智通财经网·2025-11-27 07:37Core Viewpoint - CITIC Securities has issued a report rating Li Auto-W (02015) as "Outperform" with a target price of HKD 140, highlighting disappointing financial performance in Q3 due to recall costs and weak sales [1] Financial Performance - In Q3, Li Auto reported a net loss of RMB 630 million, with an adjusted loss of RMB 360 million, marking a significant decline from previous quarters of profitability [1] - The report indicates that the recall costs associated with the "Mega" model and sluggish sales were the primary factors contributing to the losses [1] Product and Sales Outlook - The introduction of new electric vehicle models "i6" and "i8" is expected to drive additional sales, although the core L series products are under pressure due to intense competition [1] - Average selling price and adjusted gross margin have improved due to better product mix, which is anticipated to support a rebound in profitability by 2026 [1] Future Projections - CITIC Securities forecasts that with the continued growth of the I series, Li Auto's sales guidance for Q4 2025 is projected to be between 100,000 to 110,000 units, with total revenue guidance ranging from RMB 26.5 billion to RMB 29.2 billion, reflecting a year-on-year decline of 40.1% to 34.2% [1]