Ge Long Hui·2025-09-29 19:23Company Overview - The company held a launch event for the Li Auto i6 on September 26, achieving immediate delivery upon release [1] - The i6 is positioned as a five-seat mid-large SUV, priced at 249,800 yuan, aligning with the starting price of the extended-range L6 [1] - The i6 features a 5C lithium iron phosphate battery with a maximum range of 720 km and supports 500 kW ultra-fast charging, addressing user range anxiety [1] Product Strategy - The i6 returns to a single product strategy, with solid initial sales incentives including a cash discount of 10,000 yuan and standard air suspension, further lowering the effective price [1] - The i6 is equipped with advanced technology, including laser radar and the Thor chip, enhancing high-level intelligent driving experiences [1] - The interior design emphasizes family-oriented features, such as the "queen seat" and "small living room," to attract family users [1] Technological Advancements - The company has made significant progress in self-developed chips, with the M100 chip entering the critical stage before mass production and undergoing road testing [2] - The intelligent driving base model employs an end-to-end + VLA architecture, focusing on self-research to enhance computing power and user experience in intelligent driving [2] - The company is optimistic about its forward-looking AI layout and capabilities in the broader AI field [2] Channel Development - The company is actively adjusting its channel strategy, optimizing store combinations in first to third-tier cities, and migrating inefficient stores [2] - Plans include a lightweight "Star Store" model to expand into fourth and fifth-tier cities, reducing store opening cycles and investment [2] - Management aims to enhance product SKU and configuration strategies to extend product life cycles and increase iteration frequency [2] Financial Outlook - The company maintains an outperform rating, with target prices of 108 HKD and 28 USD for Hong Kong and US stocks, respectively, indicating an 8% upside potential [2] - Profit forecasts for 2025 and 2026 are upheld, with corresponding P/E ratios of 38/28x for 2025 and 18/15x for 2026 [2]