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<Research>Haitong Int'l Expects LI AUTO-W to Return to Profit in 4Q, Cuts TP to $81.34
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LI AUTO-W (02015.HK) charted revenue of RMB27.4 billion in 3Q25, down 36% YoY, Haitong International's research report indicated. Among which, automotive sales revenue amounted to RMB25.9 billion, down 37% YoY, dented by meager quarterly deliveries, which continued to squeeze overall revenue. The non-GAAP net loss was RMB360 million, swinging to a loss both YoY and QoQ. Excluding the impact of the MEGA recall event and other one-time factors, the GM could reach 20.4%. However, considering the recall was a non-recurring event, and the company's operational resilience remained intact, the broker expected Li Auto to return to profit in 4Q. Under recent sales pressure, the MEGA recall, and the switch of i6 battery suppliers leading to delayed ramp-up, the 4Q sales guidance was conservative. The broker trimmed the revenue forecast of the company for 2025-27 to RMB111.6 billion/ RMB122 billion/ RMB136.8 billion (down 14%/ 28%/ 33%). The broker gave a target price of HK$81.34 for the automaker, vs the original target price of HK$99.5, maintaining a Neutral rating. AASTOCKS Financial News Website: www.aastocks.com |
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