LI AUTO(02015) 申万宏源·2024-03-03 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - The company reported a significant increase in sales revenue for 2023, achieving 123.85 billion RMB, a year-on-year growth of 173.5%, and a net profit of 11.81 billion RMB, marking a turnaround to profitability [2][5] - The fourth quarter of 2023 saw a record net profit of 5.75 billion RMB, with total revenue of 41.73 billion RMB, driven by operational improvements and cost optimizations [4][5] - The company is entering a new vehicle cycle in 2024, with plans to launch five new models, including the first pure electric vehicle, Mega, which is expected to enhance its product lineup and brand positioning in the high-end market [5] Financial Performance Summary - For 2023, the company achieved a total revenue of 123.85 billion RMB, with a net profit of 11.70 billion RMB, compared to a loss of 2.01 billion RMB in 2022 [6][8] - The earnings per share (EPS) for 2023 was 5.52 RMB, with projections for 2024 and 2025 at 8.60 RMB and 16.05 RMB respectively [6][8] - The company’s cash reserves reached 103.67 billion RMB, providing a solid foundation for future investments in R&D and infrastructure [5] Market Position and Growth Potential - The company has captured a 16% market share in the new energy vehicle segment priced above 200,000 RMB, with its models L9, L7, and L8 leading in their respective categories [5] - The anticipated increase in market share and sales volume, driven by new model launches and consumer upgrades, positions the company for continued growth in the coming years [5]