Zhi Tong Cai Jing·2025-11-27 08:03Core 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 which exceeded revenue expectations but fell short on gross profit due to high operating expenses [1] Financial Performance - Li Auto's total revenue for the third quarter was 6% higher than expected [1] - Gross profit was 13% lower than anticipated, primarily due to elevated operating expenses [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 [1] - Revenue is projected to be between RMB 26.5 billion and RMB 29.2 billion, with the midpoint being 1% higher than Goldman Sachs' forecast [1] - Vehicle sales are expected to range from 100,000 to 110,000 units, with the midpoint being 1% lower than Goldman Sachs' expectations [1]