证券研究报告 港股公司|公司点评|理想汽车-W（02015） 理想汽车第二季度财务数据点评： 智能电动加速，利润率拐点或至 glzqdatemark1 证券研究报告 |报告要点 2024 年 8 月 28 日，理想汽车公布 2024 年第二季度财务数据。2024 年第二季度理想汽车交付 新车 10.9 万辆，同比增长 25.5%，环比增长 35.0%。实现收入 316.8 亿元，同比增长 10.6%， 二季度 GAAP 净利润 11.0 亿元，同比下降 52.3%，环比提升 86.3%，Non-GAAP 净利润为 15.0 亿元，同比下降 44.6%，环比提升 17.4%。 |分析师及联系人 高登 SAC：S0590523110004 理想汽车-W(02015) 理想汽车第二季度财务数据点评： 智能电动加速，利润率拐点或至 | --- | --- | |-------------------|-----------------| | 行 业： | 汽车/乘用车 | | 投资评级： | 买入（维持） | | 当前价格： | 81.05 港元 | | | | | /流通股本(百万股) | 1,991.8/1,99 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 109.05 CNY, maintaining the rating [4]. Core Views - The company reported a net profit of 1.1 billion CNY in Q2 2024, a year-on-year decrease of 52% but a quarter-on-quarter increase of 86%. For the first half of 2024, the net profit was 1.7 billion CNY, down 47% year-on-year [1]. - The launch of the L6 model significantly boosted Q2 delivery volumes, leading to a revenue increase of 11% year-on-year and 24% quarter-on-quarter, with total revenue reaching 31.7 billion CNY [1]. - The automotive business revenue was 30.3 billion CNY, reflecting an 8% year-on-year increase and a 25% quarter-on-quarter increase. The total vehicle deliveries in Q2 2024 were 109,000 units, up 25% year-on-year and 35% quarter-on-quarter [1]. - The gross margin for the automotive business was 18.7%, down 2.2 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, primarily due to the lower selling price of the L6 model [1]. - The company has a strong cash reserve of 97.3 billion CNY, with a reduction in net cash outflow from operating activities to 430 million CNY, a decrease of 2.9 billion CNY quarter-on-quarter [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 31.7 billion CNY, with automotive revenue contributing 30.3 billion CNY. The gross margin was 18.7%, and the net profit was 1.1 billion CNY [1]. - The company expects Q3 2024 deliveries to be between 145,000 and 155,000 units, with projected revenue of 39.4 to 42.2 billion CNY, indicating a quarter-on-quarter increase of 29% [3]. Market Outlook - The L series models are expected to continue strong sales, with the L7/8/9 models anticipated to rebound in sales alongside the ongoing ramp-up of the L6 model [3]. - The company is solidifying its position in the pure electric vehicle market, with plans for four new electric SUV models to be launched by 2025 [3]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are 8.1 billion CNY, 15.4 billion CNY, and 26.5 billion CNY, respectively, with corresponding price-to-earnings ratios of 20, 11, and 6 times [8]. - The current market capitalization is approximately 157.1 billion CNY, with a circulating market value of 130.8 billion CNY [4].

2024 年 08 月 29 日 理想汽车-W(02015.HK) 公司快报 理想汽车发布 2024Q2 业绩：2024Q2 实现归母净利润 11 亿元，同比-52%、 环比+86%；2024H1 实现归母净利润 17 亿元，同比-47%。 L6 上市拉动 Q2 交付量提升，推动营收增长：24Q2 公司实现营收 317 亿 元，同比+11%，环比+24%；其中汽车业务营收为 303 亿元，同比+8%，环比 +25%。报告期内 L7/8/9 销量基本盘较为稳固（Q2 合计交付 6.7 万辆）、L6 上市放量（Q2 交付 3.9 万辆），24Q2 汽车交付量为 10.9 万辆，同比+25%， 环比+35%；单车 ASP 约为 27.9 万元，同比下滑 4.4 万元、环比下滑 2.2 万 元，我们认为主要原因系报告期内售价较低的 L6 上市交付。 销售结构变化致毛利率有所下滑，降本增效下费用率环比优化，营业利 润转正：1）24Q2 汽车业务毛利率为 18.7%，同比下滑 2.2pct，环比下滑 0.6pct，我们认为主要系售价较低的 L6 上市所致。基于公司供应链管理效 率、组织管理效率，叠加规模效应，我们预计后续 ...

Hello, ladies and gentlemen. Thank you for standing by for Lee Auto's second quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Janet Zhang, Investor Relations Director of Lee Auto. Please go ahead, Janet. Thank you, Kaylee. Good evening and good morning, everyone. Welcome to Lee Auto's second quarter 2024 earnings conference call. The company's financial and operating resul ...

Financial Performance - Revenue for the first half of 2024 increased by 20.8% to RMB 57.312 billion compared to the same period in 2023[2] - Net profit for the first half of 2024 decreased by 47.8% to RMB 1.692 billion compared to the same period in 2023[2] - Non-GAAP net profit for the first half of 2024 decreased by 32.9% to RMB 2.779 billion compared to the same period in 2023[2] - The company's total revenue for the first half of 2024 reached RMB 57.31 billion, a 20.8% increase compared to the same period in 2023[16] - The company's gross profit for the first half of 2024 was RMB 11.46 billion, a 13.9% increase compared to the same period in 2023[16] - The company's net profit attributable to ordinary shareholders for the first half of 2024 was RMB 1.70 billion, a 47.4% decrease compared to the same period in 2023[16] - The company's operating loss for the first half of 2024 was RMB 116.87 million, compared to an operating profit of RMB 2.03 billion in the same period in 2023[16] - Total revenue increased by 20.8% from RMB 47.4 billion in the first half of 2023 to RMB 57.3 billion in the first half of 2024[17] - Vehicle sales revenue grew by 17.9% from RMB 46.3 billion in the first half of 2023 to RMB 54.6 billion in the first half of 2024, driven by increased vehicle deliveries[17] - Other sales and service revenue surged by 140.3% from RMB 1.1 billion in the first half of 2023 to RMB 2.7 billion in the first half of 2024, due to increased sales of accessories and charging equipment[17] - Gross profit rose by 13.9% from RMB 10.1 billion in the first half of 2023 to RMB 11.5 billion in the first half of 2024, while gross margin declined from 21.2% to 20.0%[19] - Net profit decreased from RMB 3.2 billion in the first half of 2023 to RMB 1.7 billion in the first half of 2024[24] - Vehicle sales revenue increased to RMB 54,571,281 thousand in the first half of 2024, up 17.87% from RMB 46,299,260 thousand in the same period of 2023[36] - Total revenue grew to RMB 57,312,056 thousand in H1 2024, a 20.81% increase compared to RMB 47,439,780 thousand in H1 2023[36] - Gross profit rose to RMB 11,461,247 thousand in H1 2024, up 13.87% from RMB 10,065,384 thousand in H1 2023[36] - Operating expenses increased significantly to RMB 11,578,120 thousand in H1 2024, a 44.12% jump from RMB 8,034,311 thousand in H1 2023[36] - Net profit attributable to Li Auto's ordinary shareholders decreased to RMB 1,695,151 thousand in H1 2024, down 47.41% from RMB 3,222,821 thousand in H1 2023[37] - Basic earnings per share dropped to RMB 0.85 in H1 2024, a 48.17% decrease from RMB 1.64 in H1 2023[37] - Diluted earnings per share fell to RMB 0.80 in H1 2024, a 48.05% decline from RMB 1.54 in H1 2023[37] - Total comprehensive income attributable to Li Auto's ordinary shareholders decreased to RMB 1,647,659 thousand in H1 2024, down 47.35% from RMB 3,129,619 thousand in H1 2023[37] - Total revenue for the six months ended June 30, 2024, was RMB 57,312,056 thousand, with vehicle sales contributing RMB 54,571,281 thousand and other sales and services contributing RMB 2,429,086 thousand[54] - Revenue recognized at a point in time, including vehicle sales and other sales and services, increased from RMB 47,349,758 thousand in 2023 to RMB 57,000,367 thousand in 2024[54] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.85, compared to RMB 1.64 for the same period in 2023[57] - Diluted earnings per share for the six months ended June 30, 2024, were RMB 0.80, compared to RMB 1.54 for the same period in 2023[57] Vehicle Deliveries and Market Share - Delivery volume in the first half of 2024 increased by 35.8% to 188,981 vehicles compared to the same period in 2023[5] - Cumulative delivery volume reached 822,345 vehicles by June 30, 2024, making the company the first Chinese new energy vehicle brand to surpass 800,000 cumulative deliveries[5] - The company achieved a 14.1% market share in the RMB 200,000 and above new energy vehicle market in China during the first half of 2024[5] - The company delivered 51,000 vehicles in July 2024, a 49.4% increase compared to July 2023[12] - The company maintained the top sales position among new energy vehicle brands in China for 10 consecutive weeks as of June 30, 2024[6] Product Launches and Features - The Ideal MEGA, launched on March 1, 2024, features an 800V high-voltage pure electric platform and can achieve a 500 km range with a 12-minute charge[6] - The Ideal L6, launched on April 18, 2024, achieved a cumulative delivery volume of over 50,000 units within three months of its launch[6] Manufacturing and Operations - The company operates manufacturing bases in Changzhou and Beijing, utilizing highly automated, intelligent, and digital production lines[8] - The company expanded its direct sales and service network to 497 retail centers in 148 cities and 421 after-sales service centers in 220 cities by June 30, 2024[9] - The company's supercharging network reached 614 stations with 2,726 charging piles by June 30, 2024[9] - The company's supercharging network expanded to 701 stations with 3,260 charging piles by July 31, 2024[12] R&D and Technology - The company's R&D expenses for the first half of 2024 increased to RMB 6.08 billion, a 42.0% increase compared to the same period in 2023[16] - R&D expenses increased by 42.0% from RMB 4.3 billion in the first half of 2023 to RMB 6.1 billion in the first half of 2024, driven by product expansion and increased employee compensation[20] - The company's intelligent driving system achieved a 99.9% user penetration rate and accumulated 860 million kilometers of full-scenario NOA mileage by June 30, 2024[10] - The company benefits from a 200% super deduction for R&D expenses in China, applicable from January 1, 2023, until further notice[61] Cash Flow and Financial Position - Cash position decreased by 6.2% from RMB 103.7 billion as of December 31, 2023, to RMB 97.3 billion as of June 30, 2024[24] - The company's asset-liability ratio improved to 56.4% as of June 30, 2024, compared to 57.8% as of December 31, 2023[26] - Cash and cash equivalents decreased from RMB 91,329,030 thousand as of December 31, 2023, to RMB 80,783,571 thousand as of June 30, 2024[38] - Total current assets decreased from RMB 114,525,584 thousand as of December 31, 2023, to RMB 109,807,632 thousand as of June 30, 2024[38] - Total non-current assets increased from RMB 28,941,887 thousand as of December 31, 2023, to RMB 35,302,567 thousand as of June 30, 2024[38] - Total liabilities decreased from RMB 82,892,249 thousand as of December 31, 2023, to RMB 81,796,324 thousand as of June 30, 2024[39] - Net cash used in operating activities was RMB 3,771,783 thousand for the six months ended June 30, 2024, compared to net cash provided by operating activities of RMB 18,892,761 thousand for the same period in 2023[40] - Net cash used in investing activities increased from RMB 4,881,188 thousand for the six months ended June 30, 2023, to RMB 6,937,514 thousand for the six months ended June 30, 2024[40] - Net cash provided by financing activities was RMB 80,514 thousand for the six months ended June 30, 2024, compared to net cash used in financing activities of RMB 2,049,403 thousand for the same period in 2023[40] - Total equity increased from RMB 60,575,222 thousand as of December 31, 2023, to RMB 63,313,875 thousand as of June 30, 2024[39] Employee and Compensation - Employee compensation expenses increased to RMB 7.1 billion in the first half of 2024, up from RMB 4.8 billion in the first half of 2023[29] - The company had a total of 30,899 employees as of June 30, 2024, with 5,373 in R&D, 11,095 in production, 12,083 in sales, and 2,348 in general and administrative roles[30] Accounts and Liabilities - Accounts receivable increased from 143,523 thousand to 157,954 thousand between December 31, 2023, and June 30, 2024, with the majority (117,671 thousand) being within 3 months[46] - Accounts payable and notes payable decreased from 51,870,097 thousand to 46,832,038 thousand between December 31, 2023, and June 30, 2024, with the majority (36,668,837 thousand) being within 3 months[48] - Short-term borrowings decreased significantly from 6,975,399 thousand to 922,219 thousand between December 31, 2023, and June 30, 2024, primarily due to the repayment of convertible debt[49] - Long-term borrowings increased from 1,747,070 thousand to 7,982,516 thousand between December 31, 2023, and June 30, 2024, mainly due to the issuance of new convertible debt[49] - The company issued convertible debt with a total principal of 862,500 thousand USD in April 2021, which will mature in 2028 with an annual interest rate of 0.25%[50] - The company issued bonds worth 700,000 thousand CNY in November 2023 with a one-year term and an annual interest rate of 2.50%[51] - The company's secured borrowings increased slightly from 1,802,672 thousand to 1,831,412 thousand between December 31, 2023, and June 30, 2024, with interest rates ranging from 5-year LPR minus 0.80% to 5-year LPR minus 0.60%[51] - The company obtained a credit-guaranteed loan of RMB 200,000 thousand with an annual interest rate of approximately 1-year LPR minus 0.75%, maturing on July 26, 2025. RMB 50,000 thousand of this loan was repaid in the first half of 2024[52] - As of June 30, 2024, the company secured another credit-guaranteed loan of RMB 150,000 thousand with an annual interest rate of approximately 1-year LPR minus 1.01%, also maturing on July 26, 2025[52] - The weighted average interest rate for short-term borrowings (excluding convertible debt) was 2.69% as of December 31, 2023, and decreased to 2.58% as of June 30, 2024[52] Taxation and Dividends - The company's subsidiaries in China benefit from a preferential corporate income tax rate of 15% due to their status as high-tech enterprises[60] - Beijing Rockwells Technology Co., Ltd. is eligible for a 0% corporate income tax rate in 2023 and a 12.5% preferential tax rate in 2024 as a "National Encouraged Key Software Enterprise"[60] - The company's current income tax expense for the six months ended June 30, 2024, was 181,009 thousand, with a deferred tax benefit of 19,434 thousand, resulting in a total tax expense of 161,575 thousand[65] - The company is subject to a 3% consumption tax and related surcharges on sales of extended-range electric vehicles[66] - No interim dividend was recommended for the six months ended June 30, 2023, and June 30, 2024[66] - The company's Hong Kong subsidiaries are subject to a 16.5% profits tax on taxable income generated in Hong Kong, with no withholding tax on dividends paid to the parent company[63] - Singapore subsidiaries are subject to a 17% corporate income tax on income derived from or deemed derived from Singapore, with no withholding tax on dividends paid to the parent company[64] - The company may be subject to a 10% withholding tax on dividends distributed to non-resident foreign investors in China, unless a tax treaty provides for a lower rate[61] - The company's tax strategy includes leveraging tax treaties and arrangements to minimize withholding tax rates on dividends, interest, and royalties[62] Legal and Compliance - The company did not recommend any interim dividend for the six months ended June 30, 2024[35] - The company had no significant litigation or arbitration that would materially adversely affect its financial position or operating results as of June 30, 2024[35]

Financial Performance - Total revenue for Q2 2024 reached RMB 31.7 billion (USD 4.4 billion), an increase of 10.6% compared to RMB 28.7 billion in Q2 2023[4] - Vehicle deliveries in Q2 2024 amounted to 108,581 units, representing a year-on-year growth of 25.5%[5] - Vehicle sales revenue for Q2 2024 was RMB 30.3 billion (USD 4.2 billion), up 8.4% from RMB 28.0 billion in Q2 2023 and up 25.0% from RMB 24.3 billion in Q1 2024[6] - Gross profit for Q2 2024 was RMB 6.2 billion (USD 850 million), a decrease of 0.9% compared to RMB 6.2 billion in Q2 2023, but an increase of 16.9% from RMB 5.3 billion in Q1 2024[6] - Operating expenses for Q2 2024 were RMB 5.7 billion (USD 785.6 million), an increase of 23.9% from RMB 4.6 billion in Q2 2023, but a decrease of 2.7% from RMB 5.9 billion in Q1 2024[6] - Operating profit for Q2 2024 was RMB 468 million (USD 64.4 million), a decrease of 71.2% compared to RMB 1.6 billion in Q2 2023, and an improvement from an operating loss of RMB 584.9 million in Q1 2024[6] - In Q2 2024, the net profit was RMB 1.1 billion (USD 151.5 million), a decrease of 52.3% compared to Q2 2023's RMB 2.3 billion, but an increase of 86.2% from Q1 2024's RMB 591.1 million[8] - The operating profit margin for Q2 2024 was 1.5%, compared to 5.7% in Q2 2023 and -2.3% in Q1 2024[6] Cash Flow and Financial Position - The operating cash flow for Q2 2024 was a net outflow of RMB 429.4 million, a significant decrease from RMB 11.11 billion in Q2 2023[9] - The free cash flow for Q2 2024 was negative RMB 19 billion, compared to positive RMB 9.62 billion in Q2 2023[9] - Cash position as of June 30, 2024, was RMB 97.3 billion ($13.4 billion)[23] - The operating cash flow for Q2 2024 was a net outflow of RMB 429.4 million ($59.1 million), compared to a net inflow of RMB 11 billion in Q2 2023[23] - Free cash flow for Q2 2024 was a negative RMB 1.9 billion ($254.9 million), compared to RMB 9.6 billion in Q2 2023[23] - Cash and cash equivalents as of June 30, 2024, totaled RMB 91,329,030 thousand, a decrease from RMB 80,783,571 thousand as of December 31, 2023[34] - Total assets as of June 30, 2024, amounted to RMB 143,467,471 thousand, slightly down from RMB 145,110,199 thousand as of December 31, 2023[34] - Total liabilities as of June 30, 2024, were RMB 82,892,249 thousand, compared to RMB 81,796,324 thousand as of December 31, 2023[34] - The company reported a total equity attributable to shareholders of RMB 60,142,624 thousand as of June 30, 2024, down from RMB 62,884,362 thousand at the end of 2023[34] Operational Highlights - As of June 30, 2024, the company operated 497 retail centers across 148 cities and 421 after-sales service centers in 220 cities[5] - The company has established 614 Ideal Supercharging stations equipped with 2,726 charging piles[5] - The company achieved a cumulative delivery milestone of 800,000 vehicles in June 2024, marking a new historical record for Chinese luxury automotive brands[15] - The company expects vehicle deliveries for Q3 2024 to be between 145,000 and 155,000 units, representing a growth of 38.0% to 47.5% compared to Q3 2023[24] - Total revenue for Q3 2024 is projected to be between RMB 39.4 billion ($5.4 billion) and RMB 42.2 billion ($5.8 billion), reflecting a year-over-year growth of 13.7% to 21.6%[24] Research and Development - Research and development expenses for Q2 2024 were RMB 2,425,600 thousand, a decrease from RMB 3,048,886 thousand in Q1 2024, indicating a focus on cost management[33] - The company emphasizes innovation in product, technology, and business models to provide safe and convenient services for family users[30] - The company has commercialized range-extended electric vehicles and is also developing a pure electric platform[30] - The OTA 6.0 and 6.1 updates were launched in July 2024, introducing new features and optimizations in smart driving and electric vehicle technology[13] Strategic Outlook - The company plans to enhance its cost structure while continuing to invest in technology and product innovation to drive stable business growth[15] - The company aims to expand its product line to broaden its user base, with existing models including the Li MEGA, Li L9, Li L8, Li L7, and Li L6[30] - The company’s mission is to "create a mobile home and create a happy home" through technological advancements[30] - The company acknowledges inherent risks and uncertainties in its forward-looking statements regarding future business development and financial performance[32] Investor Information - The company will hold a conference call on August 28, 2024, at 8:00 AM ET to discuss financial performance and answer questions from investors and analysts[25] - The company uses non-GAAP financial metrics to assess operational performance, including non-GAAP net profit attributable to ordinary shareholders and non-GAAP earnings per share[28] - Investors are encouraged to review comprehensive financial data rather than relying solely on non-GAAP metrics[28]

Investment Rating - The report maintains a "Recommend" rating for Li Auto (2015 HK) [3] Core Views - Li Auto has emerged as the leading domestic new energy vehicle (NEV) manufacturer, with strong brand and product definition capabilities, positioning itself as a leader in the family luxury segment [1] - The company's dual-energy strategy (extended-range and pure electric) is expected to drive long-term growth, despite short-term financial pressures due to increased R&D and channel expansion costs [1] - Li Auto's organizational restructuring, particularly the transition to a matrix structure 2 0, is expected to enhance operational efficiency and support future growth [1] Financial Performance and Projections - In 2024 Q1, Li Auto's net profit declined by 36% YoY to RMB 600 million, but profitability is expected to recover from Q2 onwards due to cost reductions from economies of scale [1] - Revenue is projected to grow from RMB 151 28 billion in 2024 to RMB 289 41 billion in 2026, with net profit increasing from RMB 7 74 billion to RMB 22 54 billion over the same period [1][2] - EPS is forecasted to rise from RMB 3 65 in 2024 to RMB 10 62 in 2026 [2] Product Strategy - Li Auto's L-series extended-range vehicles, covering the RMB 250,000-450,000 price range, have achieved strong sales, with the L6 model driving significant growth in 2024 [1][23] - The company's pure electric strategy is supported by accelerated supercharging station deployment, with 700 stations built by July 2024, laying the foundation for future high-end pure electric models [1][61] - Li Auto plans to launch five high-voltage pure electric models by 2025, targeting the RMB 200,000+ market segment [59] Market Position and Competitive Advantage - Li Auto ranked 5th in NEV brand sales in 2023, with a 182 21% YoY growth in sales, solidifying its position as a top player in the domestic NEV market [10] - The company's unique product positioning, combining extended-range technology, large SUVs, and advanced smart features, has driven its success in the family luxury segment [26][27] - Li Auto's intelligent driving capabilities, including the rollout of no-map NOA (Navigate on Autopilot), have positioned it as a leader in smart driving technology [50][51] Organizational Structure and Management - Li Auto's organizational evolution, from a vertical to a matrix structure, has been a key driver of its growth, with founder Li Xiang focusing on product and strategy in the latest 2 0 iteration [17][21] - The company's centralized equity structure, with Li Xiang holding 69 2% of voting rights, enables efficient decision-making and strategic adjustments [17] Future Outlook - Li Auto is expected to sell 535,000 vehicles in 2024, with pure electric SUVs contributing significantly to sales from 2025 onwards [63] - The company aims to lead the high-end pure electric market by leveraging its advanced charging infrastructure and product innovation [61][62]

Investment Rating and Target Price - The report initiates coverage with a **Buy-A** rating for Li Auto (02015 HK) and sets a 6-month target price of **109 59 RMB** [4][5] - The current stock price is **75 76 RMB** (as of 2024-08-23), with a total market capitalization of **160 77 billion RMB** and a free float market cap of **133 81 billion RMB** [5] Core Competencies and Growth Strategy - Li Auto's success is attributed to its **three core capabilities**: exceptional product definition, strong marketing, and excellent organizational management [2] - The company has demonstrated rapid growth from **0 to 10**, transitioning from a single product (Li ONE) to a diversified product matrix (L series) [1][11] - Li Auto's **product iteration speed** is faster than competitors, making it difficult for rivals to replicate its success [2] Product and Market Performance - The **L series** (L7 L8 L9) has achieved significant success, with steady monthly sales expected to exceed **50,000 units** [3] - Li Auto's **OTA 6 0 upgrade** has significantly enhanced the intelligent driving experience, boosting the proportion of MAX version orders [3] - The company is expanding its **pure electric vehicle (EV) lineup**, with four new EV SUV models expected to launch between 2024 and 2025 [3] Financial Projections - The report forecasts Li Auto's **net profit** for 2024-2026 to be **7 5 billion RMB**, **15 5 billion RMB**, and **26 8 billion RMB**, respectively, with year-over-year growth rates of **-25%**, **63%**, and **80%** [4] - The company's **PE ratio** for 2024-2026 is projected at **19x**, **9x**, and **5x**, indicating strong growth potential [4] Industry and Market Trends - The **mid-to-high-end passenger vehicle market** is expected to grow, with 20-30 million RMB price segment sales projected to reach **7 61 million units** in 2024, **8 21 million units** in 2025, and **8 82 million units** in 2026 [47] - **Domestic brands** are gaining market share in the 30-40 million RMB price segment, with Li Auto and AITO leading the charge [49] Technological Advancements - Li Auto is accelerating its **intelligent driving capabilities**, with the launch of its **OTA 6 0** upgrade and the introduction of its **end-to-end + VLM system architecture** [2] - The company has built over **700 supercharging stations** as of July 2024, laying a solid foundation for its upcoming pure electric products [3] Organizational and Strategic Evolution - Li Auto has transitioned from a **vertical organizational structure** to a **matrix structure**, enhancing operational efficiency and enabling rapid product launches [23][24] - The company's **2025 strategy** focuses on expanding its target customer base, developing new vehicle platforms, and increasing its product lineup to achieve a sales target of **1 6 million units** by 2025 [25]

理想汽车−W（02015. HK）动态点评 拓宽渠道覆盖范围, 单月交付历史新高 2024 年 08 月 08 日 ( 事项 ) 近日，理想汽车发布 2024 年 7 月销量数据，2024 年 7 月，理想汽车交 付 新车 5.1 万辆，同比增长 49.4%，创月交付量的历史新高。 【评论】 渠道不断拓展，半月新丰文付重创新高。24 年 7 月理想交付新车，理 想汽车交付新车 51000 辆，同比+49.4%，环比+6.8%，创半月交付量的 历史新高。其中，理想 L6 月交付量连续交破两方辆，延续强劲表现。 24 年 1-7 月 累计交付 239981 辆，同比+38. 5%。销量新高一方面得溢于 产品竞争力，另一方面得益于渠道的不断拓展，裁止 24 年 7 月底，公 司在全国心有 487 家家眷中心，救盖 146 个城市：售后维修中心及校校 货* 中心 411 家，瘦盖 220 个城市。随着公司渠道不断下沉、拓展，后 续销量有望持续增长。 ◆ 堪充生态不断完善，为她屯丰型夯失基础。7 月底，公司宣布超充站累 计上线数交破 700 座， 笫 600 座到茅 700 座仅用时 28 天，城市理想超 充站 累计上 ...

上 市 公 司 2024 年 08 月 07 日 理想汽车-W (02015) ——7 月交付数据亮眼，看好智能化战略加速 报告原因：有信息公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 06 日 | | 收盘价（港币） | 73.05 | | 恒生中国企业指数 | 5852.61 | | 52 周最高/最低（港币） | 184.00/68.65 | | H 股市值（亿港币） | 1,550.14 | | 流通 H 股（百万股） | 1,766.20 | | 汇率（人民币/港币） | 1.0922 | 一年内股价与基准指数对比走势： -62% -42% -22% -2% 18% HSCEI 理想汽车-W 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 资料来源：wind 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch. ...