LI AUTO-W(HK:02015) Guolian Securities·2025-01-06 01:45Investment Rating - The investment rating for the company is "Buy" [7][14]. Core Insights - In December 2024, the company delivered 58,513 vehicles, representing a year-on-year growth of 16.2%. The total deliveries for the year reached 500,508 vehicles, a 33.1% increase compared to the previous year [5][12]. - The company expects revenue for 2024-2026 to be 147.3 billion, 205.4 billion, and 280 billion yuan respectively, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% [5][14]. - The net profit attributable to the parent company is projected to be 8.53 billion, 14.24 billion, and 23.73 billion yuan for the same period, with growth rates of -27.1%, 67.0%, and 66.6% respectively [5][14]. - The company is enhancing its product capabilities and accelerating its smart electric strategy, which is expected to drive sales and profitability [5][14]. Summary by Sections Delivery Performance - In December 2024, the company achieved a delivery of 58,513 vehicles, marking a 16.2% increase year-on-year and a 20.1% increase month-on-month. The cumulative delivery for 2024 reached 500,508 vehicles, with a 33.1% year-on-year growth [5][12][14]. Financial Projections - The company forecasts revenues of 147.3 billion, 205.4 billion, and 280 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 19.0%, 39.4%, and 36.3% [5][14]. - The projected net profits for the same years are 8.53 billion, 14.24 billion, and 23.73 billion yuan, with growth rates of -27.1%, 67.0%, and 66.6% [5][14]. Strategic Developments - The company is focusing on enhancing its AI capabilities and smart driving technology, which are expected to be key growth drivers in the future. The introduction of the AI model MindGPT and the upcoming OTA7.0 system are significant steps in this direction [12][13]. - The company has established a robust ecosystem with 502 retail centers and 1,727 charging stations across 150 cities, supporting its smart electric strategy [13].