Jingu Information | Soochow Securities research pointed out that li auto inc (02015) delivered 53,709 new vehicles in September, a year-on-year increase of 48.9%. In 2024 Q3, Li Auto achieved a total delivery of 152,831 vehicles, a year-on-year increase of 45.4%. From January to September 2024, a total of 341,812 vehicles were delivered, a year-on-year increase of 40.0%. As of September 30, 2024, the cumulative delivery volume of Li Auto reached 975,176 vehicles. Li Auto has already put into operation 894 ideal super charging stations nationwide, with 4,286 charging stations. In September, the single-store efficiency of Li Auto was 112 vehicles per store, an increase of +12.1% month-on-month.

The bank pointed out that Asia Vets Intelligent driving end-to-end + VLM switching to a new AI model, trained with 3 million clips of video segments, resulting in more comfortable lane changes, advanced braking, and more reasonable paths. In September, Li Auto's OTA 6.3 pushed updates, adding 15 functions and optimizing 17 functions. ADPro added false acceleration suppression and enhanced emergency braking to improve active safety. The fine-tuning upgrade of the speed limit offset adjusts the speed limit offset to ±5 km/h numerical and ±5% percentage.

The bank maintained the company's revenue expectations for 2024-2026 at 146.3/191.8/250.7 billion yuan, with year-on-year growth rates of +18%/+31%/+31%. The net income attributable to the mother is 7.5/12.1/17.6 billion yuan, with year-on-year changes of -36%/+61%/+45%; corresponding EPS for 2024-2026 is 3.55/5.72/8.28 yuan, corresponding to PEs of 27/17/12 times, maintaining a 'buy' rating on the company.