LI AUTO(02015) 华泰证券·2025-05-30 02:44Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported Q1 revenue of 25.9 billion RMB, with a year-on-year increase of 1% and a quarter-on-quarter decrease of 41%. The net profit attributable to shareholders was 650 million RMB, reflecting a year-on-year increase of 9% but a quarter-on-quarter decrease of 82%, aligning with expectations [1] - The company is expected to continue improving quality and efficiency, with a projected Q2 delivery of 123,000 to 128,000 vehicles and revenue of 32.5 to 33.8 billion RMB [2] - The launch of new electric models, particularly the i8, is anticipated to enhance sales performance, with expectations of over 5,000 units in steady monthly sales [3] - The introduction of the Thor-U chip in new models is expected to enhance computing power and reduce costs in autonomous driving hardware [4] - The company forecasts GAAP net profits of 10.3 billion, 15.8 billion, and 17.8 billion RMB for 2025-2027, with a target price adjustment to 140.34 HKD based on a 21x PE for 2025 [5][13] Financial Summary - The company expects revenues of 123.9 billion RMB in 2023, growing to 250.2 billion RMB by 2027, with a compound annual growth rate of 5.97% [7] - The projected net profit attributable to shareholders is expected to recover from 8.0 billion RMB in 2024 to 17.8 billion RMB in 2027, indicating a significant growth trajectory [7] - The report highlights a gross margin of 20.5% for Q1 2025, with an automotive gross margin of 19.8%, reflecting improved cost control [2]