智通财经网·2025-11-27 01:23Core Viewpoint - Company maintains an "outperform" rating for Li Auto-W (02015) despite lowering 2025/26 Non-GAAP profit forecasts by 66% and 30% to 2.6 billion and 9.8 billion respectively, due to MEGA recall losses and increased market competition [1][2] Group 1: Financial Performance - 3Q revenue reported at 27.37 billion, with a Non-GAAP net loss of 360 million, falling short of market expectations [2] - In 3Q, the company delivered a total of 93,211 vehicles, with revenue of 27.37 billion, impacted by one-time MEGA recall costs [3] - The gross margin, accounting for the recall, was stable at 20.4%, while the automotive gross margin was 19.8% [3] Group 2: Strategic Initiatives - The company is undergoing a strategic review to address organizational, R&D, and product issues, aiming to enhance product differentiation and accelerate international expansion [4] - CEO Li Xiang emphasized a return to a startup management model, focusing on user value and efficiency, while expanding beyond purely electric vehicles to include intelligent service terminals [5]