LI AUTO(HK:02015) Soochow Securities·2024-10-09 08:43Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In September 2024, the company delivered 53,709 vehicles, representing a year-on-year growth of 48.9%. For Q3 2024, total deliveries reached 152,831 vehicles, up 45.4% year-on-year. Cumulatively, 341,812 vehicles were delivered in the first nine months of 2024, marking a 40.0% increase [3] - The company has expanded its retail presence to 479 centers across 145 cities and has established 436 after-sales service and authorized repair centers in 221 cities. As of September 30, 2024, it has deployed 894 charging stations with 4,286 charging piles [3] - The company has upgraded its intelligent driving system with the OTA 6.3 update, introducing 15 new features and optimizing 17 existing ones. The new AI model enhances driving comfort and safety [3] - Revenue forecasts for 2024 to 2026 are set at 146.3 billion, 191.8 billion, and 250.7 billion RMB, with year-on-year growth rates of 18%, 31%, and 31% respectively. Net profit is projected at 7.5 billion, 12.1 billion, and 17.6 billion RMB, with corresponding year-on-year changes of -36%, +61%, and +45% [3] Financial Projections - Total revenue for 2022 was 45.3 billion RMB, with projections of 123.9 billion RMB for 2023, 146.3 billion RMB for 2024, 191.8 billion RMB for 2025, and 250.7 billion RMB for 2026 [2] - The company reported a net profit of -2.0 billion RMB in 2022, with a forecasted profit of 11.7 billion RMB for 2023, 7.5 billion RMB for 2024, 12.1 billion RMB for 2025, and 17.6 billion RMB for 2026 [2] - The earnings per share (EPS) are projected to be 3.55 RMB for 2024, 5.72 RMB for 2025, and 8.28 RMB for 2026, with corresponding price-to-earnings (P/E) ratios of 26.88, 16.66, and 11.52 [2][3]