LI AUTO(02015) 平安证券·2025-05-09 10:14Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The launch of the L series smart upgraded models (L6, L7, L8, L9) is expected to enhance the company's market position, with stable pricing and attractive sales incentives [4][6]. - The company is focusing on upgrading its intelligent driving systems and comfort features to remain competitive in the market, particularly against new entrants in 2025 [6][9]. - The company is also accelerating its overseas market expansion, targeting regions such as Latin America, Central Asia, the Middle East, and Europe, which could become new growth engines [9]. Financial Projections - Revenue is projected to grow from 123.85 billion CNY in 2023 to 271.34 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 30.7% in 2026 [5]. - Net profit is expected to fluctuate, peaking at 23.21 billion CNY in 2027 after a dip in 2024 [5]. - The gross margin is anticipated to stabilize around 21.5% by 2027, while the net margin is expected to improve to 8.6% [5][13]. Product Strategy - The L series models will feature significant upgrades in intelligent driving hardware, including the introduction of advanced laser radar and enhanced chip capabilities [6][7]. - The company aims to maintain a competitive edge by offering higher initial sales incentives compared to competitors, such as three years of zero interest financing and discounts on deposits [6][9]. - The MEGA model will continue to focus on its flagship positioning, with the introduction of the MEGA Home version targeting family users [9]. Market Positioning - The L6 model is expected to face less direct competition in its price range, while the L7, L8, and L9 models will see increased competition in 2025 [6][9]. - The company is strategically enhancing its product offerings to address the anticipated competitive pressures from new models entering the market [6][9].