LI AUTO(02015)2025-03-23 09:06Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company achieved a revenue of 144.46 billion RMB in 2024, representing a year-on-year increase of 16.64%, while the net profit attributable to shareholders was 8.03 billion RMB, down 31.37% year-on-year [4]. - In Q4 2024, the company reported a revenue of 44.27 billion RMB, with a net profit of 3.52 billion RMB, slightly exceeding expectations [4]. - The company plans to launch two new electric vehicle models in July 2025 and is actively expanding into overseas markets, with a focus on high-growth potential regions [7]. Financial Data and Profit Forecast - The company’s projected revenues for 2025 and 2026 are adjusted to 178.0 billion RMB and 209.6 billion RMB, respectively, down from previous estimates [7]. - The forecasted net profit for 2025 is revised to 11.56 billion RMB, with an expected PE ratio of 17 for 2025 [6][7]. - The company’s gross margin for the automotive business in 2024 was 19.79%, a decrease of 1.67 percentage points year-on-year [5]. Sales and Delivery Performance - The company delivered over 500,000 vehicles in 2024, with a sales revenue of 138.54 billion RMB, reflecting a year-on-year growth of 15.17% [7]. - In Q4 2024, the total sales volume reached 159,000 vehicles, with an average selling price (ASP) of 268,700 RMB per vehicle [7]. Research and Development - The company has launched its next-generation autonomous driving architecture, MindVLA, which integrates perception, cognition, and adaptive capabilities [7]. - R&D expenses for 2024 were 11.07 billion RMB, accounting for 7.7% of total revenue, with expectations to maintain R&D spending below 14 billion RMB in 2025 [7].