LI AUTO(02015) 平安证券·2024-11-01 03:50Investment Rating - The report maintains a "Recommended" rating for the company [3][7]. Core Insights - The company achieved a record high operating profit in Q3, with significant improvements in cash flow and cost management [5][6]. - The increase in L6 model sales has led to a decline in average revenue per vehicle, but gross margin has improved [5][6]. - The company has provided conservative guidance for Q4 deliveries and revenue, indicating a strategic approach to avoid demand overextension into the next year [7]. Financial Performance Summary - In Q3 2024, the company reported revenue of 42.87 billion yuan, with quarter-on-quarter growth of 23.6% and year-on-year growth of 35.3% [5]. - The net profit attributable to shareholders reached 2.81 billion yuan, reflecting a quarter-on-quarter increase of 155.2% [5]. - The operating cash flow for Q3 was 11 billion yuan, and cash reserves stood at 106.5 billion yuan by the end of Q3 2024 [5]. Sales and Delivery Insights - The company delivered 153,000 vehicles in Q3 2024, marking a year-on-year increase of 45.4% [5]. - The average revenue per vehicle decreased to 270,000 yuan, down 0.9 thousand yuan from the previous quarter [5]. - The gross margin for vehicle sales in Q3 was 20.9%, an increase of 2.2 percentage points from the previous quarter [5][6]. Cost Management and Profitability - R&D expenses in Q3 were 2.59 billion yuan, down 8.2% year-on-year, contributing to improved operating profit of 3.43 billion yuan [6]. - The company achieved a single-vehicle operating profit of 22,000 yuan, an increase of 18,000 yuan from the previous quarter [6]. Future Outlook - The company expects Q4 deliveries to be between 160,000 and 170,000 vehicles, with revenue guidance of 43.2 billion to 45.9 billion yuan [5][7]. - The report anticipates continued growth in the company's L series models, with potential for further enhancements in product capabilities [7].