LI AUTO(HK:02015) Changjiang Securities·2024-11-12 03:59Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company achieved a revenue of 42.87 billion CNY in Q3 2024, representing a year-on-year increase of 23.6%, and a net profit attributable to shareholders of 2.81 billion CNY, a slight decrease of 0.3% year-on-year [3][4]. - In Q3 2024, the company sold 153,000 vehicles, with an average selling price of approximately 270,000 CNY, marking a year-on-year increase in sales volume of 45.4% and a quarter-on-quarter increase of 40.8% [3][4]. - The L6 model accounted for nearly 50% of total sales, with a monthly average sales volume of 51,000 units [3][4]. - The gross margin improved to 21.5% in Q3, driven by economies of scale, with vehicle gross margin at 20.9% [4]. - The company expects Q4 2024 deliveries to be between 160,000 and 170,000 units, representing a year-on-year growth of 21.4% to 29.0% [4][6]. Summary by Sections Financial Performance - Q3 2024 revenue was 42.87 billion CNY, with vehicle sales revenue of 41.32 billion CNY, showing a year-on-year increase of 22.9% [3][4]. - The net profit (GAAP) for Q3 was 2.81 billion CNY, while the non-GAAP net profit was 3.84 billion CNY, reflecting a year-on-year increase of 10.6% [4][6]. Sales and Production - The company sold 153,000 vehicles in Q3 2024, with the L6 model contributing 75,000 units, L7 at 34,000 units, L8 at 19,000 units, L9 at 22,000 units, and MEGA at 2,000 units [3][4]. - The average selling price decreased by 49,000 CNY year-on-year and by 9,000 CNY quarter-on-quarter [3][4]. Future Outlook - The company has a clear product roadmap with plans for new models and an expanding retail network, aiming to increase retail centers to 800 by the end of the year [5][6]. - Projected net profits for 2024-2026 are 8.1 billion, 14.68 billion, and 20.08 billion CNY respectively, with corresponding PE ratios of 23.1X, 12.8X, and 9.3X [6].