LI AUTO(02015) 国联证券·2024-07-03 02:02Investment Rating - The report suggests a "Buy" rating for the company based on its continuous product improvement and sales momentum [5][7]. Core Insights - In June 2024, the company delivered 47,774 vehicles, marking a year-on-year increase of 46.7%. The total deliveries for Q2 2024 reached 108,581 units, up 25.5% year-on-year [1][2]. - The launch of the L6 model has significantly boosted sales, with over 20,000 units delivered in June alone. The company is expected to achieve revenues exceeding 32 billion yuan in H2 2024, showing strong growth both sequentially and year-on-year [2][5]. - The company is enhancing its smart driving capabilities, with a nationwide rollout of its NOA feature planned for early July 2024 [3]. - The company's service and charging infrastructure is expanding, with 497 retail centers and 614 charging stations established across 220 cities as of May 31, 2024 [4]. Financial Projections - Revenue forecasts for 2024-2026 are 147.3 billion yuan, 205.4 billion yuan, and 280 billion yuan, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% respectively. Net profit is projected to be 8.53 billion yuan, 14.24 billion yuan, and 23.72 billion yuan for the same period, with growth rates of -27.1%, 67.0%, and 66.6% respectively [5][6]. - Earnings per share (EPS) are expected to be 4.02 yuan, 6.71 yuan, and 11.18 yuan for 2024, 2025, and 2026, respectively, indicating a three-year compound annual growth rate (CAGR) of 40.6% [5][6].