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]

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分內容而產生或因倚 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6月30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6月30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6月30日止三個月的未經審計簡明 合併業績（「第二季度業績」）。 第二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。 本文附表一為本公司於2024年8月28日（美國東部時間）刊發的有關第二季度業績 的新聞稿全文，其中部分內容可能構成本公司的重大內 ...

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]

公司深度分析 2024 年 08 月 26 日 理想汽车-W(02015.HK) 拥有三大核心能力，进入电动智能新时代 复盘理想历史：把握战略正确性，实现 0 到 10 快速成长 1）0 到 1 阶段：理想汽车聚焦增程平台，成功打造理想 ONE 大单品，论证商业 模型的成功。2）1 到 10 阶段：理想汽车丰富产品矩阵，加大技术研发，将理 想 ONE 的成功经验复制到 L 系列上并获得成功，品牌势能极大提升。3）理想 汽车的成功来源于：李想本人对汽车行业的深刻认知、对于企业发展节奏的正 确把握、组织架构的高效性与持续迭代。 长期来看：理想汽车核心竞争力为"三大能力"+智能化的赶超 1）极致的产品定义能力：理想基于严密的用户需求研究机制，实现对用户需 求的深刻理解，持续带来超越用户预期的体验；同时整车产品开发周期长、理 想产品迭代快，竞争对手难以通过简单复刻实现对理想产品的赶超。2）超强 的营销能力：理想拥有丰富线上营销资源，且营销内容质量高、频次高、营销 范围广；线下营销能力强，深入区域管理、店效高。3）优异的组织管理能力： 理想组织管理模式持续迭代，目前的矩阵型架构带来组织效率的持续提升。4） 智能化方面加 ...

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. ...

证券研究报告·海外公司点评·汽车(HS) 理想汽车-W（02015.HK） 7 月销量亮眼，无图 NOA 全量推送 2024 年 08 月 06 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|----------|--------|---------|--------|--------| | [Table_EPS] 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 ...

丨证券研究报告丨 Engz 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车点评：7 月交付创历史新高，L6 订单火 热月销持续突破 2 万辆 报告要点 [Table_Summary] 理想 2024 年 7 月销量 5.1 万辆，同比增长 49.4%，环比增长 6.8%。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。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 理想汽车-W（2015.HK） [Table_Title 理想汽车点评：2] 7 月交付创历史新高，L6 订单 火热月销持续突破 2 万辆 [Table_Summary2] 事件描述 理想汽车 2024 年 7 月销量 5.1 万辆，同比增长 49.4%，环比增长 6.8%。 事件评论 理想 2024 年 7 ...

证券研究报告 港股公司|公司点评|理想汽车-W（02015） 理想汽车 7 月销量点评： 销量创新高，智能电动战略持续加速 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月03日 证券研究报告 |报告要点 2024 年 8 月 1 日，理想汽车公布 2024 年 7 月交付数据。2024 年 7 月，理想汽车交付新车 51,000 辆，同比增长 49.4%，创单月交付量的历史新高。理想汽车 L6 上市后交付能力稳步向 上。L6 实现月交付量连续突破两万，已成为 20-30 万价格带的又一爆款产品。受益于数据规 模和算力规模的领先，理想智能驾驶功能持续加速。截止 2024 年 7 月 28 日，已投入使用的 700 座理想超充站，其中高速超充站 488 座，城市理想超充站 212 座，智能电动战略持续加 速。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月03日 理想汽车-W(02015) 理想汽车 7 月销量点评： 销量创新高，智能电动战略持续加速 事件： | - ...

证券研究报告 港股公司|公司点评|理想洗车=W (02015) 理想汽车７月销量点评： 销量创新高，智能电动战略持续办速 诗券必闻读核李某页的支委声明 2024年08月03日 研究报告 | 报告委总 2024 年 8 月 1 日，旺总汽车公布 2024 年 7 月文行數據。2024 年 7 月，旺总汽车文行新车 51,000 特，同比增长 49.4%，创率月文符圣的历文新闻，理想汽车 L6 上市后文符能力稳步向 上。L6 实现月文件圣选块突破两方，包点为 20-30 万价格中的文一场旅产品。交互手载提现 核种异力规模的领先，是想有能写默功能将狭杂迹。 敘上 2024 年 7 月 28 日，它被入使用的 700 康冠想起无站，美中新途地无站 488 度，妖奇戏想起无站 212 度，有能也被杀夺将埃尔 式 | 分析师及联系人 态会 SAC: $0590523110004 靖秀必闻读核李永真的支委声明 1 / 5 港宸公司点环 2024年08月03日 理想汽车-W(02015) 理想汽车 7 月销量点评： 销量创新高，智能电动战略持续办速 事件： tt地汽车/东 月 후 赵京评述：买入（效材） 3 2 74.40 ...