Guolian Securities research report revealed that Li Auto Inc (02015) delivered 53,709 new cars in September 2024, a year-on-year increase of 48.9%. The total deliveries in 2024 Q3 reached 0.153 million units, up 45.4% year-on-year, which is at the upper limit of sales expectations. As product competitiveness improves gradually, orders for the L series and MEGA remain stable, with a record high in September deliveries. The strong product lineup translates into sales, with a market share of over 17% in the new energy vehicle market priced above 0.2 million yuan since the third quarter, expected to continue into the fourth quarter.

The bank pointed out that the company's total deliveries in 2024 Q3 reached 0.153 million units, a 45.4% year-on-year increase, hitting the upper limit of sales expectations. As product competitiveness improves gradually, orders for the L series and MEGA remain stable, with a historic high in September deliveries. The strong product lineup translates into sales, with a market share of over 17% in the new energy vehicle market priced above 0.2 million yuan since the third quarter, expected to continue into the fourth quarter.

The bank stated that it expects the company's revenue for 2024-2026 to be 147.3/205.4/280 billion yuan respectively, with year-on-year growth rates of 19.0%/39.4%/36.3%, and net income attributable to shareholders to be 8.53/14.24/23.72 billion yuan respectively, with year-on-year growth rates of -27.1%/67.0%/66.6%, and EPS of 4.02/6.71/11.18 yuan per share, with a 3-year CAGR of 40.6%. The company's product competitiveness is improving, smart electrification is accelerating, sales realization and profit capability are improving. The "buy" rating is maintained.