Financial Modeling Prep·2025-11-28 21:03Core Viewpoint - US Tiger Securities has lowered its price target on Li Auto to $24 from $28 while maintaining a Buy rating, reflecting concerns over recent performance and strategic adjustments [1][2] Group 1: Financial Performance - Li Auto's deliveries fell 39% year-over-year to 93,211 units due to supply-chain constraints, a product-mix transition, and the impact of the MEGA recall [1] - Revenue dropped 36% year-over-year to RMB 27.4 billion, with gross margin contracting to 16.3%, or 20.4% excluding recall effects [1] Group 2: Strategic Outlook - The recent quarter is viewed as a "strategic reset," with positive signals noted in Li Auto's BEV strategy, expanding product pipeline, and improving AI capabilities [2] - Management has announced a return to a more entrepreneurial operating model, which is expected to enhance execution speed and product-cycle discipline into 2026 [2]