LI AUTO(02015) 兴证国际证券·2024-10-02 04:11Investment Rating - The investment rating for the company is "Buy" (Maintain) [2] Core Insights - Sales are gradually recovering, with a gross margin remaining robust. In Q2 2024, the company sold approximately 108,600 units, representing a year-on-year increase of 25.5%. Total revenue reached 31.7 billion RMB, up 10.6% year-on-year and 23.6% quarter-on-quarter. The gross margin for vehicles in Q2 was 18.7%, with a net profit of 1.1 billion RMB [4][5] - The company is accelerating the iteration of smart driving technology, launching a new generation of intelligent driving experience based on "end-to-end + VLM" [4] - The company is actively expanding its sales service and charging network, with 497 retail centers and 421 after-sales service centers as of June 30, 2024 [4] - Revenue projections for 2024-2026 are 143.7 billion, 195.6 billion, and 285.2 billion RMB, with year-on-year growth rates of 16.0%, 36.1%, and 45.8% respectively [4] Summary by Sections Market Data - Closing price (HKD): 99.75 - Total shares (million): 2,122 - Net assets (million RMB): 62,884 - Total assets (million RMB): 145,110 - Net asset per share (RMB): 29.63 [2] Financial Performance - Q2 2024 sales: 108,600 units, up 25.5% YoY - Q2 2024 total revenue: 31.7 billion RMB, up 10.6% YoY, 23.6% QoQ - Q2 2024 net profit: 1.1 billion RMB, non-GAAP net profit: 1.5 billion RMB - Q3 2024 sales guidance: 145,000 to 155,000 units, YoY growth of 38.0% to 47.5% [4] Future Outlook - Expected revenue for 2024-2026: 143.7 billion, 195.6 billion, 285.2 billion RMB - Expected net profit for 2024-2026: 7.1 billion, 9.8 billion, 17.5 billion RMB - Year-on-year growth rates for revenue: 16.0%, 36.1%, 45.8% [4]