智通财经网·2025-09-29 01:25Core Viewpoint - CICC maintains an "outperform" rating for Li Auto-W (02015), with target prices set at HKD 108 and USD 28, indicating an upside potential of 8% for both Hong Kong and US stocks [1] Group 1: Product Launch and Strategy - The Li Auto i6 has officially launched, returning to a single product strategy with a pricing of CNY 249,800, matching the starting price of the extended range L6 [2] - The i6 offers solid sales incentives, including a cash discount of CNY 10,000 and standard air suspension, further lowering the effective price [2] - Positioned as a five-seat mid-large SUV, the i6 features a 5C lithium iron phosphate battery with a maximum range of 720 km and supports 500 kW ultra-fast charging [2] - The i6 is equipped with laser radar and Thor chip, enhancing advanced intelligent driving experiences, and emphasizes family-oriented features like the "queen seat" and "small living room" [2] Group 2: Technological Advancements - The company has made significant progress in its self-developed smart driving chips, with the M100 chip entering the critical stage before mass production and undergoing road tests [3] - The intelligent driving base model employs an end-to-end + VLA architecture, focusing on self-research to enhance computational capabilities and user experience in smart driving [3] - The company is optimistic about its forward-looking AI layout and capabilities in the broader AI field [3] Group 3: Channel Expansion and Market Position - The company is actively adjusting its channel strategy by optimizing store combinations in first to third-tier cities and migrating inefficient stores [4] - Plans include expanding into fourth and fifth-tier cities through a lightweight "Star Store" model to shorten opening cycles and reduce investment [4] - Management expressed confidence in enhancing product SKU and configuration strategies to ensure faster product iteration and maintain a leading position in the industry by 2026 [4]