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【券商聚焦】国联证券维持理想汽车(02015)“买入”评级 料其24-26年CAGR为40.6%

[Brokerage Focus] Guolian maintains a "buy" rating on Li Auto Inc (02015), expecting its 24-26 CAGR to be 40.6%.

Jingu Wealth News ·  Nov 5 10:55  · Ratings

Jingu Finance News | Guolian Securities issued a research report, stating that Li Auto Inc (02015) delivered 0.153 million vehicles in the third quarter, a year-on-year increase of 45.4%, achieving revenue of 42.87 billion yuan, a year-on-year increase of 23.6%, and achieving a net income of 2.82 billion yuan, with non-GAAP net income of 3.85 billion yuan.

The bank pointed out that in Q3 2024, Li Auto Inc delivered 0.153 million vehicles, a year-on-year increase of 45.4%, corresponding to automotive sales revenue of 41.32 billion yuan, a year-on-year increase of 22.9%, achieving revenue of 42.87 billion yuan, a year-on-year increase of 23.6%. Li Auto Inc's product strength and delivery capability continue to deliver, expected to maintain high income growth in Q4. It is expected to deliver 0.16-0.17 million vehicles in 2024 Q4, with expected revenue of 43.2-45.9 billion yuan, achieving total annual deliveries of 0.502-0.512 million vehicles.

The bank further pointed out that in Q3 2024, Li Auto Inc's gross margin for automobile sales was 20.9%, with an overall gross margin of 21.5%. This significant increase in gross margin was mainly driven by the economies of scale of the Li Auto L6 model. On the expense side, R&D/SG&A expenses in Q3 2024 were 2.59/3.36 billion yuan respectively, down 14.6%/19.8% respectively compared to the previous quarter, with R&D/SG&A expense rates of 6.0%/7.8% respectively, a decrease of 3.5pct/1.0pct respectively compared to the previous quarter. The expense rate in Q4 2024 is expected to further decrease. Investment income is affected by fluctuations in the stock prices of investee companies, resulting in investment income of -0.022 billion yuan for the quarter, a decrease of 0.392 billion yuan compared to Q2 2024, directly impacting net income performance. Adjusted net income is 3.85 billion yuan, an 11.1% year-on-year increase, demonstrating good performance.

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.

The translation is provided by third-party software.


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