freecasinobonusnodeposit| Ideal Car's first-quarter results fell short of expectations: pressure on gross margin increased and target prices were lowered

[Bank of America Securities cut its target price for Ideal Car to HK$140, and the first batch of results were disappointing] Ideal Car's first-quarter results fell short of expectations. Bank of America Securities responded in its latest report and lowered its target price from HK$160 to HK$140. Management is optimistic about second-quarter deliveries and expects this number to reach 10freecasinobonusnodeposit.50 to 110,000 vehicles, an annual increase of 21% to 27%, and a quarterly increase of 31% to 37%. [Gross profit margin is expected to be dragged down by low-margin products] The report also pointed out that due to the increase in sales of low-margin L6 models, the second quarter may become the most difficult period for gross profit margins, and it is expected that the gross profit margin of ideal cars may fall to 18%. [Future sales expectations adjusted, profit forecast cut] Taking into account new sales and free cash flow forecasts, Bank of America Securities lowered its sales forecast for Ideal Automobile from 2024 to 2026 respectivelyfreecasinobonusnodeposit7%, 11%, and 6%. At the same time, earnings per share forecasts were lowered by 33%, 21% and 2% respectively. [Why is the buy rating maintained?] Despite the downgrade of stock price expectations, Bank of America Securities still gave the ideal car a "buy" rating. This is mainly due to the strong competitiveness of the company's model channels, good performance of gross profit margin management and strong growth in free cash flow. [Citi and Macquarie simultaneously lowered their target prices] After Bank of America Securities made adjustments, Citi and Macquarie also lowered their target prices for Ideal Cars to HK$113.8 and HK$118 respectively, reflecting the market's cautious attitude towards the future performance of Ideal Cars.