Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In July 2025, the company sold 30,731 vehicles, representing a year-on-year decline of 39.7% and a month-on-month decline of 15.3%. This decline is attributed to a seasonal slowdown and the upcoming launch of the i8 model. Cumulative sales from January to July 2025 reached 235,000 vehicles, down 2.2% year-on-year. The company has a clear product roadmap and is optimizing its direct sales channels, which is expected to expand its market advantage and sales potential in the future [2][4][8]. Summary by Sections Sales Performance - In July 2025, the company recorded sales of 30,731 vehicles, a decrease of 39.7% year-on-year and 15.3% month-on-month. The cumulative sales for the first seven months of 2025 were 235,000 vehicles, reflecting a year-on-year decline of 2.2% [2][4][8]. Product Launch and Strategy - The i8, the company's first pure electric SUV, has been officially launched and is set to begin deliveries on August 20, 2025. This new model is expected to significantly boost sales as it opens a new product cycle for the company. The company is also planning to launch additional models, including the i6, which is scheduled for September 2025 [8]. Infrastructure and Technology - The company has established over 10,000 supercharging stations nationwide, with 3,028 supercharging stations operational as of the end of July 2025. The company aims to have 4,000 supercharging stations by the end of the year. Additionally, advancements in smart driving technology are expected to enhance user experience and further solidify the company's competitive edge [8]. Future Outlook - The company is set to accelerate the launch of high-pressure pure electric products in the second half of the year, with a total of four range-extended electric SUVs and two high-pressure pure electric SUVs planned. This robust product lineup is anticipated to significantly increase sales potential. The company has also optimized its retail channel structure, with 535 retail centers and 527 after-sales service centers established across 222 cities by the end of July 2025 [8]. Financial Projections - The projected net profit for the company from 2025 to 2027 is estimated to be 8.3 billion, 12.5 billion, and 16.0 billion respectively, with corresponding price-to-earnings ratios of 23.6X, 15.7X, and 12.2X for GAAP net profit, and 19.0X, 13.5X, and 10.9X for Non-GAAP net profit [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The official launch of the Li Auto i8, priced between 321,800 to 369,800 CNY, features the AD Max version equipped with the VLA model. The product advantages and brand design of Li Auto are well recognized, with a clear future model planning and continuous optimization of direct sales channels. The "dual-energy strategy" is expected to further enhance Li Auto's advantages, indicating a broad future sales potential [2][4]. Summary by Sections Event Description - The Li Auto i8 was officially launched on July 29, 2025 [4]. Product Pricing and Specifications - The pricing for the i8 includes Pro version at 321,800 CNY, Max version at 349,800 CNY, and Ultra version at 369,800 CNY, with a maximum first-sale benefit of 51,900 CNY available until September 7. The dimensions of the i8 are 5085mm in length, 1960mm in width, and 1740mm in height, with a wheelbase of 3050mm. The i8 offers a CLTC pure electric range of 670-720 km and a power consumption of 14.6-14.8 kWh/100 km, showcasing lower energy consumption compared to competitors [2][7]. Charging Infrastructure and Smart Technology - As of July 29, 2025, Li Auto has over 10,000 supercharging piles nationwide, with 3,000 supercharging stations and 16,000 supercharging piles in operation. The company plans to have 4,000 supercharging stations by the end of the year. The smart driving technology continues to evolve, with the latest OTA 7.4 version update enhancing the capabilities of the Li Auto intelligent assistant [2][7]. Future Model Planning and Sales Potential - Li Auto has a clear future model planning with the i8's launch, followed by the i6 model set to launch in September. The company aims to have a product lineup of four range-extended electric SUVs and two high-voltage pure electric SUVs, which is expected to significantly increase sales volume. As of June 2025, Li Auto has 530 retail centers across 151 cities, with ongoing optimization of its channel structure [2][7]. Financial Projections - The projected net profit for Li Auto from 2025 to 2027 is estimated at 8.3 billion, 12.48 billion, and 16.01 billion CNY respectively, with corresponding PE ratios of 23.6X, 15.7X, and 12.2X for GAAP, and 10.3 billion, 14.48 billion, and 18.01 billion CNY for Non-GAAP, with PE ratios of 19.0X, 13.5X, and 10.9X [2][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In June 2025, the company sold 36,279 vehicles, representing a year-on-year decline of 24.1% and a month-on-month decline of 11.2%. However, the sales slightly exceeded the previously adjusted delivery guidance [2][8]. - 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 significantly contribute to sales growth [6][8]. - The company is projected to achieve a net profit attributable to shareholders (GAAP) of 8.3 billion, 12.4 billion, and 15.7 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 25.1X, 16.8X, and 13.3X. The non-GAAP net profit estimates are 10.3 billion, 14.4 billion, and 17.7 billion yuan, with PE ratios of 20.3X, 14.5X, and 11.8X [6]. Summary by Sections Sales Performance - The company reported a total of 111,000 vehicles sold in the second quarter of 2025, marking a year-on-year increase of 2.3% and a quarter-on-quarter increase of 19.6%. Cumulatively, 204,000 vehicles were sold in the first half of 2025, reflecting a year-on-year growth of 7.9% [8]. Product and Technology Development - The company is set to launch its first pure electric SUV, the i8, in July 2025, followed by the i6 in September 2025. This will expand its product lineup to include four range-extended electric SUVs and two high-voltage pure electric SUVs [6][8]. - The company has established over 10,000 supercharging stations nationwide, with 2,851 stations operational as of June 2025, and plans to increase this number to 4,000 by the end of the year [8]. Market Position and Strategy - The company is focusing on enhancing its direct sales channels, with 530 retail centers established across 151 cities as of June 2025. This is an increase of 24 centers from the previous month [8].

丨证券研究报告丨 SAC：S0490517060001 SAC：S0490524070004 请阅读最后评级说明和重要声明 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车一季报点评：利润好于预期，期待纯电 新周期 报告要点 [Table_Summary] 2025Q1 理想销量 9.3 万辆，同比+15.5%，实现营收 259.3 亿元，同比+1.1%，车辆毛利率达 19.8%，同比+0.5pct。理想汽车产品优势和品牌设计深入人心，后续车型规划清晰，直营渠道 结构持续优化，"双能战略"有望进一步扩大理想汽车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SFC：BUW101 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车一季报点评：利润好于预期，期待纯电 2] 新周期 [Table_Summary2] 事件描述 理想汽车一季度实现营收 259.3 亿元，同比+1.1%；实现归母净利润 6.5 亿元，同比+9.7%。 ...