LI AUTO(02015) 东方财富·2024-09-24 10:03Investment Rating - The report maintains a rating of "Buy" for the company [5]. Core Insights - The company has launched a "dual-energy strategy" to enhance its product matrix and expand its market presence, focusing on family-oriented vehicles [16][53]. - The sales volume has shown significant growth, with July 2024 deliveries reaching 51,000 units, a year-on-year increase of 49.4% [2]. - The company aims to establish a comprehensive product lineup by 2025, including one flagship model, five range-extended models, and five high-voltage pure electric models [51]. Summary by Sections 1. Company Overview - The company focuses on family vehicles, aiming to create a "mobile home" and enhance user happiness [16]. - The product matrix has been enriched with models like the L series and the newly launched MEGA, targeting various family needs [22][50]. 2. Market Trends - The penetration rate of new energy vehicles in the passenger car market reached 44.7% in the first eight months of 2024, with significant growth in plug-in hybrid and range-extended models [34]. - The average retail price of passenger cars has increased from 153,000 yuan in 2020 to 179,000 yuan in 2024, indicating a trend towards higher-end models [36]. 3. Sales Performance - The company achieved a total delivery of 239,981 vehicles in 2024, a year-on-year increase of 38.5% [2]. - The average sales per store reached 265 million yuan in 2023, significantly higher than in 2022, reflecting improved operational efficiency [2][24]. 4. Financial Performance - In the first half of 2024, the company reported revenues of 57.31 billion yuan, a year-on-year increase of 21% [32]. - The forecast for revenues from 2024 to 2026 is 167.98 billion, 226.19 billion, and 274.53 billion yuan, respectively, with corresponding net profits of 11.25 billion, 16.41 billion, and 23.53 billion yuan [68]. 5. Strategic Initiatives - The company is enhancing its charging network, aiming to establish over 2,000 supercharging stations by 2024 [55]. - The introduction of advanced driving technologies, such as the "no-map" NOA feature, is expected to improve user experience and operational efficiency [56][58]. 6. Competitive Landscape - The market share of domestic brands reached 51% in 2024, with new forces like the company gaining traction among consumers [40]. - The company is positioned to benefit from the growing acceptance of domestic brands and the increasing demand for family-oriented vehicles [45].