. In April this year, the ideal L9 won the five-star evaluation of the 2021 version of C-NCAP upgrade test in the new batch of China New car Evaluation rules (C-NCAP) test results, making it the model with the highest comprehensive scoring rate in history. Ideal L9 is also the only luxury large SUV with the best results in China New car Evaluation regulations (C-NCAP), China Insurance Automobile Safety Index (C-IASI), China Automobile Consumer Research and Evaluation (CCRT) and China Automobile Health Index (C-AHI). In the same month, the ideal L8 also became the best SUV model in the history of collision test. In the occupant safety index, pedestrian safety index and vehicle auxiliary safety index, the ideal L8 all got the highest rating of G (excellent), especially in the 25% offset collision test on the occupant side of the non-standard test items.

A series of excellent crash results depend on the strong ideal fortress safety body ™design, which is an ideal car deeply self-developed defensive body structure dedicated to providing 360 °omni-directional protection for family members in every position in the car. First of all, the ideal automobile determines the energy distribution strategies of the whole vehicle level, the system level and the key part level, and constructs a more scientific and reasonable force transmission path and cross-section size system for each main force transmission channel. Secondly, the ideal automobile has designed a cage body with ultra-high torsional stiffness, and boron steel (thermoformed steel) material is used in key positions to form a higher strength protective structure. At the same time, the ideal automobile insists on the material selection of Excelsior, adopts positive energy management and load distribution for the body-in-white, and carries out accurate topology for the key parts and cross-section structure of the body, so that the good steel is really used on the blade. The standard flagship ideal fortress safety body ™really realizes the equality of security technology.

In addition, after the ideal L9 obtained four all-five-star certifications in the China Automobile Health Index (C-AHI) rating, the ideal L8 also recently obtained four all-five-star certifications in the China Automobile Health Index, making it a well-deserved "green house" to protect the family.

Enter the new development chapter with "dual-energy strategy"

Recently, ideal car officially released the "dual-energy strategy", indicating that the brand will be in the "smart" and "electric power" in an all-round way. More importantly, by 2025, the ideal car will form a product layout of "1 super flagship model + 5 extended range electric models + 5 high voltage pure electric models", facing more than 200000 of the market and fully meeting the needs of household users.

In terms of "intelligence", ideal intelligent driving has officially entered the 3.0 era, from the high-speed scene to the urban scene. This system uses three kinds of neural network large model algorithms: static BEV network algorithm, dynamic BEV network algorithm and Occupancy network algorithm to restore, and uses NeRF technology to enhance Occupancy network algorithm to achieve higher accuracy and details, so as to provide accurate information in the decision planning of urban complex scenes. At present, based on the accumulation in the past five years, ideal car has the largest number of intelligent driving training mileage in China, with a total of more than 400 million kilometers. The ideal AD Max 3.0 urban NOA navigation-assisted driving system is scheduled to be rolled out to internal test users from the second quarter of this year. By the end of 2023, more than 100 domestic cities will be pushed, using a set of technology to fully connect cities and highways. Part of the intelligent driving ability based on large model training will also be released to users who use ideal AD Pro hardware models.

In terms of "electric energy", the ideal car has officially entered a new stage in which "extended range electric" and "high voltage pure electricity" are neck and neck. For the pure electric products to be released in the future, the ideal car will dig deep into the core technology and land the 800V overcharged pure electric solution, which has the advantage of letting users bid farewell to mileage anxiety and allowing pure electric users to have a "refueling"-like replenishment experience. Ideal Automobile's pure electric products will adopt a new generation of self-developed electric drive system composed of 800V silicon carbide power modules, comprehensively optimized design and more advanced resource integration to achieve breakthroughs in all energy efficiency indicators. In addition, in order to reduce the charging problems such as "non-freedom" and "uncertainty" of pure electric model users, ideal car officially launched the "ideal 4C super charging station" and overcharging network, which can increase the range of 400 km after 10 minutes of charging. By 2025, the goal is to build more than 3000 charging stations. At the same time, the ideal AD Max 3.0 will also be perfectly integrated with the ideal 4C supercharging station, making it easier for users to go to the overcharging station than to the gas station.

Optimize the layout of sales network and enhance the leading position in the industry

In the first quarter, in order to support the development of multiple models, ideal Automobile continues to expand its network layout and accelerate the upgrading of store quality, so as to provide users with more convenient and efficient services. Since late June last year, ideal has expanded or optimized nearly 50 existing stores. As of April 30, 2023, there are 302 retail centers in China, covering 123 cities, and 318 after-sales maintenance centers and authorized sheet spray centers, covering 222 cities.

The rising profitability and cash flow have become the basis for enterprises to continue to invest in R & D and business capabilities, and also provide strong support for brands to maintain their leading position in the new energy vehicle market. With strong product strength and excellent operational efficiency, ideal Automobile will continue to strengthen business and service capabilities, create greater value for users, and further enhance the flywheel effect of enterprise development.

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