Zhi Tong Cai Jing·2025-11-27 02:11Core Viewpoint - The report from CICC maintains an "outperform" rating for Li Auto-W (02015), despite lowering the Non-GAAP profit forecasts for 2025 and 2026 by 66% and 30% to 2.6 billion and 9.8 billion respectively, due to MEGA recall losses and increased market competition [1][3] Financial Performance - In Q3, the company reported revenue of 27.37 billion, with a Non-GAAP net loss of 360 million, which was below market expectations [3] - The company delivered a total of 93,211 vehicles in Q3, with the pure electric models contributing to sales [3] - The gross margin, after accounting for the MEGA recall costs, remained stable, with comprehensive gross margins of 20.4% and 16.3% when including and excluding the recall impact, respectively [3] Strategic Initiatives - The company has initiated a strategic review to address organizational, R&D, and product issues, aiming to enhance product differentiation and accelerate international expansion while increasing AI investments [3] - The CEO emphasized a return to a startup management model, focusing on deep user engagement and efficiency improvements, while also expanding the product line beyond just electric vehicles to include intelligent service terminals [3]