Z Finance·2025-03-20 08:46Core Viewpoint - In 2024, Li Auto achieved a mixed performance in the electric vehicle market, with revenue exceeding 144.5 billion yuan and delivery surpassing 500,000 units, but faced declining profits and pressured gross margins due to competitive pricing strategies and the popularity of low-margin models like the L6 [1][2][4]. Group 1: Financial Performance - Li Auto's revenue for 2024 reached 144.5 billion yuan, marking a 16.6% year-on-year growth, but the net profit fell by 31.9% to 8 billion yuan, with a significant decline in Q4 net profit by 38.6% [2]. - The gross margin decreased from 21.5% to 19.8%, primarily due to a shift towards lower-end models and price reductions [2][5]. - Operating cash flow was 15.9 billion yuan, down 69% year-on-year, while cash reserves increased to 112.8 billion yuan, up over 30%, providing a strong financial buffer for future investments [3]. Group 2: Market Dynamics - Li Auto delivered 500,508 vehicles in 2024, a 33.1% increase, with the L6 model accounting for nearly 40% of total sales, priced starting at 249,800 yuan [4][6]. - The high-end market is facing competition from AITO's new models, while the mid-to-low-end segment is being targeted by Leap Motor's C series, which has gained traction with a competitive pricing strategy [7]. - Leap Motor's revenue reached 32.16 billion yuan in 2024, with a gross margin of 8.4%, indicating a strong market presence and profitability [7]. Group 3: Product Strategy and Future Outlook - Li Auto's first pure electric MPV, MEGA, launched in March 2024, did not meet sales expectations, highlighting challenges in transitioning from range-extended vehicles to pure electric models [9][10]. - The company plans to release two new pure electric SUVs in 2025, with the i8 expected to start at around 450,000 yuan, directly competing with Tesla and NIO [10][11]. - Li Auto's focus on AGI technology is ambitious, but the company has reduced R&D spending, raising concerns about its ability to compete effectively in the evolving market [12][14].