Chang Jiang Shang Bao·2025-05-06 23:23Core Viewpoint - After two consecutive years as the sales champion among new car manufacturers, Li Auto (02015.HK, NASDAQ: LI) is now facing challenges in maintaining its position in the market [1][3]. Group 1: Delivery Performance - In April, Li Auto delivered 33,900 vehicles, representing a year-on-year increase of 31.61% but a month-on-month decrease of 7.46%, placing it third among new car manufacturers [1][3]. - For the first four months of the year, Li Auto's total deliveries reached 126,800 vehicles, a year-on-year increase of 19.41%, also ranking third in the industry [1][4]. - The top two positions in April were held by Leap Motor (40,100 vehicles, up 173.5% year-on-year) and XPeng Motors (35,000 vehicles, up 273.1% year-on-year) [3]. Group 2: Future Goals and Challenges - Li Auto has set a delivery target of 700,000 vehicles for 2025, but has only completed 18% of this goal in the first four months, necessitating an average monthly delivery of approximately 72,000 vehicles over the next eight months to meet the target [2][4]. - The company is actively expanding into overseas markets, having made progress in Central Asia and the Asia-Pacific region, with plans to increase resources in Latin America, the Middle East, and Europe [2][12]. Group 3: Financial Performance - In 2023, Li Auto achieved revenue of 123.85 billion yuan, a year-on-year increase of 173.5%, and net profit of 11.81 billion yuan, marking comprehensive profitability since its inception [6]. - However, in 2024, revenue increased to 144.46 billion yuan, a growth of 16.6%, while net profit decreased by 31.9% to 8.045 billion yuan, indicating a decline in profitability [8]. Group 4: Organizational Changes - Li Auto has undergone significant organizational changes, merging its retail and delivery teams to align goals for better sales growth [7][9]. - The company is implementing a "battle zone" system, consolidating its 26 zones into five major regions, with each responsible for sales, profits, and customer satisfaction [9]. Group 5: Product Strategy - Despite the drop in delivery rankings, Li Auto remains confident, focusing on user satisfaction rather than competition, as emphasized by its executives [10]. - The company plans to launch new electric SUVs, with the first model, Li i8, expected to be released in July 2025, following delays due to previous product challenges [11].