LI AUTO(02015) 华泰证券·2024-11-01 05:50Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 131.42 [7][9]. Core Insights - The company reported Q3 2024 revenue of RMB 42.9 billion, representing a year-on-year increase of 24% and a quarter-on-quarter increase of 35%. GAAP net profit was RMB 2.8 billion, showing a slight decrease of 0.1% year-on-year but a significant increase of 155% quarter-on-quarter [1]. - The company achieved a quarterly vehicle delivery of 150,000 units, with a month average sales surpassing 50,000 for the first time, reflecting a 41% quarter-on-quarter increase [2]. - The rapid expansion of the company's charging network, with 1,000 supercharging stations and over 4,500 charging piles, is expected to enhance user experience and support the launch of pure electric vehicles in 2025 [3]. - The OTA 6.4 upgrade enhances driving capabilities in congested and complex road conditions, utilizing a deep learning model based on 4 million clips of data [4]. Financial Projections and Valuation - Revenue projections for 2024-2026 are RMB 141.9 billion, RMB 216.9 billion, and RMB 275.2 billion, respectively. GAAP net profits are expected to be RMB 6.2 billion, RMB 12.7 billion, and RMB 18.4 billion for the same period [6][29]. - The report compares the company with peers like Geely and BYD, suggesting a valuation premium of 2x PE over the average 2025E PE of 14x, adjusting the target price to HKD 131.42 [9][10].