LI AUTO(02015) 长江证券·2024-02-28 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 123.85 billion yuan in 2023, representing a year-on-year increase of 173.5% and a significant growth in net profit [4]. - In Q4 2023, the company sold 132,000 vehicles, a year-on-year increase of 185% and a quarter-on-quarter increase of 25%, with an average selling price of approximately 310,000 yuan [2][4]. - The company's gross margin improved in Q4 2023, reaching 23.5%, with vehicle gross margin at 22.7%, reflecting a year-on-year increase of 2.7 percentage points [5]. - The company plans to expand its product lineup, with a clear roadmap for new models and an increase in retail centers, aiming to reach 800 by the end of 2024 [6]. Summary by Sections Sales Performance - In Q4 2023, the company achieved sales of 132,000 vehicles, with a monthly average of 44,000 vehicles [4]. - The sales revenue for Q4 2023 was 41.73 billion yuan, with vehicle sales revenue at 40.38 billion yuan, marking a year-on-year increase of 133.8% [4]. Financial Performance - The company reported a net profit of 12.09 billion yuan (Non-GAAP) for the year, showing substantial growth [4]. - In Q4 2023, the net profit (GAAP) was 5.66 billion yuan, with a Non-GAAP net profit of 4.49 billion yuan, reflecting a year-on-year increase of 368.5% [5]. Future Outlook - The company expects Q1 2024 deliveries to be between 100,000 and 103,000 vehicles, representing a year-on-year increase of 90.2% to 95.9% [5]. - The product strategy includes launching new models, with plans for four extended-range electric vehicle models and four high-voltage pure electric models by the end of 2024 [6].