国证国际港股晨报-20250319

Investment Rating - The report maintains a "Buy" rating for Li Auto (2015.HK) with a target price raised to HKD 132, corresponding to a 27.1 times forecasted P/E ratio for 2025 [8][11]. Core Insights - The report highlights that Li Auto's revenue for 2024 is projected to be HKD 144.46 billion, representing a year-on-year growth of 16.6%, while net profit is expected to decline by 31% to HKD 8.03 billion [9][11]. - The upcoming launch of new electric vehicle models, I8 and I6, is seen as a critical period for Li Auto, with expectations for significant contributions to sales and market positioning [11]. Summary by Sections Market Overview - The Hong Kong stock market showed a positive trend, with the Hang Seng Index closing at 24,740 points, up 595 points or 2.46%, driven by strong performance in technology stocks [2][3]. - The report notes a significant increase in trading volume, with the main board's turnover reaching HKD 289.6 billion, up 16.8% from the previous day [2]. Company Performance - Li Auto's Q4 2024 revenue reached HKD 44.3 billion, a year-on-year increase of 6.1%, while net profit for the same quarter was HKD 3.5 billion, reflecting a year-on-year decline of 38.6% [9][10]. - The company delivered 26,000 new vehicles in February, marking a year-on-year growth of 29.7%, despite a month-on-month decline due to the Chinese New Year holiday [10]. Future Outlook - The report emphasizes the importance of the second half of 2024 for Li Auto, particularly with the introduction of the I8 and I6 models and the application of the next-generation autonomous driving architecture, MindVLA [11]. - The anticipated performance of these new models is expected to significantly enhance the company's market presence and sales figures [11].