智通财经网·2025-09-19 02:08Core Viewpoint - The report from Guolian Minsheng indicates that due to intensified industry competition, the sales and profitability of Li Auto are under pressure, with projected revenues and net profits showing fluctuations from 2025 to 2027 [1][2]. Financial Performance - In Q2 2025, Li Auto delivered 111,000 vehicles, a year-on-year increase of 2.3%, with total revenue of 30.2 billion yuan, a quarter-on-quarter increase of 16.7% but a year-on-year decrease of 4.5% [2][3]. - The net profit attributable to the parent company for Q2 2025 was 1.09 billion yuan, with a non-GAAP net profit of 1.46 billion yuan [2]. Revenue and Profit Forecast - For the years 2025 to 2027, Li Auto's projected revenues are 123.9 billion yuan, 190.3 billion yuan, and 220.8 billion yuan, with year-on-year growth rates of -14.3%, 53.6%, and 16.0% respectively [1]. - The projected net profits for the same period are 6.74 billion yuan, 12.4 billion yuan, and 14.85 billion yuan, with year-on-year growth rates of -16.1%, 84.0%, and 19.8% respectively [1]. Margin and R&D Investment - Li Auto's gross margin for Q2 2025 was 20.1%, a year-on-year increase of 0.6 percentage points, while the automotive business gross margin was 19.4% [4]. - The company maintained high R&D investment, with R&D expenses and SG&A at 2.81 billion yuan and 2.72 billion yuan respectively, representing 9.3% and 9.0% of revenue [4]. Infrastructure Development - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities, with 3,190 charging stations and 17,597 charging piles in operation [5].