Zhi Tong Cai Jing·2026-02-10 02:35Core Viewpoint - UBS reports that Li Auto-W (02015) currently has an attractive valuation level, trading below 95% of its historical valuation since its listing, with net cash accounting for about two-thirds of its market value, indicating a very pessimistic market sentiment [1] Group 1: Valuation and Market Sentiment - Li Auto's current trading valuation is below 95% of the time since its IPO, reflecting a significant market pessimism [1] - Net cash represents approximately two-thirds of the company's market value, highlighting the financial strength amidst negative sentiment [1] Group 2: Product Launch and Growth Potential - The new generation L9 is set to be launched in the second quarter, with the flagship L9 Livis priced at 559,800 RMB [1] - UBS believes that market sentiment is likely to improve gradually leading up to the official launch, which will enhance visibility on other model updates [1] - The flagship SUV L9 is expected to drive growth acceleration from a low base in 2025 [1] Group 3: Competitive Positioning - Despite facing challenges from rising commodity costs, the company is expected to demonstrate more resilience than most peers due to its high-end positioning and profit buffer [1] - UBS reiterates that now is an appropriate time to refocus on the stock given its high risk-reward attractiveness [1]