LI AUTO(HK:02015) Soochow Securities·2025-06-01 00:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a pure electric product cycle in the second half of 2025, coinciding with the launch of high-level intelligent driving features. The first pure electric SUV, the Li Auto i8, will be launched in July, followed by a new model, the i6, in September. As of May 29, 2025, the company has built 2,355 supercharging stations, with plans to exceed 2,500 by the i8 launch and reach over 4,000 by the end of 2025. The L series of vehicles will feature upgraded configurations and advanced driving capabilities, with the AD Max system utilizing the NVIDIA Thor-U chip and new laser radar technology [3][4]. Financial Forecasts - The company's revenue forecasts for 2025 to 2027 have been adjusted to 143.64 billion, 223.30 billion, and 236.15 billion RMB, respectively, reflecting a year-on-year change of -0.6%, +55.5%, and +5.8%. The net profit forecasts for the same period have been revised to 8.16 billion, 13.66 billion, and 15.41 billion RMB, with year-on-year growth of +1.6%, +67.4%, and +12.8%. The corresponding EPS for 2025 to 2027 is projected to be 3.81, 6.38, and 7.20 RMB, with P/E ratios of 27, 16, and 14 times [4][12]. Revenue and Profitability - In Q1 2025, the company achieved total revenue of 25.93 billion RMB, with a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 41.4%. The gross margin for Q1 was 20.5%, slightly better than expected, with vehicle sales gross margin at 19.8%. The company reported a net profit of 650 million RMB for the same quarter, reflecting a year-on-year increase of 9.7% but a significant quarter-on-quarter decrease of 81.5% [11].