LI AUTO(02015) 长江证券·2024-07-04 02:01Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In June 2024, the company achieved a sales volume of 48,000 units, representing a year-on-year growth of 46.7% and a quarter-on-quarter growth of 36.4%. The strong performance of the L6 model, which saw monthly deliveries exceed 20,000 units, contributed significantly to this growth [4][5]. - The company has a clear product roadmap with a total of four range-extended SUVs and one high-voltage pure electric model planned for 2024. This product matrix aims to cover the market segment above 200,000, catering to a broader consumer base [5]. - The company is rapidly expanding its supercharging station network, with plans to invest 6 billion yuan to establish 2,000 supercharging stations by the end of 2024, and a total of over 5,000 stations in the future [4][5]. Summary by Sections Sales Performance - In June 2024, the company sold 47,774 vehicles, marking a 46.7% increase year-on-year and a 36.4% increase month-on-month. Cumulative sales for the first half of 2024 reached 189,000 units, up 77.4% from the previous year [4][5]. Product Strategy - The company has launched the L6 model, which has shown strong sales performance. The product lineup for 2024 includes four range-extended electric vehicle models and one high-voltage pure electric model, enhancing the company's market coverage [5]. Charging Infrastructure - As of June 30, 2024, the company has established 614 supercharging stations and 2,726 charging piles, with significant month-on-month increases. The company plans to continue expanding its charging infrastructure aggressively [4][5]. Future Outlook - The company anticipates reaching a sales target of 560,000 units in 2024, supported by its dual-energy strategy and ongoing product launches, which are expected to enhance overall sales capacity and maintain a favorable profit level [5].