LI AUTO(US:LI) 海豚投研·2025-05-30 09:36Financial Overview - The company expects Q2 delivery volume to be between 123,000 and 128,000 vehicles, representing a year-on-year increase of 13.3% to 17.9% [1] - Total revenue is projected to be between RMB 32.5 billion and 33.8 billion (approximately USD 4.5 billion to 4.7 billion), reflecting a year-on-year growth of 2.5% to 6.7% [2] Operational Performance - In Q1, the company delivered 92,000 vehicles, a year-on-year increase of 15.5%, with cumulative deliveries exceeding 1.26 million vehicles as of April 2025 [4] Product and Technology Upgrades - The company launched the Li MEGA Home, a flagship pure electric model, which accounts for over 90% of MEGA orders, with production capacity expected to increase to 2,500-3,000 units per month by July [5] - The Li i8 and i6 models are scheduled for release in July and September 2025, respectively, with the i8 having completed nationwide road testing with over 9.5 million kilometers driven [6] Infrastructure and Technology Strategy - The company has established 2,350 supercharging stations with 12,800 charging piles, covering 50,000 kilometers of highways and 20 long-distance travel routes [8] - Plans are in place to increase the number of supercharging stations to 2,500 by June 2025 and to 4,000 by the end of the year [9] Sales and Service Network - The retail network covers 151 cities with a total of 500 stores [14] - The service network includes 500 service centers and authorized body shops across 223 cities [15] Market Position and Competitive Strategy - The L series models have achieved a market share of 14.7% in the high-end new energy vehicle segment priced above RMB 200,000, with weekly sales surpassing 10,000 units [17] - The company plans to evaluate the introduction of sedan models and MPVs based on market demand after achieving a revenue scale of RMB 300 billion, with new models expected to cover more affordable price ranges [18]