Zhi Tong Cai Jing·2026-03-13 03:25Core Viewpoint - Daiwa has issued a "Buy" rating for Li Auto-W (02015), anticipating that the company's strategic adjustments last year will enhance efficiency, although it believes the company still needs time to capitalize on growth opportunities in embodied artificial intelligence [1] Financial Performance - In Q4 2025, Li Auto's performance was weak, primarily due to a decline in delivery volume and increased R&D expenses, with revenue at 28.8 billion RMB, a year-on-year decrease of 35% but a quarter-on-quarter increase of 5% [1] - Adjusted non-GAAP net profit for the same quarter was 261 million RMB, a significant year-on-year drop of 94% and a quarter-on-quarter decline of 172% [1] - For the full year, revenue decreased by 22% to 112 billion RMB, while adjusted non-GAAP net profit fell by 78% to 2.4 billion RMB [1] Future Projections - Management expects Q1 2026 delivery volume to be between 85,000 and 90,000 units, representing a year-on-year decline of 3% to 8.5% [1] - Total revenue for Q1 2026 is projected to be between 20.4 billion and 21.6 billion RMB, reflecting a year-on-year decrease of 17% to 21% [1] - The target for 2026 is to achieve a year-on-year sales growth of over 20% [1]