Jingu Finance News | Guosen Securities issued a research report stating that li auto inc (02015) had sales of approximately 0.1086 million units in Q2 2024, a year-on-year increase of 25.5%, with total revenue reaching 31.7 billion RMB, a year-on-year increase of 10.6%, and a quarter-on-quarter increase of 23.6%. The company's vehicle gross margin in the second quarter was 18.7%, maintaining steady growth quarter-on-quarter, with a net outflow of free cash flow of 1.9 billion RMB, and cash on hand of 97.3 billion RMB. Net income in the second quarter was 1.1 billion RMB, with non-usa GAAP net income of 1.5 billion RMB. The sales guidance for Q3 2024 is 0.145-0.155 million units, an increase of 38.0% to 47.5% year-on-year, with expected revenue of 39.4 billion RMB to 42.2 billion RMB, a year-on-year growth of 13.7% to 21.6%.

The bank continued to point out that in July 2024, the company launched OTA 6.0 and 6.1 updates for the li auto inc MEGA and L series models, pushing nationwide available imageless NOA to all li auto inc ADMax owners, significantly enhancing the city LCC and AEB capabilities of li auto inc ADPro. In addition, the company released a brand new autonomous driving technology architecture based on end-to-end (E2E) and visual language model (VLM) in July, using self-developed reconstruction + generative world models for training and validation, and started early bird testing at the end of July. On September 10th, the national li auto inc L9 stores launched a new generation of "end-to-end + VLM" intelligent driving test drive experience. On September 14th, the new generation of intelligent driving experience group officially started to push.

The bank expects the company's revenue for 2024-2026 to be 143.7/195.6/285.2 billion RMB, with year-on-year growth of 16.0%/36.1%/45.8%, and net income attributable to the parent company of 7.11/9.83/17.45 billion RMB. The bank maintains a "shareholding" rating.