HKEX: 2015 - Li Auto Inc.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 5.89
CAGR EPS = 41.44%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 123.55 + (123.55 * 41.44% / 100) = 174.75

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -0.1935
Ebitda Yield = -0.1921
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0863
Debt = 10.73
Market Cap = 309.58
Weight Debt = Market Cap / (Market Cap + Debt) = 309.58 / (309.58 + 10.73) = 0.9665
Weight Cost Debt = 100% - 0.9665 = 0.0335
Tax = 0.25
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 0.3
β = 1.72
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.3 + 1.72 * 18.88 + 0.91 = 0.3363
WACC = (0.0863 / 10.73) * (100% - 0.9665) * (1 - 0.25) + 0.3363 + 0.9665 = 0.922
Terminal Value = Discount (-0.1935 * (1 + -0.1921) / (0.922 - -0.1921)) = -0.7417
Company Value = ∑ (-0.1935 / (1 + 0.922) ^ 5) = -1.51
Price = (Terminal Value + Company Value) / Count shares = (-0.7417 + -1.51) / 1985660000 = -1.14

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.078
FCF Yield = 0.1204
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0863
Debt = 10.73
Market Cap = 309.58
Weight Debt = Market Cap / (Market Cap + Debt) = 309.58 / (309.58 + 10.73) = 0.9665
Weight Cost Debt = 100% - 0.9665 = 0.0335
Tax = 0.25
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 0.3
β = 1.72
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.3 + 1.72 * 18.88 + 0.91 = 0.3363
WACC = (0.0863 / 10.73) * (100% - 0.9665) * (1 - 0.25) + 0.3363 + 0.9665 = 0.922
Terminal Value = Discount (0.078 * (1 + 0.1204) / (0.922 - 0.1204)) = 0.7508
Company Value = ∑ (0.078 / (1 + 0.922) ^ 5) = 0.3056
Price = (Terminal Value + Company Value) / Count shares = (0.7508 + 0.3056) / 1985660000 = 0.532