Changjiang Securities·2024-06-05 09:01Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In May 2024, the company achieved sales of 35,020 units, representing a year-on-year growth of 23.8% and a month-on-month growth of 35.8%. Cumulative sales from January to May reached 141,000 units, up 32.5% year-on-year [5][6]. - The launch of the Li L6 model has been strong, with cumulative deliveries exceeding 15,000 units by the end of May 2024. The company aims for a production capacity of over 20,000 units per month by June [5][6]. - The "Dual Energy Strategy" has been officially launched, enhancing the company's competitive edge through the introduction of electric platforms and smart technologies [5][6]. - The company plans to invest 6 billion yuan to build 2,000 supercharging stations by the end of 2024, with a long-term goal of over 5,000 stations [5][6]. - The product lineup is set to expand with a clear roadmap, including four range-extended SUV models and one high-voltage pure electric model by the end of 2024, targeting a market segment above 200,000 yuan [6]. - The company is optimizing its direct sales channels, with 487 retail centers across 144 cities as of May 2024, aiming to increase this number to 800 by the end of the year [6]. - The overall sales target for 2024 is projected to reach 560,000 units, supported by high vehicle prices and scale effects, which are expected to maintain a good profitability level [6].