LI AUTO(US:LI) 雷峰网·2025-03-20 10:39Core Viewpoint - Li Auto is focusing on AI development while facing challenges in profitability despite revenue growth, indicating a strategic shift towards becoming a leading AI company rather than just an automotive manufacturer [2][3][4]. Group 1: Financial Performance - Li Auto reported a revenue of 144.5 billion yuan for 2024, a year-on-year increase of 16.6%, but the growth rate has slowed compared to 2023 [2]. - The company achieved a cash reserve of 112.8 billion yuan by the end of 2024, marking its second consecutive year of profitability [2]. - Despite the revenue increase, the gross margin decreased from 21.5% in 2023 to 19.8% in 2024, highlighting the impact of intensified competition [18]. Group 2: AI Strategy - Li Auto aims to transition from being a traditional automotive company to a leading AI enterprise, with a vision to develop AI capabilities that enhance user experience [3][8]. - The company has initiated the development of a large model named "Mind GPT" and successfully integrated it into vehicles by the end of 2023, becoming the first domestic automaker to do so [7][10]. - Li Auto's AI development is structured in three phases: enhancing capabilities, evolving into an assistant, and ultimately becoming a family member, with a goal to be among the top three in the industry for foundational language models [11][13]. Group 3: Product Development and Market Position - The upcoming pure electric SUV, Li Auto i8, is expected to be a key product for the company, with AI capabilities being a significant highlight [17][21]. - The average selling price (ASP) of Li Auto vehicles has been declining, with the ASP in Q4 2024 dropping to 268,700 yuan from 306,400 yuan in Q4 2023 [20]. - Li Auto plans to increase its supercharging station network to 2,500 by the time of the i8's launch, aiming for 4,000 by the end of 2025, to support its electric vehicle strategy [24]. Group 4: Competitive Landscape - The launch of the Li Auto L6, priced at 249,800 yuan, has significantly contributed to the company's sales but has also lowered the average selling price [19]. - Li Auto faces increasing competition from new entrants like Xiaomi, which is also launching electric SUVs, raising concerns about market positioning and future sales performance [25]. - The company has experienced setbacks with its first pure electric model, MEGA, which sold only 10,798 units in 2024, indicating challenges in understanding market dynamics [23].