According to the Futu Securities app, Soochow Securities released a research report stating that it maintains a "buy" rating on LI Auto Inc-W(02015), with expected revenue of 151.3/216.9/273.2 billion yuan for 2024-2026 and net income attributable to shareholders of 8.3/13/18.6 billion yuan. In June 2024, LI Auto delivered 47,774 new vehicles, a year-on-year increase of 46.7%. In Q2, thanks to the double effect of the launch of the new LI Auto L6 and the improvement of store efficiency, LI Auto retook the top spot in the sales ranking of China's new forces of the auto industry, and won the sales championship of Chinese auto brands in the new energy vehicle market above 200,000 yuan.

The main viewpoints of Soochow Securities are as follows:

In June, LI Auto delivered 47,774 new vehicles, a year-on-year increase of 46.7%.

In June, the LI Auto L6 contributed the most to sales, with a contribution rate of over 40% among LI Auto vehicles. In terms of channel layout, as of June 30, LI Auto has 497 retail centers covering 148 cities, 421 after-sales maintenance centers and authorized sheet metal spray centers covering 220 cities. LI Auto has put into use 614 Ideal Super Charging Stations across the country, with 2,726 charging piles, 485 high-speed Ideal Super Charging Stations covering the four core cities of the four main economic regions, and 129 urban Ideal Super Charging Stations. In June, the sales momentum of the LI series can continue to improve, with LI Auto L6 delivering more than 20,000 vehicles in the month and the total monthly deliveries of all LI Auto products exceeding 40,000 vehicles.

Continuously iterating towards intelligence in cooperation with Kunlun.com.

From a strategic perspective, the signing ceremony of the cooperation agreement between Kunlun Electric Power and LI Auto was held at LI Auto's Beijing R&D headquarters to jointly promote the development and construction of charging infrastructure on highways and in cities across the country. By the end of 2024, it is planned to have more than 2,000 Ideal Super Charging Stations and 10,000 Ideal charging piles open across the country's highways and cities, with a coverage rate of over 90% in core urban areas of first-, second-, and third-tier cities, and a coverage rate of over 70% in national highways. In terms of intelligence, LI Auto will broadcast the 2024 Intelligent Driving Summer Release Conference on July 5, 2024, iterating on the mapless NOA capability. Mapless NOA will be officially pushed to all ADMax users throughout the country.

Risk warning: downstream demand for passenger vehicles is lower than expected; price wars are more intense than expected.