2024-08-08 01:01Investment Rating - The report maintains a "Buy" rating for Li Auto [4] Core Viewpoints - Li Auto's July 2024 delivery data shows a significant increase, with 51,000 vehicles delivered, representing a year-on-year growth of 49.4%, marking a monthly historical high [4] - The launch of the Li L6 model has strengthened the product matrix, contributing to improved delivery capabilities and sales performance [4] - The company is expected to see continued sales growth during the peak sales months of September and October, supported by a recovery in the industry [5] - The focus on smart technology and the rollout of new software updates are expected to enhance the company's competitive edge in the electric vehicle market [5] - Despite a downward revision in revenue and profit forecasts due to delays in new model launches, the stock price has significantly corrected, providing a favorable entry point for investors [5] Summary by Sections Market Data - As of August 6, 2024, the closing price of Li Auto's stock is HKD 73.05, with a market capitalization of HKD 1,550.14 billion [2] Delivery Performance - In July 2024, Li Auto delivered 51,000 vehicles, a 49.4% increase year-on-year and a 6.8% increase month-on-month [4] - Cumulative deliveries from January to July 2024 reached 240,000 vehicles, a year-on-year increase of 38.5% [4] Financial Projections - Revenue projections for 2024-2026 have been revised to HKD 140.4 billion, HKD 194.1 billion, and HKD 215.7 billion, respectively [5] - Net profit projections for the same period are adjusted to HKD 7.66 billion, HKD 14.69 billion, and HKD 19.76 billion, respectively [5] - The price-to-earnings ratio for 2024-2026 is projected to be 18.4, 9.6, and 7.1 times, respectively [6]