Zhitong Finance and Economics learned that CICC issued a research report saying that it maintained the "outperform" rating of Li Auto-W (02015), with no change in profit ** in 2023-24 and a target price of HK $230. On December 10, the company's intelligent software conference was successfully held, which updated the company's latest progress in the fields of intelligent driving and cockpit, and planned to officially release OTA 5 on December 190 updates.
The main points of the report are as follows:
The intelligent driving algorithm model has been re-architected, and intelligent driving has entered 30 times.
The company plans to upgrade AD 20 full upgrade to AD 30。Among them, AD max 30 has outstanding performance in the four major functions of full-scene intelligent driving NOA, full-scene assisted driving LCC, intelligent parking and active safety. In addition, in addition to achieving full coverage of intelligent driving from highways to urban ring roads to urban roads, the company officially released a list of open cities, and plans to land in 110 cities by the end of 2023, 10 more than the original target, with positive guidance. In terms of active safety, AD Max 3The AEB false trigger rate standard of 0 is greater than 300,000 kilometers, which is better than the 10-150,000 kilometers of mainstream industry leaders. In terms of delivery schedule, the Max and Pro versions will be upgraded on the 19th of this month and June next year, respectively. The bank believes that in terms of intelligent driving, the company is expected to accelerate into the industry's leading echelon through continuous R&D iteration and investment.
The fully self-developed MIND GPT was officially released, and the advantages of intelligence were strengthened.
The company's self-developed multi-modal cognitive model MIND GPT is built around in-vehicle scenarios, with the ability to understand, generate, memorize and reason. In terms of capabilities, based on the key application scenarios of the "ideal classmate" of in-vehicle voice, MIND GPT customization covers 111 fields and more than 1,000 exclusive capabilities. Mind GPT ranked first in the comprehensive evaluation of C-EVAL and CMMLU, two authoritative domestic Chinese large models, with leading advantages. The bank believes that Mind GPT is expected to strengthen the company's advantages in intelligent cockpit, and it is expected to fully empower the flagship model MEGA, which will be released at the end of 2023, making it more competitive in intelligence.
With the upgrade of the extended range experience, the competitiveness of L series products is expected to be improved.
The company is the first car company to adopt A-core intelligent chips in the field of vehicle control, and the first intelligent power algorithm, this OTA upgrade optimizes the battery control algorithm, range extender intervention timing and air conditioning power regulation. 1) With the upgrade of the battery control algorithm, the accuracy of the battery remaining power estimation is improved, the discharge capacity is also optimized, and the maximum discharge capacity is increased by 41%;2) Optimize the intervention time of the range extender and the battery discharge strategy, so as to increase the proportion of pure electric use3) By automatically adjusting the optimal power of the air conditioner in real time, the pure electric range is further increased, and the pure electric range in winter is increased by 15-20%. The bank believes that OTA 50 is expected to improve the experience of using a car with an extended range. Recently, the company's stock price continues to be the most popular, the market is worried about the listing of competing models and the company's ** impact on profitability, the bank believes that although the short-term competition in the industry intensifies, but to 2024-25 years to look forward, the company's model matrix and channel expansion, intelligent capabilities continue to evolve will still be the core driving force for sales growth.
Risk Warning:Pure electric models are not as good as expected;Intelligent driving is not as expected;Market competition has intensified.