Investment Rating - The report assigns a "Buy" rating for the company with a target price of $37.86, indicating a potential upside of 26% from the current price [1][3]. Core Insights - The company reported Q1 2025 revenue of 25.9 billion RMB, a year-on-year increase of 1.1%, with vehicle sales revenue of 24.7 billion RMB, up 1.8% year-on-year. The gross margin was 20.5%, slightly down by 0.1 percentage points, and net profit reached 650 million RMB, a 9.4% increase year-on-year [3]. - The company is set to launch several new electric vehicle models in 2025, which are expected to significantly impact revenue. The MEGA series has already seen strong order volumes, with anticipated monthly sales stabilizing around 3,000 units [3]. - The company is increasing its investment in AI technology, aiming to enhance its autonomous driving and smart cockpit capabilities. The introduction of the new MindVLA model is expected to strengthen its competitive edge [3]. - The company is expanding its supercharging network, having built 224 new charging stations in April 2025, bringing the total to 2,267 stations and 12,340 charging piles, which supports the upcoming electric vehicle launches [3]. Financial Summary - The company forecasts sales of 600,000, 840,000, and 1,040,000 vehicles for 2025, 2026, and 2027, respectively, with revenues projected at 165.8 billion RMB, 204.4 billion RMB, and 240.4 billion RMB for the same years. Net profit is expected to be 9.3 billion RMB, 10.9 billion RMB, and 14.2 billion RMB for 2025, 2026, and 2027, respectively [3][4]. - The gross margin is projected to decline from 22% in 2023 to 17% by 2027, while the EBITDA margin is expected to stabilize around 7% [4]. - The company’s total assets are projected to grow from 143.5 billion RMB in 2023 to 257.5 billion RMB by 2027, with total liabilities increasing from 82.9 billion RMB to 143.9 billion RMB over the same period [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2025年3月交付更新資料 於2025年4月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本 公司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年3月，理想汽車交付 新車36,674輛，同比增長26.5%。2025年第一季度共計交付92,864輛，同比增長 15.5%。截至2025年3月31日，理想汽車歷史累計交付量為1,226,736輛。 在20萬元以上新能源汽車市場，理想汽車連續12個月獲得中國汽車品牌銷量冠 軍。作為理想汽車快速實現盈利、突破千億元營收的重要基石，理想L系列即 將迎來第100萬輛交付里程碑。理想MEGA Ultra智駕煥新版已開啟預訂，理想 MEGA車型在2025上海車展還將為大家帶來驚喜。本公司於3月宣佈將自研的汽 車操作系統—理想星環 ...