Ge Long Hui·2025-06-03 09:58Group 1 - The core viewpoint of the news is that Li Auto's Q1 2025 performance met expectations, with revenue of 25.9 billion RMB and a slight year-on-year increase of 1.1% [1] - The vehicle revenue was 24.7 billion RMB, showing a year-on-year growth of 1.8%, with a vehicle gross margin of 19.8%, which improved compared to previous quarters [1] - R&D expenses for Q1 2025 were 2.5 billion RMB, down 17.5% year-on-year, while sales and management expenses were also reduced by 15% year-on-year [1] Group 2 - The company launched the MEGA Home family special edition and MEGA/L series smart upgrades, with strong order intake and an expected delivery target of 2,500-3,000 units by July 2025 [2] - For Q2 2025, the company projects vehicle deliveries between 123,000 and 128,000 units, representing a year-on-year growth of 13.3% to 17.9% [2] - The company anticipates the launch of the first pure electric SUV, Li Auto i8, in July 2025, followed by the Li Auto i6 in September 2025 [2] Group 3 - Revenue forecasts for 2025-2027 are 179.8 billion, 225 billion, and 260.3 billion RMB, with year-on-year growth rates of 24%, 25%, and 16% respectively [3] - Net profit projections for the same period are 11.3 billion, 13.9 billion, and 18 billion RMB, with year-on-year growth rates of 41%, 24%, and 29% respectively [3] - The current stock price corresponds to a PE ratio of 19, 15, and 12 for 2025-2027 [3]