LI AUTO(02015) 长江证券·2025-03-13 02:23Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February 2025, the company achieved sales of 26,263 units, representing a year-on-year increase of 29.7% but a month-on-month decrease of 12.2%. Cumulative sales for January and February reached 56,000 units, up 9.3% year-on-year. The company’s product advantages and brand design are well recognized, and the future vehicle planning is clear, indicating significant sales potential [2][4][7]. Summary by Sections Sales Performance - February 2025 sales reached 26,263 units, a year-on-year increase of 29.7% and a month-on-month decrease of 12.2%. Cumulative sales for the first two months of 2025 were 56,000 units, reflecting a 9.3% year-on-year growth [2][4]. Product Development - The company announced its first pure electric SUV, the i8, on February 25, 2025. The i8 is positioned as a six-seat pure electric vehicle, with a design that bridges the L series and MEGA models. This new vehicle cycle is expected to enhance sales [7]. Strategic Initiatives - The "Dual Energy Strategy" is expected to further enhance the company's competitive edge. As of February 28, 2025, the company has over 10,000 charging piles and 1,874 supercharging stations, with ongoing improvements in smart technology to enhance user experience [7]. Future Outlook - The company has a clear vehicle planning strategy, with a product matrix that includes four range-extended electric models and one high-voltage pure electric model, covering the market above 200,000. The ongoing expansion of direct sales channels and the opening of new retail centers are expected to drive future sales growth [7]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 76.4 billion, 142.1 billion, and 195.6 billion respectively, with corresponding PE ratios of 30.1X, 16.2X, and 11.8X. The non-GAAP net profit projections are 106.4 billion, 147.1 billion, and 195.6 billion, with PE ratios of 21.6X, 15.6X, and 11.8X [7].