Li Auto 2015

[winston]

not vested

New models to drive FY23F vehicle sales

Li Auto’s 2Q22 revenue beat market’s estimate by 10% due to stronger EV deliveries, but 3Q22F EV delivery guidance disappointed us and consensus.

We expect fewer vehicle deliveries in 3Q/4Q22F due to significant cannibalisation by new model L9.

Retain Add. We lower our DCF-based TP to HK$191.0 due to lower EV delivery forecasts.

Source: CIMB

https://research.uobkayhian.com/content ... 04b3414c78

[winston]

not vested

This Stock Should Be On Your Watchlist

by Louis Navellier

To report positive earnings per share (or EPS) in both 2022 and 2023.

A more cautious approach to expansion into areas like Europe. Li is looking to form partnerships in Europe.

Source: Investor Place

https://tradesoftheday.com/2022/10/17/t ... watchlist/

[winston]

not vested

LI AUTO(2015)

Analysis：

Li Auto (2015) achieved satisfactory results in the first quarter of 2023, with high growth and increased profitability.

Total vehicle deliveries were 52,584 units in the first quarter of 2023, representing a 65.8% year-over-year increase.

Total revenues were RMB18.79 billion, representing an yoy increase of 96.5%.

Vehicle sales were RMB18.33 billion, representing an yoy increase of 96.9%, mainly attributable to the increase in vehicle deliveries, as well as the higher average selling price contributed by the Li L series.

Net income was RMB933.8 million in the first quarter of 2023, compared with RMB10.9 million net loss in the first quarter of 2022.

Besides turning around, the Group also attained record-high adjusted operating margin and free cash flow.

Free cash flow was RMB6.7 billion in the first quarter of 2023, representing an yoy increase of 1234.6% and a qoq increase of 105.8%.

The Group announced a dual roadmap of autonomous driving and BEV on April 18, which marked the 3.0 era of autonomous driving epitomized by city NOA and a new chapter in paralleled development of EREVs and HPC BEVs.

The Group believes that electrification and autonomy will drive continuous business expansion and greater economies of scale, which, combined with its ever-strengthening operational capability, will enable it to generate profits while creating additional value for users.

Its healthy profitability and cash flow, in turn, will allow continued capital deployment to fund research and development and enhance its business capabilities. (I do not hold the above stock)

Strategy：
Buy-in Price: $105, Target ! Price: $116, Cut Loss Price: $100

Source: Phillips