LI AUTO(02015) 国证国际·2025-03-19 15:06Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 132, indicating a potential upside of 26% from the current price of HKD 105.1 [6][4] Core Insights - The company reported a revenue of RMB 144.46 billion for 2024, representing a year-on-year growth of 16.6%, while net profit decreased by 31% to RMB 8.03 billion [2][4] - The key focus for the second half of 2024 will be the launch of new electric models I8 and I6, along with the application of the next-generation autonomous driving architecture, Mind VLA [4][3] Financial Performance - In Q4 2024, the company achieved a revenue of RMB 44.3 billion, showing a year-on-year increase of 6.1% and a quarter-on-quarter growth of 3.3% [2] - The net profit for Q4 2024 was RMB 3.5 billion, reflecting a quarter-on-quarter increase of 25.3% but a year-on-year decline of 38.6% [2] - The company anticipates Q1 2025 sales volume to be between 88,000 and 93,000 units, which corresponds to a year-on-year growth of 9.5% to 15.7% [2] Product Launches - The I8 model, a six-seat mid-size SUV, is set to debut at the Shanghai Auto Show at the end of April and will be launched in July [4] - The I8 will feature a 102.7 kWh battery from CATL and support 5C fast charging technology, allowing for a 500 km range in just 10 minutes [4] - The I6 is planned for release in the fourth quarter of 2024, further expanding the company's electric vehicle lineup [4] Market Position and Strategy - As of February, the company delivered 26,000 vehicles, marking a year-on-year growth of 29.7%, although there was a month-on-month decline of 12% due to the shortened delivery cycle during the Spring Festival [3] - The company has established a robust charging network with 1,874 Ideal Supercharging stations and 10,000 charging piles across 150 cities [3]