As reported by Asia Vets Finance APP, Soochow Securities released a research report stating that it maintains a "buy" rating for li auto inc-W (02015), with expected operating income for 2024-2026 of 146.3/191.8/250.7 billion yuan, year-on-year growth of +18%/+31%/+31%, and net income attributable to shareholders of 7.5/12.1/17.6 billion yuan, year-on-year changes of -36%/+61%/+45%; corresponding EPS for 2024-2026 are 3.55/5.72/8.28 yuan.

The main viewpoints of Soochow Securities are as follows:

In September 2024, li auto inc delivered 53,709 new cars, a year-on-year increase of 48.9%.

In Q3 2024, li auto inc achieved a total delivery of 152,831 cars, a year-on-year growth of 45.4%. From January to September 2024, a total of 341,812 cars were delivered, a year-on-year increase of 40.0%. As of September 30, 2024, the cumulative delivery of li auto inc reached 975,176 cars.

In September, li auto inc delivered 53,709 new cars, a year-on-year increase of 48.9%.

In Q3 2024, li auto inc achieved a total delivery of 152,831 cars, and from January to September, a total of 341,812 cars were delivered. September saw a record high in li auto inc's sales, with stable growth in orders for the L series and li auto MEGA. In terms of channel layout, as of September 30, li auto inc had 479 retail centers nationwide, covering 145 cities; 436 aftermarket service and authorized body paint centers, covering 221 cities. Li auto inc has put into operation 894 ideal ultra-fast charging stations nationwide, with 4,286 charging stations. In September, li auto inc's single-store efficiency was 112 cars/store, a month-on-month increase of +12.1%.

li auto inc intelligent driving speed system further iterated, OTA 6.3 function optimized and upgraded.

li auto inc intelligent driving end-to-end + VLM switch to a brand-new AI model, training with 3 million clips of video clips, making lane changes more comfortable, braking more proactive, and paths more rational. Helping achieve parking in and out from parking spaces, national pass of ETC at high-speed toll stations. In September, li auto inc OTA 6.3 pushed an update, adding 15 new features, optimizing 17 features, ADPro added false acceleration suppression, and assisting AEB emergency braking to enhance active safety; fine-tuning of speed limit deviation, refining the speed limit deviation to ±5km/h in numerical value and ±5% in percentage of the speed limit deviation.

Risk warning: industry price wars continue to evolve; the development pace of advanced intelligent driving is lower than expected.