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【券商聚焦】方正证券维持理想汽车(02015)“推荐”评级 指公司三季度业绩有所改善

[Brokerage Focus] Founder Securities maintains a "recommended" rating for Li Auto Inc (02015), indicating that the company's performance in the third quarter has improved somewhat.

Golden Guards Financial News ·  Nov 5 16:46  · Ratings

Jingu Financial News | Fangzheng Securities issued a research report, Li Auto Inc (02015) released its third quarter business performance report, with revenue of 100.19 billion yuan for the first three quarters of 2024, an increase of 22.0% year-on-year, and a net income attributable to the owner of 4.51 billion yuan for the first three quarters of 2024, a decrease of 25.4% year-on-year; the company delivered 0.1528 million vehicles in the third quarter of 2024, a year-on-year increase of 45.41%, and a quarter-on-quarter increase of 40.86%. The total revenue in 2024 Q3 amounted to 42.87 billion yuan, an increase of 23.6% year-on-year, and a 35.3% increase quarter-on-quarter; of which the revenue from the automotive business was approximately 41.32 billion yuan, up 22.9% year-on-year, and a 36.3% increase quarter-on-quarter. The gross profit of the automotive business in 2024 Q3 was 8.65 billion yuan, an increase of 21.4% year-on-year, and a 52.2% increase quarter-on-quarter; the gross margin of the automotive business in 2024 Q3 was 20.9%, a decrease of 0.3 percentage points year-on-year, and an increase of 2.2 percentage points quarter-on-quarter, driven by the increase in sales volume, leading to an improvement in the automotive gross margin.

The bank continued to point out that the company's guidance for the fourth quarter of 2024 indicates a delivery volume of 0.16-0.17 million vehicles, slightly higher than the 0.153 million vehicles in the third quarter, with revenue guidance of 43.2 billion to -45.9 billion yuan, an increase of 3.5% to 10.0% year-on-year. Based on this calculation, the revenue per vehicle is 0.26 million yuan, slightly lower than the 0.2702 million yuan quarter-on-quarter, expecting a flat performance in the fourth quarter. In October, Li Auto introduced a new dual-system intelligent driving solution end-to-end + VLM (Visual Language Model), marking the official entry of Li Auto Inc's intelligent driving into the era of AI large models.

The bank expects the company to achieve revenues of 135.474 billion, 189.723 billion, and 225.427 billion yuan from 2024 to 2026, with net income attributable to the owner of 7.211 billion, 9.996 billion, and 12.181 billion yuan from 2024 to 2026, corresponding to PEs of 26, 19, and 16 times, maintaining a "recommended" rating.

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