智通财经网·2025-11-27 08:04Core Viewpoint - Goldman Sachs has issued a "Buy" rating for Li Auto-W (02015) with a target price of HKD 120, following the company's third-quarter performance report which showed mixed results [1] Financial Performance - Total revenue exceeded expectations by 6%, while gross profit fell short by 13% due to high operating expenses, leading to operating profit not meeting forecasts [1] - Excluding recall costs, the company's gross profit was approximately RMB 5.571 billion, which was 8% higher than Goldman Sachs' expectations [1] - Operating loss was RMB 76 million, which was 170% lower than Goldman Sachs' forecast [1] Future Guidance - The guidance for revenue and delivery volume for Q4 2025 aligns closely with expectations, with projected revenue between RMB 26.5 billion and RMB 29.2 billion, and a midpoint that is 1% higher than Goldman Sachs' forecast [1] - Projected vehicle sales are between 100,000 and 110,000 units, with a midpoint that is 1% lower than Goldman Sachs' expectations [1]