Huachuang Securities·2025-07-31 10:12Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][6]. Core Views - The launch of the Li Auto i8 marks the beginning of a new cycle for pure electric vehicles, with a competitive pricing strategy that is expected to enhance market positioning [2][6]. - The company is projected to achieve steady monthly sales of 5,000 to 7,000 units for the i8, supported by its strong product features and charging infrastructure [2][6]. - The report anticipates a significant growth in revenue and net profit in the coming years, despite a slight decline in 2025 due to internal competition from the L8 model [2][6]. Financial Summary - Revenue Forecast: - 2024A: 144,460 million CNY - 2025E: 143,049 million CNY - 2026E: 175,237 million CNY - 2027E: 207,067 million CNY - Year-on-Year Growth: 16.6% in 2024, -1.0% in 2025, 22.5% in 2026, 18.2% in 2027 [2][7]. - Net Profit Forecast: - 2024A: 8,032 million CNY - 2025E: 7,156 million CNY - 2026E: 9,921 million CNY - 2027E: 12,879 million CNY - Year-on-Year Growth: -31.4% in 2024, -10.9% in 2025, 38.6% in 2026, 29.8% in 2027 [2][7]. - Earnings Per Share (EPS): - 2024: 3.79 CNY - 2025: 3.34 CNY - 2026: 4.63 CNY - 2027: 6.02 CNY [2][7]. - Valuation Ratios: - Price-to-Earnings (P/E) Ratio: 25.1 in 2024, 28.5 in 2025, 20.5 in 2026, 15.8 in 2027 [2][7]. - Price-to-Book (P/B) Ratio: 2.8 in 2024, 2.6 in 2025, 2.3 in 2026, 2.0 in 2027 [2][7]. Market Positioning - The i8 is positioned in the mid-to-large SUV segment, targeting families and consumers preferring electric vehicles, with a market size of approximately 130,000 units per year [2][6]. - Key competitors include NIO ES6, Li Auto L8, and Mercedes-Benz GLC, with the i8 expected to leverage its unique features to capture market share [2][6]. Future Catalysts - Anticipated catalysts for growth include seasonal sales increases in Q4, rising acceptance of the i8 and fast-charging solutions, and enhancements in AI capabilities with the VLA driver model [2][6].