Zhi Tong Cai Jing·2025-07-31 05:55Core Viewpoint - The report from China Merchants Securities International indicates that the pricing of Li Auto's new model i8 aligns with expectations, while the oil-electric pricing exceeds expectations. The target price is maintained at HKD 138 with a "Buy" rating [1] Company Analysis - The market has a misunderstanding regarding the i8, as the pure electric i-series is not the primary investment value for Li Auto. The potential of the range-extended L series remains significant, which could expand the company's market space by 30-50% [1] - The i8 is viewed as a high-end, slow-moving product, with the i6, set to be released in September, expected to be the true volume product for the pure electric series. Short-term deliveries are not anticipated to have a strong impact [1] Sales Forecast - The estimated monthly sales for the i8 are projected to be between 3,000 to 5,000 units, primarily aimed at validating the pure electric product before paving the way for the i6 [1]