Investment Rating - The report maintains an "Outperform" rating for Li Auto, indicating an expected relative performance above the market benchmark over the next 12-18 months [10][19]. Core Insights - Li Auto's revenue for 2024 is projected at RMB 144.5 billion, reflecting a year-on-year increase of 17%. The fourth quarter of 2024 saw revenue of RMB 44.3 billion, up 6% year-on-year and 3% quarter-on-quarter [3][10]. - The net profit attributable to shareholders for 2024 is expected to be RMB 8 billion, down 31% year-on-year, with Q4 2024 net profit at RMB 3.5 billion, down 38% year-on-year but up 25% quarter-on-quarter [3][10]. - For Q1 2025, vehicle deliveries are anticipated to be between 88,000 and 93,000 units, representing a year-on-year increase of 9.5% to 15.7%. Total revenue for this period is expected to be between RMB 23.4 billion and RMB 24.7 billion, down 8.7% to 3.5% year-on-year [3][10]. Financial Data Summary - Key financial metrics for Li Auto from 2023 to 2027 are as follows: - Revenue (in million RMB): 2023: 123,851; 2024: 144,460; 2025E: 189,483; 2026E: 210,516; 2027E: 230,781, with year-on-year growth rates of 173.5%, 16.6%, 31.2%, 11.1%, and 9.6% respectively [2][3]. - Net Profit (in million RMB): 2023: 11,704; 2024: 8,032; 2025E: 13,146; 2026E: 15,434; 2027E: 17,955, with year-on-year growth rates of 681.7%, -31.4%, 63.7%, 16.6%, and 15.9% respectively [2][3]. - Fully Diluted EPS (in RMB): 2023: 5.52; 2024: 3.79; 2025E: 6.19; 2026E: 7.27; 2027E: 8.46 [2][3]. Market Position and Strategy - Li Auto is focusing on enhancing user experience through intensive OTA upgrades, which have led to an increase in the order proportion of the ADMax version, particularly in models priced above RMB 300,000 [3][10]. - The company is set to launch its first pure electric SUV, the Li Auto i8, in July 2025, as part of its dual-energy strategy, while also expanding its charging network with 1,874 supercharging stations and 10,008 charging poles by February 2025 [3][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The report highlights that the gross profit margin is temporarily affected by preferential policies, but the upcoming new vehicle cycle is expected to contribute to incremental growth [4]. - In Q4 2024, the company achieved sales of 159,000 vehicles, a year-on-year increase of 20.4% and a quarter-on-quarter increase of 3.8%, generating revenue of 44.27 billion yuan, which is a 6.1% increase year-on-year and a 3.3% increase quarter-on-quarter [2][4]. - The vehicle gross margin reached 19.7%, down 3.0 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, primarily due to the impact of a December interest-free car purchase policy [4]. Summary by Sections Sales and Revenue - In Q4 2024, the average selling price per vehicle was approximately 269,000 yuan, with total vehicle sales revenue of 42.64 billion yuan, reflecting a year-on-year increase of 5.6% and a quarter-on-quarter increase of 3.2% [4]. - The company expects Q1 2025 delivery volumes to be between 88,000 and 93,000 vehicles, representing a year-on-year growth of 9.5% to 15.7% [4]. Profitability - The company reported a net profit attributable to shareholders of 3.52 billion yuan in Q4 2024, a decrease of 37.7% year-on-year [4]. - The net profit margin was 9.1%, down 1.9 percentage points year-on-year, while the profit per vehicle was 25,000 yuan, a decrease of 9,000 yuan year-on-year [4]. Product Strategy - The company has a clear product planning strategy with a lineup of "four range-extended electric vehicle models and one high-voltage pure electric model," covering the market above 200,000 yuan [4]. - The company has optimized its direct sales channel structure, with 500 retail centers across 150 cities as of the end of February 2025 [4]. Future Outlook - The report anticipates strong new vehicle cycles starting in 2025, which will open up sales opportunities for the company [4]. - Projected net profits for 2025-2027 are 9.77 billion, 14.18 billion, and 19.65 billion yuan respectively, with corresponding PE ratios of 22.7X, 15.6X, and 11.3X [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The report highlights that in Q4 2024, the company achieved sales of 159,000 vehicles, representing a year-on-year increase of 20.4% and a quarter-on-quarter increase of 3.8%. Revenue reached 44.27 billion yuan, up 6.1% year-on-year and 3.3% quarter-on-quarter. The vehicle gross margin was 19.7%, down 3.0 percentage points year-on-year and 1.2 percentage points quarter-on-quarter. The company's product advantages and brand design are well recognized, and the future vehicle lineup is clearly planned, with a continuous optimization of direct sales channels. The "dual-energy strategy" is expected to further enhance the company's advantages, indicating a broad future sales potential [2][4][5]. Summary by Sections Sales Performance - In Q4 2024, the company sold 159,000 vehicles, with an average selling price of approximately 269,000 yuan. The sales breakdown by model includes 78,000 for L6, 36,000 for L7, 21,000 for L8, 20,000 for L9, and 3,000 for MEGA. The L6 model accounted for 49% of total sales, remaining stable quarter-on-quarter [5]. Financial Performance - The company reported Q4 2024 revenue of 44.27 billion yuan, with vehicle sales revenue of 42.64 billion yuan, reflecting a year-on-year increase of 5.6% and a quarter-on-quarter increase of 3.2%. The net profit attributable to shareholders was 3.52 billion yuan, down 37.7% year-on-year, while the non-GAAP net profit was 4.04 billion yuan, down 12.0% year-on-year. The net profit margin was 9.1%, down 1.9 percentage points year-on-year [4][5]. Future Outlook - The company has a clear product roadmap with a lineup of four extended-range electric vehicle models and one high-voltage pure electric model, covering the market above 200,000 yuan. The strong new vehicle cycle expected to start in 2025 is anticipated to open up significant sales opportunities. As of February 2025, the company had established 500 retail centers across 150 cities, with 1,874 supercharging stations and 10,008 charging piles in operation [5][6]. Profitability Projections - The report projects that the company's net profit attributable to shareholders (GAAP) will reach 9.77 billion yuan, 14.18 billion yuan, and 19.65 billion yuan for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios are expected to be 22.7X, 15.6X, and 11.3X [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February 2025, the company achieved sales of 26,263 units, representing a year-on-year increase of 29.7% but a month-on-month decrease of 12.2%. Cumulative sales for January and February reached 56,000 units, up 9.3% year-on-year. The company’s product advantages and brand design are well recognized, and the future vehicle planning is clear, indicating significant sales potential [2][4][7]. Summary by Sections Sales Performance - February 2025 sales reached 26,263 units, a year-on-year increase of 29.7% and a month-on-month decrease of 12.2%. Cumulative sales for the first two months of 2025 were 56,000 units, reflecting a 9.3% year-on-year growth [2][4]. Product Development - The company announced its first pure electric SUV, the i8, on February 25, 2025. The i8 is positioned as a six-seat pure electric vehicle, with a design that bridges the L series and MEGA models. This new vehicle cycle is expected to enhance sales [7]. Strategic Initiatives - The "Dual Energy Strategy" is expected to further enhance the company's competitive edge. As of February 28, 2025, the company has over 10,000 charging piles and 1,874 supercharging stations, with ongoing improvements in smart technology to enhance user experience [7]. Future Outlook - The company has a clear vehicle planning strategy, with a product matrix that includes four range-extended electric models and one high-voltage pure electric model, covering the market above 200,000. The ongoing expansion of direct sales channels and the opening of new retail centers are expected to drive future sales growth [7]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 76.4 billion, 142.1 billion, and 195.6 billion respectively, with corresponding PE ratios of 30.1X, 16.2X, and 11.8X. The non-GAAP net profit projections are 106.4 billion, 147.1 billion, and 195.6 billion, with PE ratios of 21.6X, 15.6X, and 11.8X [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In February 2025, the company achieved sales of 26,263 units, representing a year-on-year growth of 29.7% but a month-on-month decline of 12.2%. The cumulative sales for January and February reached 56,000 units, up 9.3% year-on-year [2][4]. - The company's product advantages and brand design are well recognized, and the "dual-energy strategy" is expected to further enhance its competitive edge. The upcoming new models are anticipated to expand the sales potential significantly [6][7]. - The company has a clear product planning strategy with a matrix covering over 200,000 market segments, and the ongoing expansion of direct sales channels is expected to support future sales growth [6][7]. Summary by Sections Sales Performance - February 2025 sales reached 26,263 units, a year-on-year increase of 29.7% and a month-on-month decrease of 12.2%. Cumulative sales for the first two months of 2025 were 56,000 units, reflecting a 9.3% year-on-year growth [2][4]. Product and Strategy - The company has announced its first pure electric SUV, the i8, which is positioned as a six-seat electric vehicle. The design of the i8 is a blend between the L series and MEGA models, marking the beginning of a new product cycle [6][7]. - The "dual-energy strategy" has led to the establishment of over 10,000 charging stations nationwide, enhancing user experience through improved smart technology. The company continues to lead in intelligent driving technology, with ongoing updates to its systems [6][7]. Financial Projections - The projected net profit for the company from 2024 to 2026 is expected to be 76.4 billion, 142.1 billion, and 195.6 billion respectively, with corresponding PE ratios of 30.1X, 16.2X, and 11.8X. Non-GAAP net profits are projected to be 106.4 billion, 147.1 billion, and 195.6 billion, with PE ratios of 21.6X, 15.6X, and 11.8X respectively [6].