港股“子”曰 | 股价创近三年新低 理想汽车最近很不“理想”

Core Viewpoint - Li Auto's stock has significantly declined, reaching a new low since November 2022, with a maximum drop of 64% from its peak in August 2023 [1][3]. Group 1: Stock Performance - Li Auto's stock price fell by 2.8% yesterday and continued to decline today, hitting 66.5 HKD [1]. - The stock peaked at 185.50 HKD in August 2023, but has since dropped significantly, reflecting a cumulative decline of 64% [1]. - Over the past two years, Li Auto's stock fell by 36% last year and has already exceeded a 29% decline this year [1]. Group 2: Financial Performance - In Q3 2023, Li Auto reported revenue of 27.4 billion CNY, maintaining a leading position, but this represents a year-on-year decline of 36.2% [3]. - The company experienced a net loss of 624 million CNY in Q3 2023, a significant shift from a profit of 2.8 billion CNY in the same period last year, marking its first quarterly loss in three years [3]. Group 3: Competitive Landscape and Challenges - The competitive environment has intensified with the emergence of rivals like AITO, Leapmotor, and Lantu, diminishing Li Auto's previous advantages [4]. - Li Auto faces challenges with aging models and a lack of new offerings, despite the introduction of the new "i" series, which has not yet achieved scale [4]. - Customer loyalty is at risk as the company struggles to maintain service quality compared to three years ago, amid increasing competition from new brands [4]. Group 4: Strategic Outlook - Li Auto is currently in a challenging "gear-shifting" period, with stock price declines reflecting market disappointment in short-term performance and concerns over strategic transitions [4]. - The company's ability to regain investor confidence will depend on its effectiveness in executing strategies and navigating fierce market competition [4].