Changjiang Securities·2025-09-30 02:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The official launch of the Li Auto i6, priced at 249,800 CNY, with a first-sale benefit of 35,000 CNY, allows for immediate delivery [2][6]. - Li Auto's product advantages and brand design are well recognized, with a clear roadmap for future models and continuous optimization of direct sales channels [2][6]. - The "Dual Energy Strategy" is expected to further enhance Li Auto's competitive edge, indicating significant future sales potential [2][6]. Summary by Sections Event Description - The Li Auto i6 was officially launched on September 26, 2025 [4]. Event Commentary - Li Auto's intelligent driving technology remains leading, with continuous iterations expected to benefit from the accelerating penetration rate in the industry [6]. - The company anticipates strong sales growth with the introduction of new models, supported by high single-vehicle prices and scale effects, maintaining good profitability levels [6]. - Projected net profits for 2025-2027 are 3.23 billion, 8.38 billion, and 11.68 billion CNY respectively, with corresponding P/E ratios of 60.7X, 23.4X, and 16.8X for GAAP, and 5.23 billion, 10.38 billion, and 13.68 billion CNY for Non-GAAP [6]. Product and Market Strategy - The Li Auto i6 features a range of specifications, including a pure electric range of 660-720 km and a low energy consumption of 13.6-14.8 kWh/100 km [6]. - The company has established over 3,300 supercharging stations across 267 cities, with plans to reach 4,000 by the end of the year [6]. - Li Auto's product lineup now includes four extended-range electric SUVs and two high-voltage pure electric SUVs, indicating a robust product matrix [6]. Retail and Service Network - As of the end of August 2025, Li Auto has 543 retail centers and 536 service and authorized repair centers across 222 cities, reflecting ongoing optimization of its channel structure [6].