LI AUTO(02015) 平安证券·2025-02-26 00:00Investment Rating - The investment rating for the company is "Recommended" [1][12][18] Core Views - The official release of the first pure electric SUV, the Li Auto i8, indicates a more mature market condition compared to the MEGA launch, with a projected price above 300,000 yuan, which is nearly 200,000 yuan lower than MEGA, targeting a broader customer base [3][8][12] - The company has significantly increased its charging station network to 1,862 stations across 31 provinces and 214 cities, enhancing customer accessibility [8][12] - The expansion of range-extended vehicles is a major trend, with the market capacity for range-extended vehicles expected to reach 7.5 million units in the long term, benefiting the company in the ongoing expansion [8][12] Financial Summary - Revenue projections for the company are as follows: - 2022A: 45.287 billion yuan - 2023A: 123.851 billion yuan (YOY growth of 173.5%) - 2024E: 144.565 billion yuan (YOY growth of 16.7%) - 2025E: 194.436 billion yuan (YOY growth of 34.5%) - 2026E: 250.626 billion yuan (YOY growth of 28.9%) [5][15] - Net profit forecasts are: - 2022A: -2.012 billion yuan - 2023A: 11.704 billion yuan (YOY growth of 681.7%) - 2024E: 7.936 billion yuan (YOY decline of 32.2%) - 2025E: 14.065 billion yuan (YOY growth of 77.2%) - 2026E: 21.524 billion yuan (YOY growth of 53.0%) [5][15] - The company’s gross margin is projected to be 22.2% in 2023, with a slight decline to 21.1% by 2025 [5][15] Market Position and Competitive Landscape - The competitive landscape is evolving, with the launch of new models from competitors such as the AITO M8 and M9, which may affect the company's market position [8][9] - The company is expected to enhance its product offerings in the L series, focusing on upgrades in power systems, intelligent driving systems, and comfort features [9][12]