Citigroup: Ideal Motors is actively expanding into the robotics field, Hong Kong stock target price raised to HK$72.7.

Citigroup's research report pointed out that Ideal Automobile is actively expanding into the field of robotics, repositioning its strategic focus on embodied intelligence, and planning to develop humanoid robots and specialized artificial intelligence-driven hardware. To reflect the valuation of the robotics business more accurately, the bank has changed its estimation calculation model from a simple market-sales ratio to SOTP, raising the target price for US stocks from $18.5 to $18.9 and for Hong Kong stocks from 71.1 HKD to 72.7 HKD. In addition, the bank's sensitivity analysis of the recent increase in raw material costs shows that in the first quarter of 2026, during the uncertain off-season for car sales, high-priced electric vehicle models have a slightly resilient ability to resist cost increases. This may explain why Ideal Automobile and Tesla have recently outperformed Xpeng Motors and BYD in terms of stock performance, maintaining a "neutral" rating on Ideal Automobile.