Zhijun Finance learned from Dongwu Securities' research report that it maintains a "buy" rating for li auto inc-W (02015), with expected operating revenue of 151.3/216.9/273.2 billion yuan for 2024-2026, up 22%/43%/26% YoY, and net income attributable to common shareholders of 8.3/13/18.6 billion yuan, down 29%/57%/43% YoY. The corresponding EPS for 2024-2026 is 3.91/6.14/8.75 yuan. In May 2024, li auto inc delivered 35,020 new cars, a YoY increase of 23.8%. From January to May 2024, a total of 141,207 vehicles were delivered, and the cumulative delivery volume since delivery was 774,571 vehicles, with overall performance in line with expectations.

The main viewpoints of Soochow Securities are as follows:

In May 2024, li auto inc delivered 35,020 new cars, a YoY increase of 23.8%.

In terms of channel layout, as of May 31st, li auto inc has 487 retail centers covering 144 cities nationwide; 374 after-sales repair centers and authorized sheet metal and spray centers covering 214 cities. Li auto inc has put 426 ideal supercharging stations into use nationwide, with 1888 charging piles, and the channel network and energy supplement system layout is more perfect, providing guarantee for the sales expansion of pure electric vehicle models in the future. In terms of model and market share, since Li ONE was delivered on April 24th, a total of over 15,000 vehicles have been delivered, creating the fastest record of a new li auto inc model delivery. With the promotion of a new product pricing system, the sales momentum of the 2024 versions of Li X7, Li X8, and Li X9 has steadily increased, and li auto inc's market share in the new energy vehicle market above RMB 200,000 has grown healthily YoY, with a cumulative market share of 13.5% from January to April, ranking first among Chinese auto brands.

Continuously iterate and upgrade domestic products to deeply cultivate user value; begin to layout globalization overseas.

OTA 5.2 version was a major upgrade, bringing 19 new features and 23 experience optimizations, including HUD digital rearview mirror image, active safety 8 types of high-frequency and high-risk scene ability upgrades, and ideal intelligent space and other three major projects. On the new market front, li auto inc plans to begin preliminary product launches in overseas markets in the first half of 2024, opening up mid-to-long-term growth space while laying out domestic high-end markets and opening up overseas markets. The company expects to further upgrade its own intelligent driving functions in 2024 Q3 through OTA upgrades, with large model support for NOA in national roadless cities, and further upgrading of intelligent driving functions. At the same time, the company is actively promoting the construction of ideal charging stations, aiming to solve the obstacles to the penetration rate improvement of pure electric vehicle models and ensure the continuous growth of li auto inc's sales of new pure electric vehicles.