https://reports.zhihai.me/tags/02015/Recent content in 02015 on 脱水研报HugoenFri, 04 Sep 2026 00:00:00 +0800https://reports.zhihai.me/posts/2026-09-04-ideal-auto-transition/Fri, 04 Sep 2026 00:00:00 +0800https://reports.zhihai.me/posts/2026-09-04-ideal-auto-transition/理想汽车正从高端增程车专家转向大众性价比玩家：股价从52周高点105港元腰斩至48港元，L6与i6走量但毛利率降至15%，MEGA纯电旗舰未达预期，多空对决下估值锚在PB 1-1.5倍区间，本研报给出不同场景下的买方操作建议。