LI AUTO(02015) 东吴证券·2024-05-07 07:32Investment Rating - The report maintains a "Buy" rating for Li Auto [1] Core Views - In April 2024, Li Auto delivered 25,787 new vehicles, a year-on-year increase of 0.4%, with total deliveries reaching 739,551 since inception, aligning with expectations [3] - The launch of the L6 model and a new pricing system for existing models are expected to boost sales performance, with the L6 model receiving over 10,000 orders within 72 hours of its launch [3] - The company has expanded its retail network to 481 centers across 144 cities, enhancing its market presence and service capabilities [3] - Li Auto plans to enter overseas markets in the second half of 2024, which is anticipated to open up long-term growth opportunities [4] Financial Summary - Revenue projections for Li Auto are set at 190.65 billion, 308.12 billion, and 363.98 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 53.93%, 61.62%, and 18.13% [2][4] - The net profit attributable to the parent company is forecasted to be 14.33 billion, 24.92 billion, and 31.74 billion CNY for the same years, with growth rates of 22.44%, 73.86%, and 27.39% respectively [2][4] - The earnings per share (EPS) are projected to be 6.75, 11.74, and 14.96 CNY for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 16.22, 9.33, and 7.32 [2][4]