UBS: Ideal Motors -W (02015.HK) i8 remains the focus of attention, maintaining a "buy" rating.

According to the Zhixun Finance APP, UBS released a research report stating that the first quarter performance of Ideal Automobile (02015.HK) exceeded expectations. Despite a 12% decrease in average selling price compared to the same period last year and a 41% decrease in sales volume quarter on quarter, the car gross profit margin remained strong at 19.8%. Based on the group's 2026 price-to-sales ratio of 1.3 times and forecasted sales volume of 800,000 units, this implies a price-to-earnings ratio of 22 times and 15 times for the current and next year respectively, thus giving a "buy" rating. Management attributed the year-on-year growth in the car gross profit margin to cost reductions and pricing strategy adjustments implemented in the first quarter, but the decrease in the comprehensive average selling price due to increased contribution from the L6 model partially offset this growth. In the quarter, research and development expenses decreased by 18% year-on-year, mainly due to savings in employee salaries and different launch times for new models.