LI AUTO(02015) 东吴证券·2025-03-15 13:01Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is expanding its product matrix with two new electric SUVs, the Li Auto i8 and i6, set to launch in July 2025 and the second half of 2025 respectively [3] - The company aims to enhance its high-level autonomous driving capabilities alongside the new vehicle launches [3] - The company plans to increase its supercharging station network to 4,000 by the end of 2025, starting with 2,500 stations at the launch of the Li Auto i8 [3] Financial Forecasts - The company’s total revenue for 2023 is projected at 123.85 billion RMB, with a year-on-year growth of 173.48% [4] - Revenue forecasts for 2024, 2025, 2026, and 2027 are 144.46 billion RMB, 172.86 billion RMB, 236.56 billion RMB, and 275.05 billion RMB respectively, with growth rates of 16.64%, 19.66%, 36.85%, and 16.27% [4] - The net profit attributable to the parent company for 2023 is expected to be 11.70 billion RMB, with a staggering year-on-year increase of 681.65% [4] - The net profit forecasts for 2025, 2026, and 2027 are 9.38 billion RMB, 14.49 billion RMB, and 17.51 billion RMB, reflecting growth rates of 16.79%, 54.41%, and 20.86% respectively [4] - The earnings per share (EPS) for 2023 is projected at 5.52 RMB, with forecasts of 3.79 RMB, 4.42 RMB, 6.83 RMB, and 8.25 RMB for the following years [4]