智通财经网·2025-11-28 03:17Core Viewpoint - Li Auto's recent sales have been under pressure due to factors such as the MEGA recall and the switch in battery suppliers, leading to a conservative sales guidance for Q4 and a downward revision of revenue expectations for 2025 to 2027 [1] Group 1: Financial Performance - Li Auto's Q3 2025 revenue was 27.4 billion RMB, a year-on-year decline of 36% [1] - Automotive sales revenue was 25.9 billion RMB, down 37% year-on-year, primarily due to weaker quarterly deliveries [1] - Non-GAAP net loss was 360 million RMB, turning to a loss both year-on-year and quarter-on-quarter; however, if excluding the MEGA recall event, the gross margin could reach 20.4% [1] Group 2: Future Outlook - The company has revised its revenue expectations for 2025, 2026, and 2027 to 111.6 billion, 122 billion, and 136.8 billion RMB, respectively, representing downward adjustments of 14%, 28%, and 33% [1] - The target price for Li Auto is set at 81.34 HKD, based on a 1.3x price-to-sales ratio for 2026, maintaining a "neutral" rating [1] Group 3: Product Development and Market Strategy - Li Auto has initiated deliveries of the i6/i8 pure electric models, creating a complementary effect in the mainstream and high-end family electric vehicle market, providing a more stable growth foundation for its electric vehicle business [2] - The i-series has seen a significant increase in penetration in core domestic regions, with rapid order growth in September [2] - To address supply chain constraints, the company will introduce a dual-supplier system for the i6 starting in November, with plans to enhance monthly production capacity to 20,000 units by early next year [2]