LI AUTO(US:LI) Cai Jing Wang·2025-05-29 11:59Core Insights - Li Auto reported Q1 2025 financial results, showing revenue of 25.9 billion yuan, a year-on-year increase of 1.1%, but a quarter-on-quarter decline of 41.4%. Net profit was 647 million yuan, up 9.4% year-on-year, but down 81.7% quarter-on-quarter. The company attributes revenue growth to increased sales and effective cost management, achieving profitability for ten consecutive quarters [1][4]. Revenue Sources - Vehicle sales and service revenue were the primary sources of Li Auto's Q1 revenue. The company delivered 92,864 vehicles in Q1, a year-on-year increase of 15.5%. The L series remains the main sales driver, surpassing 1 million cumulative deliveries [4]. Future Models and Production Goals - Li Auto plans to launch the upgraded L series and the new model Li MEGA Home aimed at family users in Q2, with pre-orders for MEGA Home nearing 10,000 units. The company has adjusted its annual production target to 640,000 units, with 520,000 units for the L series and 120,000 units for electric products [4][6]. Competitive Landscape - Li Auto's Q1 delivery volume was slightly below that of XPeng Motors, which delivered 94,008 vehicles. Challenges are anticipated in sales, gross margin, and expenses, particularly as the L series faces increased competition from new entrants in the market [6]. Production Capacity and Charging Infrastructure - Li Auto's Beijing factory and supply chain are ramping up production capacity, with expected delivery volumes in July reaching 2,500 to 3,000 units. The company is also investing in charging infrastructure, with over 5,000 kilometers of highway coverage and 2,350 operational supercharging stations [6]. Q2 Outlook - For Q2, Li Auto expects delivery volumes between 123,000 and 128,000 units, representing a year-on-year growth of 13.3% to 17.9%. Projected quarterly revenue is estimated to be between 32.5 billion and 33.8 billion yuan, reflecting a year-on-year increase of 2.5% to 6.7% [6].