Core Insights - The ramp-up and near-term deployments in the electric vehicle (EV) and autonomous vehicle (AV) sectors are seen as key catalysts for growth [1] Group 1: Company Focus - Tesla is targeting a June launch for its robotaxi service in Texas, while Aurora plans a commercial launch in April in Texas [2] - Tesla is leveraging AI to enhance performance and safety for its Full Self-Driving (FSD) technology, with a focus on factors like ride smoothness and geographic area [4] - Rivian is looking to monetize personal autonomy products and plans to launch its R2 model in the first half of 2026 [8] Group 2: Cost and Profitability - Tesla's current cost to own a Model Y is approximately $0.70 per mile, with robotaxi costs expected to be below the average rideshare price of over $2 per mile in the U.S. [5] - The cost of goods sold per vehicle for Tesla was under $35,000 globally last quarter, with the Cybercab estimated to cost around $30,000 including autonomy hardware [5] - Aurora claims that autonomous driving can save roughly a third of costs compared to human driving, particularly in the trucking segment [7] Group 3: Market Dynamics - Companies are focusing on first-mover advantages and technology leads to create high switching costs and scale benefits [3] - Rivian noted that macroeconomic factors, such as tax credits and tariffs, could influence vehicle volume growth estimates [9] - Companies are looking to optimize sourcing and pricing strategies in response to tariffs [10]

Financial Data and Key Metrics Changes - In Q4 2024, total revenues reached RMB 44.3 billion (approximately US$ 6.1 billion), up 6.1% year-over-year and 3.3% quarter-over-quarter [27] - Full year total revenues amounted to RMB 144.5 billion [11] - Gross profit for Q4 was RMB 9 billion (approximately US$ 1.2 billion), down 8.3% year-over-year and 2.8% quarter-over-quarter [28] - Net income in Q4 was RMB 3.5 billion (approximately US$ 484 million), down 38.6% year-over-year but up 25.3% quarter-over-quarter [32] - Cash on hand as of December 31, 2024, was RMB 112.8 billion (approximately US$ 15.5 billion) [33] Business Line Data and Key Metrics Changes - Vehicle sales in Q4 contributed RMB 42.6 billion (approximately US$ 5.8 billion), up 5.6% year-over-year and 3.2% quarter-over-quarter [27] - Vehicle margin in Q4 was 19.7%, compared to 22.7% in the same period last year [28] - R&D expenses in Q4 were RMB 2.4 billion (approximately US$ 329.9 million), down 31% year-over-year [29] Market Data and Key Metrics Changes - In 2024, Li Auto delivered over 158,000 vehicles in Q4, setting a new quarterly record [9] - Full year deliveries exceeded 500,000 units, making Li Auto the first emerging NEV brand to reach this milestone [10] - The NEV penetration rate in China reached 45.9% for the full year, up 12 percentage points year-over-year [9] Company Strategy and Development Direction - The company plans to launch two pure electric SUVs in 2025, the Li i8 in July and the Li i6 in the second half of the year [39] - Focus on enhancing R&D investments, particularly in autonomous driving and artificial intelligence, with R&D investments exceeding RMB 11 billion in 2024 [13] - Expansion of the supercharging network, aiming for 2,500 stations by the launch of Li i8 and 4,000 by the end of 2025 [19] Management Comments on Operating Environment and Future Outlook - Management expects continued growth in 2024, targeting 88,000 to 93,000 vehicle deliveries in Q1 [12] - The company anticipates a year-over-year increase in deliveries despite a challenging competitive landscape [46] - Management believes that the market will transition from competing for growth to competing for market share, emphasizing brand recognition [66] Other Important Information - The company has established an overseas expansion department and opened R&D centers in Munich, Germany [22][86] - Li MEGA has been a top seller in its segment, with expected annual sales between 10,000 and 15,000 units [81] Q&A Session Summary Question: What is the latest launch timing and highlights of new BEV models? - The company plans to launch the Li i8 in July and the Li i6 in the second half of 2025, focusing on user experience and delivery [39] Question: How does the company view sales growth against competition? - The strategy includes product upgrades, expanding the sales network, and enhancing marketing practices [46] Question: What is the scale of AI-related investment in the coming years? - Investments in AI will see substantial growth, primarily funded by cash from operations, focusing on developing capabilities in autonomous driving [54] Question: What is the outlook for the auto and EV industry in 2026? - The NEV penetration rate is expected to increase, with competition shifting towards market share and brand recognition becoming crucial [66] Question: What is the first quarter gross margin guidance? - The expected Q1 vehicle gross margin is around 19% due to seasonal factors and sales promotions [75] Question: What is the long-term plan for internationalization? - The company aims to expand its overseas market presence, focusing on branding, marketing, and after-sales service [86]

Financial Data and Key Metrics Changes - In Q4 2024, total revenues reached RMB 44.3 billion (approximately US$ 6.1 billion), up 6.1% year-over-year and 3.3% quarter-over-quarter [27] - Full year total revenues amounted to RMB 144.5 billion [11] - Gross profit in Q4 was RMB 9 billion (approximately US$ 1.2 billion), down 8.3% year-over-year and 2.8% quarter-over-quarter [28] - Net income in Q4 was RMB 3.5 billion (approximately US$ 484 million), down 38.6% year-over-year but up 25.3% quarter-over-quarter [32] - Cash on hand reached RMB 112.8 billion (approximately US$ 15.5 billion) as of December 31, 2024 [33] Business Line Data and Key Metrics Changes - Vehicle sales in Q4 contributed RMB 42.6 billion (approximately US$ 5.8 billion), up 5.6% year-over-year and 3.2% quarter-over-quarter [27] - Vehicle margin in Q4 was 19.7%, compared to 22.7% in the same period last year [28] - R&D expenses in Q4 were RMB 2.4 billion (approximately US$ 329.9 million), down 31% year-over-year [29] Market Data and Key Metrics Changes - China's NEV penetration rate reached 45.9% for the full year 2024, up 12 percentage points year-over-year [9] - Li Auto achieved a market share of 15.3% in the RMB 200,000 and above NEV market for the full year [9] Company Strategy and Development Direction - The company plans to launch two pure electric SUVs in 2025, the Li i8 in July and the Li i6 in the second half of the year [39] - Focus on enhancing R&D investments, particularly in autonomous driving and artificial intelligence, with R&D investments exceeding RMB 11 billion in 2024 [13] - Expansion of the supercharging network, aiming for 2,500 stations by the launch of Li i8 and 4,000 by the end of 2025 [19] Management's Comments on Operating Environment and Future Outlook - Management expects continued growth in 2024, with vehicle deliveries projected between 88,000 and 93,000 in Q1 [12][35] - The company anticipates a year-over-year decrease in total revenue for Q1 2025, reflecting current market conditions [35] - Management believes that competition will shift from growth to market share, emphasizing the importance of brand recognition [66] Other Important Information - The company operates the largest highway supercharging network in China, with over 1,900 stations and plans for significant expansion [17] - Li MEGA, a luxury pure-electric MPV, has been a top seller in its segment, with expected annual sales between 10,000 and 15,000 units [81] Q&A Session Summary Question: What is the latest launch timing and highlights of new BEV models? - The company plans to launch the Li i8 in July and the Li i6 in the second half of 2025, focusing on user experience and delivery [39] Question: How does the company view sales growth against competition? - The strategy includes product upgrades, expanding the sales network, and enhancing marketing practices, with confidence in overall sales growth [46][51] Question: What is the expected gross margin for Q1? - The Q1 vehicle gross margin is expected to be around 19% due to seasonal factors and sales promotions [75] Question: What is the long-term plan for internationalization? - The company is committed to expanding overseas markets, with established service centers in Kazakhstan, Uzbekistan, and UAE, and plans for further growth in 2025 [86]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 decreased by 3% to RMB 141 million, primarily due to a decline in service revenue, partially offset by growth in product revenue [23] - For the full year 2024, total revenue was RMB 361 million, with product revenue increasing by 62% to RMB 88 million, while service revenue decreased by 21% to RMB 273 million [24] - Operating expenses rose by 82% to RMB 640 million in Q4 and increased by 32% to RMB 2.3 billion for the full year 2024, mainly due to higher personnel-related expenses and share-based compensation [24][25] - Net loss increased by 66% to RMB 592 million in Q4 and by 29% to RMB 2.5 billion for the full year 2024 [28] Business Line Data and Key Metrics Changes - Product revenue saw substantial growth, increasing by 46% to RMB 52 million for Q4, driven by sales of RoboTaxi, RoboSweeper, and RoboVAN [23] - Service revenue decreased to RMB 89 million in Q4, mainly due to the completion of customized R&D services for certain clients [24] - The RoboTaxi fleet size is currently around 400, with over 1,000 autonomous vehicles across all product lines [101] Market Data and Key Metrics Changes - The company has expanded its footprint to over 20 cities in China and has declared L4 vehicles across more than 30 cities in 10 countries [13] - The company launched its first strategic robotaxi pilot project in Switzerland and has begun commercial operations in Abu Dhabi [10][12] Company Strategy and Development Direction - The company focuses on international expansion and establishing a robust ecosystem through strategic partnerships, including collaborations with Uber and Bosch [12][92] - The strategy includes diversifying revenue streams through product innovation and upgrades, with a commitment to scaling the RoboTaxi fleet [20][21] - The company aims to maintain an asset-light business model while expanding its global presence [38][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term potential despite current economic headwinds, emphasizing the importance of internationalization and technology innovation [14][20] - The company believes that overcoming challenges in scaling operations will create opportunities for growth and resilience [50][52] - Management highlighted the importance of safety and regulatory acceptance in the autonomous driving industry [11][41] Other Important Information - The company has achieved record-breaking robotaxi revenue and the highest international revenue since its funding [29] - The company holds autonomous driving permits from four countries and has a track record of zero regulatory incidents caused by autonomous driving system failures [41] Q&A Session Summary Question: What is WeRite's current robotaxi business model? - The company provides autonomous vehicles and services to local partners through a combination of vehicle sales, fixed service fees, and revenue sharing arrangements, ensuring positive contribution margins from day one [34] Question: What is WeRite's current market position in the robotaxi industry? - The company maintains a leading position in technology and commercialization, with a large fleet and strong safety records [40] Question: What major challenges does WeRite foresee in scaling global taxi operations? - Challenges include city-level regulatory approvals and operational scalability, but these challenges also present opportunities for establishing trust with local governments [50] Question: How does WeRite view the future competitive landscape? - The company believes that the high entry barriers in the global taxi market limit new competition, and it is well-positioned to maintain its leadership through advanced technology [52] Question: What is the current cost and path to profitability for the robotaxi business? - The company operates a hybrid fleet model, with competitive BOM costs and expectations for quick profitability in target markets [60] Question: Why is WeRite expanding in multiple countries instead of focusing solely on the domestic market? - The company sees strong demand in international markets and believes that a multi-market approach diversifies revenue streams and improves resilience against market fluctuations [64] Question: What are the next milestones regarding technology and product development? - The company plans to deploy hundreds of vehicles with advanced technology and continue integrating end-to-end models into its L4 systems [71][75] Question: How does WeRite's ADAS initiative interact with its L4 technology? - The ADAS system is designed to integrate seamlessly with the L4 system, leveraging shared data pipelines and toolchains for efficient development [80]

Core Viewpoint - The Nasdaq Composite has entered correction territory, falling over 10% from its mid-December high, creating attractive entry points for quality stocks [1] Group 1: Meta Platforms - Meta Platforms is the second-largest digital advertising platform globally and is gaining market share, primarily through its platforms like Facebook and Instagram [4] - The company reported a revenue growth of 21% last quarter, with ad impressions increasing by 6% and average price per ad rising by 14% [5] - Meta's new social media platform, Threads, has reached 320 million monthly active users and is growing by approximately 1 million users daily, presenting a significant future monetization opportunity [6][7] - Meta's global average revenue per user (ARPU) stands at $14.25, significantly higher than competitors like Snap ($3.44) and Pinterest ($2.12) [7] Group 2: Alphabet - Alphabet's Google search engine remains the largest digital media advertising platform, with YouTube being the fourth largest [8] - The company is leveraging AI through its Gemini model to enhance search results and create new ad formats, which could provide additional monetization opportunities [9] - Alphabet is investing in its cloud computing business, which is currently capacity constrained, to meet growing demand [11] - The company is making strides in quantum computing with its Willow chip and is leading in the robotaxi space with its Waymo business, which is expanding both domestically and internationally [12] Group 3: Investment Opportunity - Both Meta and Alphabet have seen their stock prices decline by about 20% from recent highs, making them attractive long-term investment opportunities due to their strong market positions and growth potential [13]

The Nasdaq has entered correction territory, and just as the so-called "Magnificent Seven" stocks led the market higher during the bull run, these stocks have helped lead the market lower during this recent correction. The "Magnificent Seven" consist of seven leading technology companies: Alphabet (GOOGL -1.76%) (GOOG -1.82%), Amazon (AMZN 0.49%), Apple, Meta Platforms, Microsoft, Nvidia (NVDA 1.93%), and Tesla, all of which trade on the Nasdaq stock exchange.Let's take a look at the three best "Magnificent ...

Core Insights - Waymo is expanding its robotaxi service to cover an additional 27 square miles in the San Francisco Bay Area, now including Mountain View, Los Altos, Palo Alto, and parts of Sunnyvale [1][2] - The service will initially be available to residents using the Waymo One app, with plans to increase rider access over time [3] - The fleet will consist of fully electric Jaguar I-Pace vehicles equipped with Waymo's fifth generation self-driving technology [3] Company Milestones - The launch of the autonomous ride-hailing service in Silicon Valley is a significant milestone for Waymo, marking its origins and headquarters location [4] - Waymo previously expanded its service to Daly City, Broadmoor, and Colma, but does not yet service San Francisco International Airport [4][5] Competitive Landscape - Waymo is currently leading the self-driving vehicle market in the U.S., with over 200,000 paid trips per week across San Francisco, Los Angeles, and Phoenix [6] - Competitors like Tesla and Amazon-owned Zoox are also testing their own robotaxi services, but Waymo has established a significant lead [6] Financial Performance - Waymo is part of Alphabet's "Other Bets" segment, which reported $400 million in revenue for Q4 2024, alongside operating losses of $1.17 billion [7]

Financial Data and Key Metrics Changes - In 2024, the company achieved record net revenues of RMB2 billion (USD285 million), marking the highest in the global LiDAR industry [39] - Shipments exceeded 500,000 units in 2024, more than doubling the total from 2023, with December alone setting an industry record of 100,000 monthly shipments [39] - The company reported a full-year non-GAAP net profit of RMB14 million (USD1.9 million), a significant improvement from a non-GAAP net loss of RMB241 million (USD34 million) in 2023 [41] - The blended gross margin for Q4 2024 was 39%, down from the previous quarter due to a shift in product mix [40] Business Line Data and Key Metrics Changes - The company shipped over 20,000 units to its robotics business in December 2024, indicating significant growth in this sector [40] - For 2025, the company projects total shipments of 1.2 million to 1.5 million units, with nearly 200,000 units expected to come from high-margin robotic LiDAR [8][9] - The ATX LiDAR, priced at approximately $200, is anticipated to contribute significantly to total shipments in 2025, with expectations of high adoption rates among OEMs [44][45] Market Data and Key Metrics Changes - The adoption of ADAS in China is projected to grow from 8% in 2023 to 70% by 2030, indicating a transformative decade ahead for the industry [10] - LiDAR integration in EVs in China is expected to surge from 8% in 2023 to 20% in 2025 and then to 56% by 2030 [13] - The company has secured design wins for 120 vehicle models across 22 OEMs worldwide, including 9 out of the top 10 largest automakers by market cap in China [28] Company Strategy and Development Direction - The company aims to solidify its leadership in the LiDAR market by focusing on the growing demand for ADAS and robotics applications [6][29] - The strategy includes launching new production lines in Q1 2025, with an expected annualized production capacity of 2 million units by the end of the year [29] - The company is committed to lowering barriers to LiDAR adoption and driving technological equality, with a focus on cost-effective solutions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving GAAP profitability of RMB200 million to RMB350 million in 2025, with non-GAAP profits projected to soar to RMB350 million to RMB500 million [50] - The company anticipates a strong year in 2025, driven by increased demand from both ADAS and robotics sectors [42] - Management highlighted the importance of maintaining a healthy gross margin of around 40% while continuing to invest in R&D [49][65] Other Important Information - The company has deepened collaborations with major clients such as BYD and Great Wall Motors, which are ramping up their strategic upgrades in intelligent driving technologies [24][25] - The JT Mini LiDAR is being positioned as a leading product in the robotics market, with significant orders expected in 2025 [31][46] Q&A Session Summary Question: Guidance for 2025 and quarterly volume trajectory - Management provided revenue guidance of RMB520 million to RMB540 million for Q1 2025, with expectations of approximately 200,000 units shipped [55][56] - The ATX is expected to have an annual price decline, while gross profit margins are anticipated to remain close to 40% [58][59] Question: Long-term potential of the robotics LiDAR market - Management indicated that the robotics market could be several times larger than the passenger vehicle business, with high margins expected to persist [71][76] Question: Further cost reduction and technology advancements - Management noted limited room for further cost reductions on the ATX platform, emphasizing the importance of maintaining product reliability and performance [94][95] Question: ADAS LiDAR adoption in overseas markets - Management clarified that LiDAR is applicable to both EV and ICE vehicles, and the company is optimistic about growth prospects in overseas markets [130] Question: Long-term competitive landscape of ADAS LiDAR market - Management acknowledged that while exclusivity with OEMs is not guaranteed, the company's performance leadership and cost competitiveness are key advantages [140][141]

2025年3月11日 CMB国际全球市场 | 股票研究 | 公司更新 Leapmotor (9863 HK) 竞争性定价 B10 在2024年第四季度实现强劲的 利润率。 Leapmotor 推出了其 B10 3月10日的EV发布，预售价范围在人民币109,800-1 39,800。具备激光雷达和城市NOA功能型号的价格低至人民币129,800。我们 认为这样的价格具有竞争力。考虑到Leapmotor利用Qualcomm 8650芯片进行 自主研发的自动驾驶，我们认为许多投资者仍然低估了Leapmotor的研发能力 。因此，我们将其在FY25E年的B系列销量上调25,000单位。我们还将其在FY2 5E年的总销量上调30,000单位至0.48mn单位。 在FY25E实现可能的盈亏平衡，得益于规模经济的扩大和强劲的2024年第 四季度利润率。 Leapmotor的2024年第四季度毛利率环比上升5.2个百分点至1 3.3%，符合其盈利预警。其2024年第四季度收入环比增长37%至人民币135亿 元，净利润为人民币8100万元，甚至强于预期。 我们之前的预测 我们预计， 凭借Leap 3.5架构在降低成本方面的帮 ...

Investment Rating - Maintain BUY rating for Leapmotor, indicating potential return of over 15% over the next 12 months [1][16]. Core Views - Leapmotor's competitive pricing for the new B10 EV and strong margins in 4Q24 enhance confidence in sales performance. The FY25E sales volume is revised up by 7% to 0.48 million units, with expectations of a minimal net loss in FY25E and a net profit of RMB1.26 billion in FY26E [1][6]. - The company's in-house autonomous driving and chassis capabilities are seen as undervalued, potentially leading to better-than-expected gross profit margins for the B series [1][6]. - The investor day on March 11 is anticipated to showcase technologies that could positively impact share price [1]. Financial Summary - Revenue projections show significant growth, with FY24E at RMB32.16 billion, FY25E at RMB51.02 billion, and FY26E at RMB57.54 billion, reflecting year-on-year growth rates of 92.1%, 58.6%, and 12.8% respectively [2][11]. - Gross margin is expected to improve from 8.4% in FY24E to 11.2% in FY25E and 12.3% in FY26E, indicating a positive trend in profitability [2][11]. - Net profit is projected to transition from a loss of RMB98 million in FY25E to a profit of RMB1.26 billion in FY26E, showcasing a significant turnaround [2][11]. Sales and Market Performance - Leapmotor's B10 EV was launched with a competitive pre-sale price range of RMB109,800-139,800, with the model featuring LiDAR priced as low as RMB129,800 [1][6]. - The company reported a 37% quarter-on-quarter revenue increase in 4Q24, reaching RMB13.5 billion, with a net profit of RMB81 million, exceeding previous forecasts [1][6]. - The gross margin for 4Q24 rose to 13.3%, up 5.2 percentage points quarter-on-quarter, indicating improved operational efficiency [1][6]. Valuation - The target price for Leapmotor has been raised from HK$40.00 to HK$50.00, based on a price-to-sales ratio of 1.2x for FY25E, aligning with the average for Chinese new energy vehicle start-ups [3][6]. - Current market capitalization stands at HK$55.48 billion, with a current share price of HK$41.50, indicating a potential upside of 20.5% [3][6].