香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理 想 汽 車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 內幕消息 截至2024年3月31日止季度的 未經審計財務業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期 貨條例》（第571章）第XIVA部刊發。 理想汽車（「本公司」或「理想汽車」）欣然公佈本公司及其附屬公司以及併表聯屬 實體截至2024年3月31日止三個月的未經審計簡明合併業績。 本公司欣然公佈根據美國證券交易委員會（「美國證交會」）的適用規則刊發的本公 司及其附屬公司以及併表聯屬實體截至2024年3月31日止三個月的未經審計簡明 合併業績（「第一季度業績」）。 第一季度業績乃根據不同於國際財務報告準則的美國公認會計準則編製。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 155 HKD, indicating an expected return of over 20% within the next six months [4][9]. Core Views - The company is expected to see a decline in sales and profits during the off-season, leading to a significant expectation gap. However, the market share is anticipated to continue increasing due to the launch of the new model L6, which is expected to drive sales growth [1][2]. - The first quarter of 2024 is projected to show a sales revenue of 23.4 billion HKD, a year-on-year increase of 27.7%, with total revenue expected to reach 24.3 billion HKD, a 30% increase year-on-year. The gross margin is forecasted to be around 20.3%, down from 23.5% in the previous quarter [1][2]. Summary by Sections Sales and New Vehicle Situation - The company is expected to deliver 80,400 vehicles in Q1 2024, representing a 53% year-on-year increase. The delivery volume in April was 25,800 units, a slight increase of 0.4% year-on-year. The slowdown in sales growth is attributed to seasonal demand rather than a decline in competitive strength [1][2]. Profitability - The gross margin is expected to decline to approximately 20% due to seasonal sales and discounts on older models. The adjusted net profit for Q1 2024 is projected to be 1.5 billion HKD, a 7% year-on-year increase, with the adjusted profit per vehicle expected to drop to around 19,000 HKD [1][2]. Price Adjustments and Gross Margin Expectations - The company announced a new pricing system on April 22, 2024, with price reductions for existing models. The expected revenue per vehicle is projected to decrease to between 285,000 and 290,000 HKD, while the cost per vehicle is estimated to be around 230,000 HKD, maintaining an annual gross margin of 19-20% [1][2]. Smart Technology Development - The company is increasing its investment in smart technology, aiming to expand its R&D team from approximately 900 to over 2,500 by 2025. This is expected to enhance its competitive position against leading players in the smart driving sector [2]. Market Outlook - Despite recent volatility, the report suggests that the market may be overly pessimistic regarding the company's annual sales and profits. The anticipated sales for the year are projected to be between 600,000 and 650,000 vehicles, with expectations for the L6 model to contribute significantly to sales growth [2].

Investment Rating - The report maintains a "Buy" rating for Li Auto [1] Core Views - In April 2024, Li Auto delivered 25,787 new vehicles, a year-on-year increase of 0.4%, with total deliveries reaching 739,551 since inception, aligning with expectations [3] - The launch of the L6 model and a new pricing system for existing models are expected to boost sales performance, with the L6 model receiving over 10,000 orders within 72 hours of its launch [3] - The company has expanded its retail network to 481 centers across 144 cities, enhancing its market presence and service capabilities [3] - Li Auto plans to enter overseas markets in the second half of 2024, which is anticipated to open up long-term growth opportunities [4] Financial Summary - Revenue projections for Li Auto are set at 190.65 billion, 308.12 billion, and 363.98 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 53.93%, 61.62%, and 18.13% [2][4] - The net profit attributable to the parent company is forecasted to be 14.33 billion, 24.92 billion, and 31.74 billion CNY for the same years, with growth rates of 22.44%, 73.86%, and 27.39% respectively [2][4] - The earnings per share (EPS) are projected to be 6.75, 11.74, and 14.96 CNY for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 16.22, 9.33, and 7.32 [2][4]

公 汽车 司 2024年05月 05日 报 理想汽车-W(2015.HK) 告 多项调整落地，高端新能源强者恒强 推荐（维持） 事项： 公司公布2024年4月交付数据。2024年4月，公司交付新车25787台，同比 股价：111 元（港币） 增长0.4%，2024年前4个月公司累计交付106187台，同比增长35.7%。 平安观点： 公 主要数据  2024年前 4个月公司经历多次调整。自公司首款纯电车型MEGA上市后 司 订单不及公司最初预期以来，公司已经历多次调整。首先降低对 MEGA 行业 汽车 事 公司网址 ir.lixiang.com 销量的高预期，公司称要将 MEGA按照从 0 到1 的节奏去经营，聚焦高 大股东/持股 Amp Lee Ltd/16.77% 端纯电消费能力强的城市。其次公司组织架构再次调整，根据腾讯汽车以 项 实际控制人 李想 及晚点团队的报道，此次调整的核心是将 CEO办公室调整为“产品与战 点 总股本(百万股) 2122.02 略群组”，李想本人更加聚焦“产品”。4月22日，公司在理想L6上市后 流通A股(百万股) 评 流通B/H股(百万股) 宣布调整价格体系，L7\L8\L ...

Investment Rating - Maintains a "Buy" rating for Li Auto (02015 HK) with a target price of HKD 151 and a target market cap of RMB 2942 billion [2] Core Views - Li Auto delivered 80,400 vehicles in Q1 2024, a 53% YoY increase, with March sales reaching 28,984 units, up 39% YoY and 43% MoM [1] - The company launched the Li L6 model on April 18, 2024, with orders exceeding 10,000 units within 72 hours [1] - Li Auto plans to launch 3 new pure electric vehicle models in H2 2024, expanding its product lineup to 8 models across 3 series by the end of 2024 [1] - The company aims to build 2,700 supercharging stations (20,000 charging piles) by the end of 2024, covering over 60% of urban areas in tier 1-3 cities and 70% of national highways [1] Financial Performance - Li Auto's revenue is expected to grow from RMB 1791 billion in 2024 to RMB 3599 billion in 2026, with vehicle sales projected to increase from 600,000 units in 2024 to 1 31 million units in 2026 [2] - The company's gross margin is forecasted to remain between 15%-20% in 2024, with non-GAAP net profit expected to reach RMB 148 billion in 2024 and RMB 291 billion in 2026 [2] - Non-GAAP net profit margin is projected to be 8 3% in 2024, 7 9% in 2025, and 8 1% in 2026 [2] Product Strategy - Li Auto's new model, the Li L6, is priced at RMB 249,800 for the Pro version and RMB 279,800 for the Max version, targeting the family SUV market [1] - The company is focusing on building a comprehensive product matrix, with 8 models across 3 series by the end of 2024 [1] Charging Infrastructure - As of March 11, 2024, Li Auto has 351 supercharging stations (1,518 charging piles) in operation, primarily located in highway service areas [1] - The company plans to expand its supercharging network to 2,700 stations (20,000 charging piles) by the end of 2024, with 2,000 stations in urban areas and 700 stations on highways [1]

理想汽车（LI.O/2015.HK） 更新报告 买入 2024年4月24日 多 部门组织架构调整，聚焦用户价值 李京霖  公司交付指引调整：由于新车销售订单不及预期，公司预计 852-25321957 Q1车辆交付量为7.6万辆-7.8万辆，全年销量调整为56万辆- Jinglin.li@firstshanghai.com.hk 64万辆，增长率为50%-70%，预计此次交付下调不会对Q1及全 唐伊莲 年毛利率产生影响。我们判断24年依然是“增程大年”，24年 852-25321539 改款L系列及新发布产品L6依然是销售主力，L6Pro售价24.98 Alice.tang@firstshanghai.com.hk 万,Max 售价 27.98 万，产品配置丰富，4 月将开启小批量交 金煊 付，目前理想产品已覆盖所有家庭规模，增程平台常州工厂储 能储备充足。 852-25321539  3 月交付量符合修正预期：公司3月交付汽车2.90万辆，同 Lexy.jin@firstshanghai.com.hk 比增长39.2%，环比增长43.1%，主要受到汽车销售市场季节性 主要资料 销量回升以及车型产品种类增 ...

公 汽车 司 2024年04月 22日 报 理想汽车-W(2015.HK) 告 价格体系与配置调整，L系列配置差异增强 推荐（维持） 事项： 公司宣布，自 2024年 4 月 22 日起，2024 款理想L7\L8\L9 以及理想 MEGA 股价：97.45 元（港币） 全系降价，降价幅度达到 1.8 万~3 万元。其中 L7、L8 Pro 版本售价下调 1.8 万元，其他L系列车型降价2万元，MEGA降价3万元。 公 主要数据 平安观点： 司  降价后 L7\L8将标配空悬，与新上市的 L6形成配置差异。3月12日，公 行业 汽车 事 公司网址 ir.lixiang.com 司曾宣布将在2024款理想L7、L8车型中推出Air版本（非空悬版本）， 大股东/持股 Amp Lee Ltd/16.77% 但此次降价后，Pro 版车型价格已覆盖原计划推出的 Air 版车型，这意味 项 实际控制人 李想 着L7、L8将标配空气悬架。此前市场担忧L6上市后会造成L7意向订单 点 总股本(百万股) 2122.02 流失，但通过此次价格和配置调整，L7与L6之间在售价保持一定差异的 流通A股(百万股) 评 流通B/H股( ...

%% 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] ： L6 定价、配置均具较强竞争力， 有望再现爆款车型 报告要点 [理Ta想bleL_6S正um式m上ar市y]，定价 24.98 万起，预计下周开启交付。理想汽车产品优势和品牌设计深入 人心，当下增程车型矩阵布局完成，后续车型规划清晰，直营渠道持续扩张，“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。 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 114.80 HKD [8]. Core Insights - The launch of the Li L6 model enhances the product matrix of Li Auto, with two configurations priced at 249,800 and 279,800 RMB, respectively [2][3]. - The Li L6 is expected to lead in sales due to its competitive positioning in the B and C SUV segments, which saw significant growth in 2023 [4][11]. - The company is projected to achieve substantial revenue growth, with estimated revenues of 184.4 billion, 296.8 billion, and 373.8 billion RMB for 2024, 2025, and 2026, respectively, reflecting growth rates of 48.9%, 60.9%, and 25.9% [6][21]. Summary by Sections Product Development - The Li L6 completes the product matrix, which includes the Mega MPV, L9/L8 six-seat SUV, and L7/L6 five-seat SUV, catering to family vehicle needs [3][10]. - The Li L6 features advanced specifications, including superior air quality monitoring and high-end audio systems, enhancing its appeal in the market [3]. Market Potential - The B and C SUV markets are expanding, with sales of 3.679 million and 1.017 million units in 2023, representing year-on-year growth of 15.1% and 82.3%, respectively [4][11]. - The Li L6, as a range-extended model, is expected to convert sales from traditional fuel vehicles and some electric models, with a conservative estimate of over 20,000 units sold monthly [4][19]. Financial Projections - The company anticipates significant profit growth, with net profits projected at 14.59 billion, 24.26 billion, and 37.25 billion RMB for 2024, 2025, and 2026, respectively, indicating growth rates of 24.6%, 66.4%, and 53.5% [6][21]. - Earnings per share (EPS) are expected to rise to 6.87, 11.43, and 17.55 RMB for the same years, with a three-year compound annual growth rate (CAGR) of 47.1% [6][21].

公 汽车 司 2024年04月 19日 报 理想汽车-W(2015.HK) 告 L6上市，L系列售价下探扩大销量基本盘 推荐（维持） 事项： 公司旗下L系列第四款车型L6正式上市，L6共推出两款配置车型，其中L6 Pro 股价：114.8 元（港币） 售价24.98万元，L6 Max售价27.98万元，在24年5月5日24点前定购的 用户还可享受20000元的定购权益。L6将在4月下旬开启小批量交付，5月份 公 主要数据 开启大批量交付。 司 平安观点： 行业 汽车 事 公司网址 ir.lixiang.com  L6延续 L系列设计风格，聚焦年轻家庭市场。L6是理想L系列第四款车 大股东/持股 Amp Lee Ltd/16.77% 型，也是 L 系列尺寸最小，售价最低的车型。从造型风格和配置看，L6 项 实际控制人 李想 延续了公司此前 L 系列的造型和配置策略，在智驾方面采用地平线 J5 和 点 总股本(百万股) 2122.02 英伟达 Orin 两套智驾方案。L6 底盘搭载的是 CDC 运动悬架，并未搭载 流通A股(百万股) 评 流通B/H股(百万股) 空气悬架。从市场定位来看，L6 主要面向的是年轻家 ...