Ge Long Hui·2025-11-28 19:58Core Viewpoint - Li Auto reported its Q3 2025 financial results, showing a significant decline in revenue and a net loss due to the impact of the MEGA recall [1] Financial Performance - Q3 2025 revenue reached 27.4 billion yuan, down 36% year-on-year and down 10% quarter-on-quarter [1] - The company sold 93,000 vehicles in Q3 2025, a decrease of 39% year-on-year and 16% quarter-on-quarter [1] - The net profit attributable to shareholders was -620 million yuan, a decline of 3.4 billion yuan year-on-year and 1.7 billion yuan quarter-on-quarter [1] - The gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year and 3.7 percentage points quarter-on-quarter [1] Product and Market Strategy - The launch of the Li Auto i6, priced from 249,800 yuan, has received over 70,000 orders, indicating strong market performance despite production constraints [1] - The company plans to implement a dual-supplier model for i6 batteries starting in November, with production expected to ramp up to 20,000 units per month by early 2026 [1] Future Development Plans - The company is focusing on its second decade development plan, emphasizing organization, product, and technology improvements [2] - Plans include upgrading the VLA architecture by the end of this year and launching the M100 chip-based AI system by 2026 [2] Investment Outlook - The company is currently in a weak operational cycle but maintains strong management and R&D capabilities, positioning itself for future growth in the AI sector [3] - Sales forecasts for 2025-2027 have been revised down to 400,000, 560,000, and 650,000 vehicles, respectively, along with revenue and net profit adjustments [3] - A target price range of 81.27 to 97.52 HKD is set for 2026, reflecting a market capitalization of 174 billion to 208.8 billion HKD, with an upside potential of 12-34% [3]