LI AUTO(02015) 长江证券·2024-06-20 06:01Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - On June 11, 2024, the company launched the AD Max 3.0 nationwide no-map NOA experience recruitment, aiming to recruit 9,000 vehicle owners for testing various autonomous driving features, with plans to officially roll out the no-map NOA to all customers by Q3 2024 [5][6] - The company is advancing its autonomous driving capabilities with the introduction of the end-to-end + VLM (Vision Language Model) system, which enhances scene understanding and planning abilities, addressing long-tail issues in intelligent driving [6] - The product lineup is expanding, with plans to have four range-extended electric vehicle models and one high-voltage pure electric model by the end of 2024, targeting a market segment above 200,000 [6] Summary by Sections Event Description - The company is actively recruiting for a nationwide no-map NOA experience, with a deadline for applications set for June 13, 2024, and plans to push updates to test users in mid-June [5] Event Commentary - The no-map NOA rollout signifies a significant leap in the company's autonomous driving technology, with expectations to provide L3 level autonomous driving experiences by the end of 2024 and L4 level by mid-2025 [6] - The DriveVLM system combines visual language models with traditional systems, allowing for adaptive responses to varying driving complexities [6] Future Model Planning - The company has a clear roadmap for future models, with a focus on expanding its retail and service network, aiming for 800 retail centers and over 500 service centers by the end of 2024 [6] - The anticipated sales volume for 2024 is projected to reach 560,000 units, supported by a strong product matrix and brand recognition [6]