Goldman Sachs Sees Strong Upside In Li Auto on New Model Pipeline and Autonomous Driving Advances
Goldman Sachs Sees Strong Upside In Li Auto on New Model Pipeline and Autonomous Driving Advances
The analyst expects the competitive positioning of Battery Electric Vehicle (BEV) models and deepening sales network to drive another leg of growth for Li Auto.Goldman Sachs analyst Tina Hou maintained a Buy rating on Li Auto Inc (NASDAQ:LI) with a price target of $36.
高盛分析師蒂娜·侯維持對理想汽車公司（納斯達克股票代碼：LI）的買入評級，目標股價爲36美元。
Li Auto is a leading pure New Energy Vehicle (NEV) player, with a 5% NEV market share in China as of the first quarter of 2024 (17% and 39% market share in China's premium PV and premium NEV market, respectively).
理想汽車是領先的純新能源汽車（NEV）參與者，截至2024年第一季度，中國的新能源汽車市場份額爲5％（在中國高端光伏和高端新能源汽車市場分別佔17％和39％的市場份額）。
As Hou noted, the company will have the most potent model pipeline of 5 new launches and the most vigorous sales network expansion of 400 stores in 2024.
正如侯所指出的那樣，該公司將擁有最強大的車型渠道，即5款新品上市，並在2024年實現最強勁的400家門店的銷售網絡擴張。
The analyst expects the competitive positioning of Battery Electric Vehicle (BEV) models and deepening sales network to drive another leg of growth for Li Auto.
分析師預計，電池電動汽車（BEV）車型的競爭定位和不斷深化的銷售網絡將推動理想汽車的又一輪增長。
With continued scale economics and operating leverage, Hou expects Li Auto to deliver the fastest earnings growth and generate top-tier free cash flow among her China auto OEM coverage.
憑藉持續的規模經濟和運營槓桿作用，侯預計，在她的中國汽車OEM保險中，理想汽車將實現最快的收益增長，併產生一流的自由現金流。
Over the past six months, Hou noted signs that Li Auto has not only caught up with industry leaders in terms of urban NOA (navigate on autopilot) performance but has also become one of the best in the market. The improvement has resulted in a higher take-rate of its Max version models and an improved vehicle gross margin.
在過去的六個月中，侯注意到有跡象表明，理想汽車不僅在城市NOA（自動駕駛）表現方面趕上了行業領導者，而且已成爲市場上最好的汽車之一。這一改進提高了其Max版本車型的使用率，並提高了車輛毛利率。
Looking into 2025, the company expects to achieve L3 autonomous driving capability utilizing its current "End-to-End + VLM" architecture and MPI (mile per intervention) of 1 takeover per 500km.
展望2025年，該公司預計將利用其當前的 「端到端+VLM」 架構和每500公里1次收購的MPI（每次干預英里數）實現三級自動駕駛能力。
With Li Auto's strengthening focus on AI and visible improvements in its urban NOA performance, Hou noted the company is well positioned to benefit from the ongoing intelligent driving trend, supporting volume growth with a better Max version blend, margin improvement, and ongoing BOM cost reduction.
侯指出，隨着理想汽車加強對人工智能的關注以及城市NOA表現的明顯改善，該公司完全有能力從持續的智能駕駛趨勢中受益，通過更好的Max版本組合、利潤率的提高和物料清單成本的持續降低來支持銷量增長。
Hou projected fiscal 2024 revenue of 144.13 billion Chinese yuan and EPS of 3.30 Chinese yuan.
侯預計，2024財年的收入爲1441.3元人民幣，每股收益爲3.30人民幣。
Price Action: LI stock is up 1.04% at $24.24 at last check Thursday.
價格走勢：在週四的最後一次檢查中，LI股價上漲1.04％，至24.24美元。
