Zhi Tong Cai Jing·2025-09-08 05:59Core Viewpoint - CITIC Securities maintains a target price of HKD 151 for Li Auto-W (02015) and a "Buy" rating, with a target price of USD 39 for its US stock. The firm expects the company's automotive business to improve quarterly due to adjustments in sales channels and the release and delivery of pure electric models [1] Group 1: Financial Performance and Valuation - Since August, Li Auto's stock price has experienced a correction, with the company's price-to-sales (PS) ratio for 2025 consensus estimates at 1.3 times, indicating that the market may be undervaluing the AI attributes of Li Auto's vehicles [1] - The company invests over RMB 10 billion annually in research and development, surpassing its competitors [1] Group 2: Product Development and AI Integration - The AI product rollout is progressing, with the smart driving model VLA starting deliveries with the i8 in August, and the Li Xiang AI Agent undergoing normal iterations [1] - The self-developed chip is expected to be delivered to customers by 2026, enhancing the company's smart capabilities [1]