Golden Power News | East Money Securities issued a research report stating that Li Auto Inc (02015) had a total revenue of 31.7 billion yuan in Q2 2024, up by 10.6% year-on-year and 23.6% quarter-on-quarter. Among them, vehicle sales revenue was 30.3 billion yuan, up by 8.4% year-on-year and 25.0% quarter-on-quarter; other sales and service revenue was 1.4 billion yuan, up by 99.6% year-on-year and down by 1.7% quarter-on-quarter. The increase in vehicle sales revenue was mainly due to an increase in vehicle deliveries, with 0.1086 million new cars delivered in Q2 2024, up by 25.5% year-on-year and 35.1% quarter-on-quarter. The revenue growth rate was lower than the increase in vehicle sales volume, mainly due to changes in vehicle model structure and pricing strategy. Looking ahead to Q3 2024, the company expects deliveries to be between 1.45 to 1.55 million vehicles, up by 38.0% to 47.5% year-on-year. Total revenue is expected to be between 39.4 and 42.2 billion yuan, an increase of 13.7% to 21.6% year-on-year.

The bank continued to point out that the gross margin for Q2 2024 was 19.5%, a decrease of 2.3 percentage points year-on-year and 1.1 percentage points quarter-on-quarter; among them, the vehicle gross margin was 18.7%, a decrease of 2.3 percentage points year-on-year and 0.6 percentage points quarter-on-quarter. The decline in gross margin was also due to changes in the vehicle model structure and pricing strategy. Operating expenses in Q2 2024 were 5.7 billion yuan, up by 23.9% year-on-year and down by 2.7% quarter-on-quarter. Among them, R&D expenses were 3 billion yuan, up by 24.8% year-on-year and down by 0.7% quarter-on-quarter; sales, general, and administrative expenses were 2.8 billion yuan, up by 21.9% year-on-year and down by 5.5% quarter-on-quarter. Net income for Q2 2024 was 1.1 billion yuan, down by 52.3% year-on-year and up by 86.2% quarter-on-quarter. Operating profit was 0.468 billion yuan, down by 71.2% year-on-year, a turn from a loss in the previous quarter (Q1 2024 was -0.585 billion yuan). It is expected that with the continued increase in new car sales volume and adjustments in terminal incentive policies, the profit level is expected to gradually recover.

The bank stated that in the short term, with the company's channel expansion, sales volume is expected to continue to deliver; in the medium to long term, as the company strengthens its supercharging ecosystem foundation, refines its product matrix and energy types step by step, and continuously improves its level of intelligence, the company's performance is expected to steadily improve. The bank maintains its forecast for the company's revenue from 2024 to 2026 at 167.79, 226.86, and 274.28 billion yuan respectively, with net income attributable to shareholders at 11.25, 16.08, and 23.53 billion yuan respectively. The corresponding EPS are 5.30, 7.73, and 11.09 yuan respectively, with corresponding PEs of 14, 9, and 7 times, and maintains a 'shareholding' rating.