Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - In June 2024, the company delivered 47,774 new vehicles, representing a year-on-year growth of 46.7%. In Q2 2024, total deliveries reached 108,581 units, up 25.5% year-on-year, making it the top new energy vehicle brand in China by total deliveries [3] - The company achieved significant sales momentum with the launch of the new model, L6, which contributed over 40% to the total sales in June. The company has expanded its retail presence to 497 centers across 148 cities and has established 614 charging stations nationwide [3] - A strategic partnership with Kunlun Electric has been formed to enhance charging infrastructure, aiming for over 2,000 charging stations and 10,000 charging piles by the end of 2024, with a coverage rate exceeding 90% in major urban areas [3] Financial Forecasts - The company’s projected revenues for 2024, 2025, and 2026 are expected to be 151.3 billion, 216.9 billion, and 273.2 billion RMB, respectively, with year-on-year growth rates of 22%, 43%, and 26% [3] - The forecasted net profit for the same years is 8.3 billion, 13 billion, and 18.6 billion RMB, with corresponding year-on-year changes of -29%, +57%, and +43% [3] - The expected EPS for 2024, 2025, and 2026 are 3.91, 6.14, and 8.75 RMB, with P/E ratios of 18, 11, and 8 times, respectively [3]

L6 助力 6 月销量高增,智能化持续迭代 2024 年 07 月 03 日 买入(维持) | 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | |------------------------|-----------|-----------|-----------|-----------|---------| | 营业总收入(百万元) | 45287 | 123851 | 151307 | 216885 | 273203 | | 同比 (%) | 67.67 | 173.48 | 22.17 | 43.34 | 25.97 | | 归母净利润(百万元) | (2012) | 11704 | 8298 | 13032 | 18575 | | 同比 (%) | (525.97) | 681.65 | (29.10) | 57.05 | 42.53 | | EPS- 最新摊薄(元 / 股) | (0.95) | 5.52 | 3.91 | 6.14 | 8.75 | | P/E (现价 & 最新摊薄) | (72.38) | 12.44 | 17.55 | 11 ...

Investment Rating - The report suggests a "Buy" rating for the company based on its continuous product improvement and sales momentum [5][7]. Core Insights - In June 2024, the company delivered 47,774 vehicles, marking a year-on-year increase of 46.7%. The total deliveries for Q2 2024 reached 108,581 units, up 25.5% year-on-year [1][2]. - The launch of the L6 model has significantly boosted sales, with over 20,000 units delivered in June alone. The company is expected to achieve revenues exceeding 32 billion yuan in H2 2024, showing strong growth both sequentially and year-on-year [2][5]. - The company is enhancing its smart driving capabilities, with a nationwide rollout of its NOA feature planned for early July 2024 [3]. - The company's service and charging infrastructure is expanding, with 497 retail centers and 614 charging stations established across 220 cities as of May 31, 2024 [4]. Financial Projections - Revenue forecasts for 2024-2026 are 147.3 billion yuan, 205.4 billion yuan, and 280 billion yuan, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% respectively. Net profit is projected to be 8.53 billion yuan, 14.24 billion yuan, and 23.72 billion yuan for the same period, with growth rates of -27.1%, 67.0%, and 66.6% respectively [5][6]. - Earnings per share (EPS) are expected to be 4.02 yuan, 6.71 yuan, and 11.18 yuan for 2024, 2025, and 2026, respectively, indicating a three-year compound annual growth rate (CAGR) of 40.6% [5][6].

Investment Rating - The investment rating for Li Auto Inc. (02015) is to "continue to pay attention" due to the ongoing improvement in product strength and sales momentum [5][7]. Core Insights - In June 2024, Li Auto delivered 47,774 vehicles, representing a year-on-year increase of 46.7%. For Q2 2024, total deliveries reached 108,581 units, up 25.5% year-on-year [1][2]. - The launch of the L6 model has significantly boosted sales momentum, with over 20,000 units delivered in June 2024 alone. The company has also introduced a limited-time 0 down payment offer to lower purchase costs and expand its customer base [2][4]. - Li Auto is enhancing its smart driving capabilities, with a summer release event scheduled for July 2024 to upgrade its NOA (Navigation on Autopilot) feature for all AD Max users [3]. - The company's service and charging ecosystem is expanding, with 497 retail centers and 614 supercharging stations established across 148 cities as of May 31, 2024 [4]. Financial Forecasts - Revenue projections for Li Auto from 2024 to 2026 are estimated at 147.3 billion, 205.4 billion, and 280.0 billion CNY, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% respectively. Net profit forecasts for the same period are 8.53 billion, 14.24 billion, and 23.72 billion CNY, with growth rates of -27.1%, 67.0%, and 66.6% respectively [5][6][9]. - The earnings per share (EPS) are projected to be 4.02, 6.71, and 11.18 CNY for 2024, 2025, and 2026, respectively, indicating a three-year compound annual growth rate (CAGR) of 40.6% [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][6]. Core Insights - In June 2024, the company achieved sales of 47,700 units, representing a year-on-year increase of 46.7% and a month-on-month increase of 36.4%. Cumulatively, sales reached 189,000 units, with a year-on-year growth of 35.8% [2]. - The L6 model significantly contributed to the sales performance, with an estimated delivery of 25,000 units in June, surpassing market expectations of 20,000 units. The backlog of orders for the L6 model is close to 80,000 units, with approximately 20,000 new orders added monthly [2]. - The company is optimistic about achieving monthly sales of 50,000 units in Q3, driven by strategic adjustments in product offerings and sales strategies, focusing on the L6, L7, L8, and L9 models [3]. - The company is entering a new vehicle cycle with five new models set to launch between 2024 and 2025, which is expected to enhance long-term growth prospects [3]. Financial Summary - The company's revenue is projected to grow from 123.9 billion RMB in 2023 to 324.0 billion RMB by 2026, reflecting a compound annual growth rate (CAGR) of 51.3% from 2024 to 2026 [4]. - Net profit is expected to increase from 11.7 billion RMB in 2023 to 26.2 billion RMB by 2026, with a notable growth rate of 681.65% in 2024 [4]. - The earnings per share (EPS) is forecasted to rise from 5.52 RMB in 2023 to 12.35 RMB by 2026, indicating strong profitability growth [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 26.67 in 2024 to 9.56 by 2026, suggesting improved valuation as earnings grow [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - On June 11, 2024, the company launched the AD Max 3.0 nationwide no-map NOA experience recruitment, aiming to recruit 9,000 vehicle owners for testing various autonomous driving features, with plans to officially roll out the no-map NOA to all customers by Q3 2024 [5][6] - The company is advancing its autonomous driving capabilities with the introduction of the end-to-end + VLM (Vision Language Model) system, which enhances scene understanding and planning abilities, addressing long-tail issues in intelligent driving [6] - The product lineup is expanding, with plans to have four range-extended electric vehicle models and one high-voltage pure electric model by the end of 2024, targeting a market segment above 200,000 [6] Summary by Sections Event Description - The company is actively recruiting for a nationwide no-map NOA experience, with a deadline for applications set for June 13, 2024, and plans to push updates to test users in mid-June [5] Event Commentary - The no-map NOA rollout signifies a significant leap in the company's autonomous driving technology, with expectations to provide L3 level autonomous driving experiences by the end of 2024 and L4 level by mid-2025 [6] - The DriveVLM system combines visual language models with traditional systems, allowing for adaptive responses to varying driving complexities [6] Future Model Planning - The company has a clear roadmap for future models, with a focus on expanding its retail and service network, aiming for 800 retail centers and over 500 service centers by the end of 2024 [6] - The anticipated sales volume for 2024 is projected to reach 560,000 units, supported by a strong product matrix and brand recognition [6]

证券研究报告·海外公司点评·汽车(HS) 理想汽车-W（02015.HK） L6 交付助力销量回升，细分市场竞争力依然 2024 年 06月 05日 强势 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 证券分析师 杨惠冰 营业总收入（百万元） 45287 123851 151307 216885 273203 执业证书：S0600523070004 同比(%) 67.67 173.48 22.17 43.34 25.97 yanghb@dwzq.com.cn 归母净利润（百万元） (2012) 11704 8298 13032 18575 同比(%) (525.97) 681.65 (29.10) 57.05 42.53 股价走势 EPS-最新摊薄（元/股） (0.95) 5.52 3.91 6.14 8.75 理想汽车-W 恒生指数 P/E（现价&最新摊薄） (78.02) 13.41 18.92 12. ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨理想汽车 （ ） -W 2015.HK [理Ta想b汽le_车T点itle评] ： 5 月销量达 3.5 万辆，理想 L6 累计交付突破 万辆 1.5 报告要点 [理Ta想ble2_0S2u4m年m5ar月y]销量3.5万辆，同比增长23.8%，环比增长35.8%。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，“双能战略”有望进一步扩大理 想汽车的优势，未来销量空间广阔。 ...

证券研究报告 公 2024年06月02日 司 报 告 行 业： 汽车/乘用车 │ 理想汽车-W(02015) 港 投资评级： 股 当前价格： 78.15港元 - 2024 年 5 月销量点评： 公 目标价格： 司 L6 催化销售势能提升，智能&生态持续迭代 点 基本数据 评 事件： 研 总股本/流通股本(百万股) 1,991.80/1,991.80 究 2024年6月1日，理想汽车公布2024年5月交付数据。2024年5月，理 流通市值(百万港元) 155,658.87 想汽车交付新车35,020辆，同比增长23.8%。 每股净资产(元) 31.90 ➢ L6上市后销量好转，销售势能稳步提升 资产负债率(%) 58.71 2024年5月，理想汽车交付新车3.5万辆，同比增长23.8%。截至2024年 一年内最高/最低(港元) 185.50/76.80 5月31日，理想汽车累计交付77.5万辆。理想L6上市后交付数据持续爬 坡，自4月24日开启交付以来，共计交付超1.5万辆。受益于L6上市带 股价相对走势 动的销售势能，L系列车型产品销量增长明显。6月1日至6月30日，理 理想汽车-W 恒生指数 想开启限时0首 ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 理想汽车-W（2015）公司季报点评 2024年6月1日 [Table_InvestInfo] 24Q1 净利润承压，Q2 新车交付量有望 投资评级 优于大市 维持 企稳回升 股票数据 5[T月a 3b 1le日_收St盘o价ck (港In元fo )] 78.15 [Table_Summary] 52周股价波动(港元） 76.80-185.50 投资要点： 总股本/流通A股(百万股) 2122/0 总市值/流通市值(百万港元) 165836/138029  理想汽车发布截至2024年3月31日止季度的未经审计财务业绩（以下简称 相关研究 “2024年第一季度业绩公告”）。公司2024Q1实现营收256.3亿元，同比 [《Ta 2b 3Qle 2_R量e利po齐rt升In，fo]智 能电动赋能成长》 +36%，环比-39%；实现净利润5.9亿元，同比-37%，环比-90%。 2023.08.15 《增程纯电并驾齐驱，公司成长可期》  24Q1交付新车超8万辆，同比+53%。根据公司2024年第一季度业绩公告， 24Q1公司车辆销售 ...