Changjiang Securities·2024-03-04 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In February 2024, the company achieved sales of 20,251 units, representing a year-on-year growth of 21.8%, but a month-on-month decline of 35.0%. The total sales for January and February reached 51,000 units, marking a year-on-year increase of 61.9% [5][6]. - The spring launch event introduced the Li MEGA and the 2024 L series models, with the MEGA priced at 559,800 CNY and expected to start deliveries on March 11. The L series models have seen price adjustments, with most versions maintaining prices while enhancing features [5][6]. - The company's "Dual Energy Strategy" aims to enhance its competitive edge by integrating electric platforms and improving user experience through advanced technology [6]. Summary by Sections Sales Performance - February 2024 sales were 20,251 units, up 21.8% year-on-year but down 35.0% month-on-month. Weekly sales data showed stability, with the company ranking second among new force brands in the first and fourth weeks of February [5][6]. Product Launches - The Li MEGA was officially launched, featuring a low drag coefficient and rapid charging capabilities. The 2024 L series models were also introduced, with most versions seeing price increases of 10,000 CNY while enhancing features [5][6]. Strategic Initiatives - The "Dual Energy Strategy" was officially launched, focusing on electric platforms and smart technology to enhance user experience. The company plans to invest 6 billion CNY to build 2,000 supercharging stations by the end of 2024, with a long-term goal of over 5,000 stations [6]. Future Outlook - The company has a clear product roadmap, aiming to offer a total of 8 models by the end of 2024, including 4 range-extended electric vehicles and 4 high-voltage pure electric vehicles. The retail network is also expanding, with plans to increase retail centers to 800 by the end of the year [6].