LI AUTO(US:LI) EBSCN·2025-03-16 02:19Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 144.46 billion RMB in 2024, reflecting a year-on-year growth of 16.6%, which is in line with expectations [1] - The gross margin for 2024 decreased by 1.7 percentage points to 20.5%, while the Non-GAAP net profit fell by 11.9% to 10.66 billion RMB [1] - The management has outlined a strategy focusing on electric vehicle ramp-up and international expansion, with expectations for significant growth in 2025 [3] Financial Performance Summary - 2024 total revenue: 144,460 million RMB, with a growth rate of 16.6% [5] - 2024 Non-GAAP net profit: 10,657 million RMB, down 11.9% year-on-year [5] - 2025E total revenue forecast: 149,105 million RMB, with a growth rate of 3.2% [5] - 2025E Non-GAAP net profit forecast: 11,084 million RMB, an increase of 4.0% [5] Strategic Focus - The company plans to launch two new electric SUVs in 2025, which are expected to drive sales growth [3] - The management aims to enhance its charging network and distribution channels to support the ramp-up of new models [3] - The company is positioned to leverage its leading autonomous driving technology to improve market competitiveness [3]