LI AUTO(02015) 民生证券·2024-11-01 10:57Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market position [8]. Core Insights - The company has demonstrated stable revenue growth with a total revenue of 42.87 billion yuan in Q3 2024, reflecting a year-on-year increase of 23.6% and a quarter-on-quarter increase of 35.3% [3]. - The automotive business revenue for Q3 2024 was approximately 41.32 billion yuan, with year-on-year and quarter-on-quarter growth of 22.9% and 36.3%, respectively [3]. - The company delivered 153,000 vehicles in Q3 2024, marking a year-on-year increase of 45.4% and a quarter-on-quarter increase of 40.8% [3]. - The gross profit for the automotive business in Q3 2024 was 8.65 billion yuan, with a gross margin of 20.9%, showing a year-on-year increase of 0.3 percentage points and a quarter-on-quarter increase of 2.2 percentage points [4]. - The company has a strong cash reserve, with net cash from operating activities amounting to 11 billion yuan in Q3 2024 and free cash flow of 9.1 billion yuan [6]. Revenue and Profitability - The report projects the company's revenue for 2024 to be between 123.85 billion yuan and 144.89 billion yuan, with a growth rate of 173.5% [9]. - The net profit attributable to the parent company is expected to be 11.7 billion yuan in 2024, with a significant growth rate of 681.7% [9]. - The company anticipates vehicle deliveries in Q4 2024 to be between 160,000 and 170,000 units, corresponding to a year-on-year growth of 21.4% to 29.0% [6]. Research and Development - R&D expenses for Q3 2024 were 2.59 billion yuan, showing a decrease of 8.2% year-on-year, indicating a reduction in design and development costs [5]. - The company is advancing in smart driving technology, with recent updates enhancing its capabilities and positioning it among the industry leaders [7]. Market Position and Future Outlook - The company operates 479 retail centers and 436 after-sales service centers across 145 cities, indicating a robust distribution network [6]. - The report highlights the company's ability to leverage user insights and efficient organizational structure to innovate product offerings, particularly in the electric vehicle segment [8].