LI AUTO(02015) 东吴证券·2024-07-03 07:02Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - In June 2024, the company delivered 47,774 new vehicles, representing a year-on-year growth of 46.7%. In Q2 2024, total deliveries reached 108,581 units, up 25.5% year-on-year, making it the top new energy vehicle brand in China by total deliveries [3] - The company achieved significant sales momentum with the launch of the new model, L6, which contributed over 40% to the total sales in June. The company has expanded its retail presence to 497 centers across 148 cities and has established 614 charging stations nationwide [3] - A strategic partnership with Kunlun Electric has been formed to enhance charging infrastructure, aiming for over 2,000 charging stations and 10,000 charging piles by the end of 2024, with a coverage rate exceeding 90% in major urban areas [3] Financial Forecasts - The company’s projected revenues for 2024, 2025, and 2026 are expected to be 151.3 billion, 216.9 billion, and 273.2 billion RMB, respectively, with year-on-year growth rates of 22%, 43%, and 26% [3] - The forecasted net profit for the same years is 8.3 billion, 13 billion, and 18.6 billion RMB, with corresponding year-on-year changes of -29%, +57%, and +43% [3] - The expected EPS for 2024, 2025, and 2026 are 3.91, 6.14, and 8.75 RMB, with P/E ratios of 18, 11, and 8 times, respectively [3]