LI AUTO(02015) GOLDEN SUN SECURITIES·2025-06-02 13:15Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to achieve a gross margin of over 20.5% in Q1 2025, exceeding expectations despite a significant decrease in sales volume [1]. - The company anticipates delivering between 123,000 to 128,000 vehicles in Q2, representing a year-on-year growth of 13.3% to 17.9% [2]. - The launch of the first pure electric SUV, i8, is scheduled for July, with a subsequent model, i6, expected in September [2]. Financial Performance - In Q1, the company sold 93,000 vehicles, with revenue reaching 25.93 billion RMB, reflecting a year-on-year increase of 1% [1]. - The Q1 net profit attributable to shareholders was 650 million RMB, with a net profit margin of 2.5% [1]. - The company projects total revenues of 155.5 billion RMB, 197.9 billion RMB, and 238.3 billion RMB for the years 2025, 2026, and 2027 respectively [5][6]. Product Development - The MEGA Home model has been well-received, with over 90% of MEGA orders being for the Home version, indicating strong market insight and product definition capabilities [3]. - The VLA model, which enhances the driving experience through advanced AI, is set to be released alongside the i8 in July [4]. Market Position - The company has established a robust supercharging network with 2,328 stations and 12,689 charging piles nationwide, enhancing the appeal of its electric vehicles [4]. - The company aims to introduce more competitively priced MPVs and sedans based on market demand after the launch of its L series and i series models [2].