LI AUTO(02015) 中泰证券·2024-04-14 16:00Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company is expected to adjust its product strategy, focusing on expanding its product range and enhancing its market share through a dual-energy strategy of range-extended and high-voltage pure electric vehicles [5]. - The revenue forecast for 2024-2026 has been adjusted to 200.2 billion, 269.5 billion, and 319.2 billion CNY, with net profits of 13.73 billion, 22.91 billion, and 31.43 billion CNY respectively, corresponding to P/E ratios of 16.6X, 9.9X, and 7.2X [5]. Summary by Sections Company Overview - The total share capital is 2,122 million shares, with a market price of 118.00 HKD and a market capitalization of 250,398 million HKD [3]. Market Performance - The company’s revenue is projected to grow significantly, with a year-on-year increase of 173.5% in 2023 and a forecasted growth rate of 61.7% in 2024 [4]. Product Strategy - The company is expanding its product lineup by lowering the price range of its range-extended vehicles to 200,000-300,000 CNY and introducing high-voltage pure electric models [5][20]. - The L6 model is expected to penetrate the 200,000-300,000 CNY market, which has a potential space of approximately 2.6 million units, with a growth rate of nearly 190% [22]. Competitive Landscape - The L6 model faces limited competition in its price range, with only the AITO series as a core competitor, indicating a favorable market structure [24]. Sales Forecast - The MEGA model is anticipated to perform well in the high-end family MPV market, with its sales ranking second in the pure electric MPV segment as of March 2024 [7]. Financial Projections - The adjusted revenue and net profit forecasts for 2024-2026 reflect a strong growth trajectory, with significant increases in both metrics [5].