On August 12, Ideal Motor went public in Hong Kong, and the opening price fell below the issue price. This is the second listing since it was listed on the Nasdaq in July last year. Since its establishment, with only the ideal ONE (configuration|inquiry), which is currently on sale, Ideal has squeezed into the top three new car-making forces in China. One of the reasons for the ideal success in the past was extreme restraint in capital use and cost control.
But since the beginning of this year, the ideal has entered a new stage from focusing on efficiency to seeking scale:
1. In the new expansion strategy, Ideal Auto’s sales target by 2025 is 1.6 million vehicles. For comparison, as of July 31, 2021, the total delivery of Ideal ONE exceeds 71,500 vehicles.
2. No longer obsessed with extended-range electric routes and single models. According to the prospectus, Ideal will launch high-voltage pure electric models starting from 2023, and iterate at the pace of two models each year, and move closer to pure circuit lines in terms of capital allocation.
3. More willing to spend money. Officials say this year’s R&D investment has increased from 1.1 billion yuan last year to 3 billion yuan, and will increase to 6 billion yuan per year in the next three years.
The ideal to make this change is mainly based on the industry consensus that my country’s new energy vehicle market will have an inflection point in 2025.
To tell the truth, we think it is still a very normal phenomenon that the current ideal car is listed on the market. It can be said that it is expected. Why do you say that? The most important reason is that Ideal Auto, as a representative company of China’s current new car-making forces, has a good performance on the surface, but for the current market, especially for the Hong Kong capital market, Ideal Auto is indeed There are still some problems, we can analyze in detail:
First of all, the losses of the ideal car all the time are actually a very serious problem. For the US capital market, the US capital market has a relatively high tolerance for corporate losses, so you think that the loss of the car is still acceptable. However, for the Hong Kong capital market, although losses in the Hong Kong capital market’s listing conditions are not a big problem, the Hong Kong capital market, especially the participants in the capital market, may not be as tolerant of losses as the United States, so it is In the case of a loss, the ideal car itself will have a certain lack of market competitiveness.
Secondly, let’s look at the ideal car itself. In terms of market development, it has only launched one car model on sale. This is undoubtedly far from enough for a listed car company. For most comparisons People who are familiar with the auto market, especially the Hong Kong auto market, will feel that in such a competitive market environment, the market development prospects and potential of only one model of an ideal car are relatively lagging, so the Hong Kong capital market It is normal to feel some dissatisfaction with the current situation of the ideal car. The Hong Kong capital market is in the process of voting with feet.
Third, from a long-term point of view, the Hong Kong capital market has actually given a very clear statement to Ideal Automobile. This is the story that Hong Kong’s capital market is not optimistic about Ideal Automobile’s current story to Hong Kong’s capital market. From a perspective, it is necessary to invest more stories in Hong Kong’s capital market to influence the car, and then it is possible for the capital market to change its attitude towards the ideal car. From the current point of view, the story of the ideal car is far from enough. As for the future If you can’t give a better story to the capital market, you may need to do a lot of things for the ideal car.
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