2024 年 11 月 4 日 汽车汽配: 超配 证券研究报告 / 业绩点评报告 理想汽车 (LI US, 买入, 目标价: US$28.90) 买入 搏有 盘出 | --- | --- | --- | --- | |---------------------------------------------------|----------|-------|-------------| | 目标价 : US$28.90 | 当前股价 | | : US$25.06 | | 股价上行 / 下行空间 | | | +15% | | 52 周最高/最低价 (US$) | | | 46.44/17.44 | | 市值 (US$mn) | | | 26,632 | | 当前发行数量(百万股 ) | | | 1,063 | | 三个月平均日交易額 (US$mn) | | | 199 | | 流通盘占比 (%) 主要股东 (%) | | | 83 | | Amp Lee | | | 17 | | Inspired Elite Investments 12 | | | | | Zijin Global Inc. 按 2024 年 ...

摘要 • 理想汽车在 2024 年第三季度取得了显著的业绩增长，交付量达到 15.2 万辆，同比增长 45.4%，创下季度交付新高。公司累计销量突破百万辆， 成为中国首家累计销量超过百万辆的中国豪华汽车品牌。 • 理想汽车在 20 万元以上价格区间的新能源汽车市场中，市占率提升至 17.3%，创下历史新高，并首次超过多家传统欧洲豪华品牌，跻身前三。 • 理想汽车在自动驾驶技术方面取得了重大进展，端到端和 VOM 双系统自动 驾驶架构已于 10 月份向超过 32 万名 AD 版用户全量推送。自 7 月份全国 无途安危推送以来，仅历时三个月，公司实现了 ATM 技术站更新，模型训 练数据规模从 100 万提升至 400 万次克里斯，平均接管里程翻了 2.5 倍。 • 理想汽车在零售网络和充电网络建设方面持续扩张，截至 10 月底，公司 在全国 144 个城市运营 475 家零售中心，全国总展位数已超过 3,000 个， 并预计年底将进一步提升至 3,600 个以上。在充电网络建设方面，全国已 开放运营 1,000 座超充站，配备近 5,000 个超充桩，高速超充站数量达到 582 个。 • 2024 年第三季度， ...

2024 年 11 月 3 日 公司研究 3Q24 毛利率环比改善，2025E 聚焦纯电新突破 ——理想汽车（LI.O）跟踪报告 要点 增持（维持） 3Q24 业绩披露：3Q24 理想总收入同比+23.6%/环比+35.3%至 428.7 亿元，毛 利率同比-0.5pcts/环比+2.0pcts 至 21.5%，Non-GAAP 归母净利润同比+10.6%/ 环比+155.5%至 38.5 亿元。供应商返利计提导致毛利率表现略高于预期，投资 损失计提、以及所得税率调整导致 Non-GAAP 归母净利润表现略低于预期。 毛利率环比改善，单车盈利修复：1）3Q24 汽车收入同比+22.9%/环比+36.3% 至 413.2 亿元（ASP 同比-15.5%/环比-3.2%至 27.0 万元）；汽车业务毛利率同 比-0.3pcts/环比+2.2pcts 至 20.9%，环比抬升主要受益于规模效应/成本下降、 以及供应商返利。2）3Q24 公司研发费用率同比-2.1pcts/环比-3.5pcts 至 6.0%， SG&A 费用率同比+0.5pcts/环比-1.1pcts 至 7.8%（3Q24 计提 CEO 股权激励费 ...

1 Nov 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US) Solid earnings, thorough preparation pave way for FY25 Maintain BUY. We view Li Auto's 3Q24 earnings as strong from average selling price, gross margin and operating cost control aspects. The drag mainly came from share-based payment and fair value loss from its investee's share price decline. Although the information about its new BEVs in 2025 is very limited, we believe that the company has ...

Yeah. you you you you you you you you you. Hello, ladies and gentlemen. Thank you for standing by for Li Auto's third quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Janet Zeng, Investor Relations Director of Li Auto. Please go ahead, Janet. Thank you, operator. Good evening and good morning, everyone. Welcome to Li Auto's third quarter 2024 earnings conference call. The ...

There wasn't much optimism about the future of EVs today.After some positive trends in the EV market, particularly in China, stocks fell sharply this week after earnings were released. It's clear the profitability some investors had hoped for isn't coming soon.According to data provided by S&P Global Market Intelligence, shares of Li Auto (LI -0.26%) fell as much as 13.8% this week, Nikola (NKLA -4.07%) dropped 15.2%, Polestar Automotive (PSNY 2.25%) was down 15%, and Blink Charging (BLNK 2.27%) outperforme ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sellside) analysts often affect a stock's price, do they really matter? Let's take a look at what these Wall Street heavyweights have to say about Li Auto Inc. Sponsored ADR (LI) before we discuss the reliability of brokerage recommendations and how to use them to your advantage. Li Auto currently has an ...

BEIJING, China, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced that it delivered 51,443 vehicles in October 2024, up 27.3% year over year. As of October 31, 2024, Li Auto had delivered a total of 393,255 vehicles in 2024, with cumulative deliveries reaching 1,026,619. Driven by robust sales across its model lineup, the Company remained the sales champion of Chinese automotive brands in the R ...

Li Auto's operating business is profitable, and it generated $1.3 billion in free cash flow in Q3.Chinese electric vehicle (EV) maker Li Auto (LI -12.87%) reported better-than-expected third-quarter results, but the stock was still down by 12.9% today, as of 1:05 p.m. ET. EV sales in China have been relatively strong recently, and Li's results reflect that. Third-quarter deliveries of nearly 153,000 vehicles represented a 45.4% jump versus the prior-year period. And Li reported earnings per share of $0.26, ...

Li Auto Inc. (NASDAQ:LI) Q3 2024 Earnings Conference Call October 31, 2024 8:00 AM ET Company Participants Janet Chang - Investor Relations Director Xiang Li - Chairman & Chief Executive Officer Johnny Tie Li - Chief Financial Officer James Liangjun Zou - Senior Vice President Conference Call Participants Tim Hsiao - Morgan Stanley Ben Wang - Deutsche Bank Tina Hou - Goldman Sachs Jin Zhong - CICC Ming-Hsun Lee - BofA Yuqian Ding - HSBC Xu Yingbo - CITIC Operator Hello, ladies and gentlemen. Thank you for s ...