LI AUTO(02015) 国盛证券·2025-03-17 00:25Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company showed a slight decline in gross margin in Q4, but net profit exceeded expectations, with Q4 sales reaching 159,000 units, a year-on-year increase of 20% and a quarter-on-quarter increase of 4% [1] - The company is expected to launch new electric models and enhance its smart driving capabilities, which are anticipated to drive future sales growth [2] - The domestic sales channels are being optimized, and overseas expansion is accelerating, with significant progress in establishing retail centers and service centers in various regions [3] Financial Performance - Q4 revenue reached 44.27 billion RMB, with a year-on-year growth of 6% and a quarter-on-quarter growth of 3% [1] - The company forecasts Q1 deliveries between 88,000 to 93,000 vehicles, with expected revenue of 23.4 to 24.7 billion RMB, reflecting a year-on-year decrease of 8.7% to 3.5% [1] - For the years 2025 to 2027, the company projects sales of approximately 600,000, 780,000, and 880,000 units, with total revenues reaching 159.9 billion, 202.2 billion, and 238.1 billion RMB respectively [4][5] Future Outlook - The company plans to enhance its electric vehicle offerings with the launch of the L series and MEGA models, as well as the i8 electric SUV, which is expected to be released in July [2] - The company is also preparing for extensive charging infrastructure, aiming to establish over 2,000 supercharging stations by Q1 2025, with plans to increase this number to 4,000 by the end of 2025 [2] - The report indicates that the company is making significant strides in optimizing its domestic retail presence, increasing the proportion of automotive city stores from 24% to 42% by the end of 2024 [3]