LI AUTO-W(HK:02015) Changjiang Securities·2025-03-12 11:35Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In February 2025, the company achieved sales of 26,263 units, representing a year-on-year growth of 29.7% but a month-on-month decline of 12.2%. The cumulative sales for January and February reached 56,000 units, up 9.3% year-on-year [2][4]. - The company's product advantages and brand design are well recognized, and the "dual-energy strategy" is expected to further enhance its competitive edge. The upcoming new models are anticipated to expand the sales potential significantly [6][7]. - The company has a clear product planning strategy with a matrix covering over 200,000 market segments, and the ongoing expansion of direct sales channels is expected to support future sales growth [6][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 and Strategy - The company has announced its first pure electric SUV, the i8, which is positioned as a six-seat electric vehicle. The design of the i8 is a blend between the L series and MEGA models, marking the beginning of a new product cycle [6][7]. - The "dual-energy strategy" has led to the establishment of over 10,000 charging stations nationwide, enhancing user experience through improved smart technology. The company continues to lead in intelligent driving technology, with ongoing updates to its systems [6][7]. Financial Projections - The projected net profit for the company from 2024 to 2026 is expected to be 76.4 billion, 142.1 billion, and 195.6 billion respectively, with corresponding PE ratios of 30.1X, 16.2X, and 11.8X. Non-GAAP net profits are projected to be 106.4 billion, 147.1 billion, and 195.6 billion, with PE ratios of 21.6X, 15.6X, and 11.8X respectively [6].