LI AUTO(02015) 开源证券·2024-11-04 07:27Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Insights - The company is expected to maintain stable volume and pricing in Q4 2024, reserving potential for 2025, with the pure electric platform possibly creating significant products [1][2] - Revenue forecasts for 2024-2026 have been raised to 145.8 billion, 169.2 billion, and 216.2 billion yuan, reflecting year-on-year growth of 18%, 16%, and 28% respectively [2] - Non-GAAP net profit estimates for the same period have been adjusted to 10.7 billion, 13.2 billion, and 17.8 billion yuan, with corresponding EPS of 5.1, 6.2, and 8.2 yuan [2] - The current stock price of 97.10 HKD corresponds to a price-to-sales (P/S) ratio of 1.1, 0.9, and 0.7 for 2024-2026, and a price-to-earnings (P/E) ratio of 14.7, 12.1, and 9.0 [2] Financial Summary and Valuation Metrics - The company's revenue for 2024 is projected at 145.8 billion yuan, with a year-on-year growth of 17.7% [3] - The net profit for 2024 is estimated at 10.7 billion yuan, reflecting a decrease of 12.0% year-on-year [3] - The gross margin is expected to be 21% in 2024, with a net margin of 7.4% [3] - Return on equity (ROE) is projected at 17.2% for 2024, with EPS expected to be 5.06 yuan [3] - The P/E ratio for 2024 is estimated at 14.7, while the P/S ratio is projected at 1.1 [3]