Guohai Securities·2024-09-02 14:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected sales growth and new model launches [5][9]. Core Insights - The company reported a revenue of 31.7 billion yuan for Q2 2024, reflecting a year-on-year growth of 10.6% and a quarter-on-quarter increase of 23.6%. However, net profit was 1.1 billion yuan, showing a year-on-year decline of 52.3% but a quarter-on-quarter increase of 86.2% [4][5]. - The gross margin for Q2 2024 was 19.5%, down 2.3 percentage points year-on-year and 1.1 percentage points quarter-on-quarter, primarily due to a decrease in vehicle gross margins [4][5]. - The company is rapidly advancing in the smart driving sector, with significant developments in its autonomous driving technology, including the launch of the "Li Auto NOA" and upgrades to its AD Max system [3][4]. Summary by Sections Financial Performance - Q2 2024 revenue reached 31.7 billion yuan, with a year-on-year increase of 10.6% and a quarter-on-quarter increase of 23.6%. Net profit was 1.1 billion yuan, down 52.3% year-on-year but up 86.2% quarter-on-quarter [4][5]. - Vehicle sales revenue was 30.32 billion yuan, with a year-on-year increase of 8.4% and a quarter-on-quarter increase of 25% [3][4]. Cost and Expenses - R&D and SG&A expense ratios for Q2 2024 were 9.6% and 8.9%, respectively, with year-on-year increases of 1.1 percentage points and 0.8 percentage points, while showing quarter-on-quarter decreases [4][5]. Market Position and Strategy - The company is expanding its charging infrastructure, aiming to have over 2,000 charging stations and more than 10,000 charging piles by the end of 2024, which is expected to support sales recovery [5]. - The company anticipates vehicle deliveries for Q3 2024 to be between 145,000 and 155,000 units, representing a year-on-year increase of 38% to 47.5% [5].