LI AUTO(02015) 格隆汇· Ge Long Hui·2025-05-31 01:57Core Viewpoint - Li Auto reported its Q1 2025 earnings, showing a revenue of 25.9 billion yuan, a year-on-year increase of 1.1%, but a quarter-on-quarter decrease of 41% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 650 million yuan, a year-on-year increase of 60 million yuan, but a quarter-on-quarter decrease of 2.9 billion yuan [1] - The company sold 93,000 vehicles in Q1 2025, representing a year-on-year increase of 15.5%, but a quarter-on-quarter decrease of 41% [1] - The average selling price (ASP) of vehicles slightly decreased to 266,000 yuan, down 3,600 yuan year-on-year and 300 yuan quarter-on-quarter [1] - The gross margin for Q1 2025 was 20.5%, a year-on-year decrease of 0.1 percentage points but an increase of 0.3 percentage points quarter-on-quarter [1] Group 2: Product and Technology Development - The company launched 25 upgraded smart versions of its MEGA and L series models, maintaining the same pricing as the previous models while enhancing features such as smart driving and comfort [2] - The AD Pro model upgraded its chip from Horizon J5 to J6M, while the AD Max model transitioned from NVIDIA Orin-X to Thor-U, improving performance for future smart driving systems [2] - The company is advancing its AI strategy, with the new generation of smart driving technology, MindVLA, set to be released in July 2025, which integrates visual, language, and behavioral intelligence [3] Group 3: Market Outlook and Sales Projections - The company anticipates a recovery in sales for the L series in the second half of the year, projecting monthly sales to reach 50,000 to 60,000 units, with total annual sales expected to be 589,000 units, a year-on-year increase of 18% [3] - The introduction of the i series, with the first model i8 launching in July 2025, is expected to contribute to sales growth [3] - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 162.3 billion, 203.3 billion, and 228.3 billion yuan, with corresponding net profits of 9.6 billion, 13.4 billion, and 15.2 billion yuan [4]