LI AUTO(US:LI) First Capital Securities·2025-08-07 03:29Group 1: Semiconductor Industry - The U.S. President Trump announced a potential 100% tariff on chips and semiconductors, but the overall impact on China's semiconductor industry is expected to be minimal due to the relatively small proportion of semiconductor trade in China's total exports [2] - In the semiconductor cleaning equipment sector, the company holds a global market share of 8.0%, ranking fourth globally, and a market share of over 30% in China, ranking second [3] - The company also has a global market share of 8.2% in the semiconductor plating equipment sector, ranking third globally, indicating strong competitive positioning in a market with weak domestic competition [3] Group 2: Oil and Gas Equipment Services - The company reported a revenue of 6.9 billion yuan in the first half of 2025, a year-on-year increase of 39%, with a net profit of 1.24 billion yuan, up 14% [4] - New orders in the oil and gas equipment and engineering services sector reached 9.88 billion yuan, a year-on-year increase of 37.65%, indicating strong demand and growth potential [4] - The company’s backlog of orders stood at 12.39 billion yuan, reflecting a year-on-year growth of 34.76%, suggesting sustained performance in the oil and gas sector [4] Group 3: Electric Vehicle Industry - Li Auto's stock fell by 5.3% following a 39.74% year-on-year decline in vehicle deliveries in July, raising concerns about its market position [7] - The competitive landscape for electric vehicles is intensifying, with a shift from product definition to deeper technological capabilities becoming crucial for survival [7] - The luxury six-seat SUV market is experiencing a downturn, diminishing Li Auto's competitive advantage in this segment [7] Group 4: Lithium Iron Phosphate Battery Market - Lithium iron phosphate materials accounted for 84% of the installed capacity in power batteries in the first half of 2025, with total production reaching approximately 583 GWh, a 70.6% year-on-year increase [8] - The demand for energy storage is expected to remain strong due to seasonal sales peaks and supportive government policies, indicating a positive outlook for the lithium iron phosphate sector [8] - The potential emergence of sodium-ion batteries could pose a cost competition to lithium iron phosphate in sensitive markets [8] Group 5: Gaming Industry - The domestic gaming market achieved a sales revenue of 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, marking a historical high [10] - The user base for gaming reached 679 million, also a historical high, driven by the performance of new releases and the growth of e-sports and mini-program games [10] - Self-developed games generated a domestic revenue of 140.45 billion yuan, up 19.29% year-on-year, indicating robust market conditions [10]