LI AUTO(HK:02015) Ping An Securities·2024-11-01 03:40Investment Rating - The report maintains a "Recommended" investment rating for the company [2][6]. Core Views - The company achieved a record high operating profit in Q3 2024, with significant improvements in cost control and a notable increase in vehicle sales [4][5]. - The L6 model's sales proportion increased, leading to a slight decline in average revenue per vehicle, but the gross margin improved [4][5]. - The company has set a conservative delivery guidance for Q4 2024, anticipating deliveries of 160,000 to 170,000 units, reflecting a strategic approach to avoid overextending demand into 2025 [4][6]. Financial Performance Summary - In Q3 2024, the company reported revenue of 42.87 billion yuan, representing year-on-year growth of 173.5% and quarter-on-quarter growth of 23.6% [4][6]. - The net profit attributable to shareholders reached 2.81 billion yuan, with a remarkable quarter-on-quarter increase of 155.2% [4][6]. - 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 [4][6]. Sales and Profitability - The vehicle delivery volume for Q3 2024 was 153,000 units, marking a year-on-year increase of 45.4% and a quarter-on-quarter increase of 40.8% [4][5]. - The average revenue per vehicle decreased to 270,000 yuan, down by 0.9 thousand yuan from the previous quarter, primarily due to the increased sales of the L6 model [4][5]. - The gross margin for vehicle sales reached 20.9%, an increase of 2.2 percentage points from the previous quarter [4][5]. Research and Development - R&D expenses in Q3 2024 were 2.59 billion yuan, showing a reduction of 8.2% year-on-year and 14.6% quarter-on-quarter, attributed to decreased costs in new product development [5][6]. - The company is enhancing its L series product capabilities, with a focus on integrating advanced driving features into models priced above 300,000 yuan [5][6]. Future Projections - The company adjusted its net profit forecasts for 2024 to 7.71 billion yuan, 14 billion yuan for 2025, and 19.92 billion yuan for 2026 [6][11]. - The revenue projections for 2024, 2025, and 2026 are set at 145.23 billion yuan, 191.85 billion yuan, and 236.39 billion yuan, respectively [6][11].