Zhi Tong Cai Jing·2025-11-27 07:39Core 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 - The company reported a net loss of RMB 630 million in Q3, with an adjusted loss of RMB 360 million, marking a disappointing shift from previous profitable quarters [1] - The anticipated total revenue for Q4 2025 is projected to be between RMB 26.5 billion and RMB 29.2 billion, reflecting a year-on-year decline of 40.1% to 34.2% [1] Product and Market Dynamics - The launch 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] - Despite the challenges, the average selling price and adjusted gross margin have improved due to a better product mix, which is expected to support a rebound in profitability by 2026 [1] Sales Guidance - Li Auto's sales guidance for Q4 2025 is set at 100,000 to 110,000 units, indicating a strategic focus on growth through the I series [1]