花旗：Li Auto (LI.O)_ Li Auto 更新 (9 月版)

Investment Rating - The investment rating for Li Auto is Neutral, with a target price of US $29.60, indicating an expected share price return of 9.4% [2][4]. Core Insights - Li Auto has increased car purchase incentives across all series by the end of September, with notable month-over-month increases of 3% for L6, 24% for L7, 70% for L8, and 5% for L9, resulting in cash incentives of Rmb14.1k, Rmb13.6k, Rmb13.6k, and Rmb13.6k respectively [1]. - The company is expected to face intensified competition starting in 2024, which may impact its performance, particularly as it differs from competitors like BYD that have a dominant cost advantage [4]. - The valuation is based on a 1.0x PEG valuation for 2025, reflecting a projected 22% compound annual growth rate (CAGR) in net profit from 2025 to 2027 [4]. Summary by Sections Incentives Update - By the end of September, Li Auto's incentives increased significantly, with Mega seeing a 61% month-over-month increase to Rmb15.5k, while cash incentives were reduced by Rmb1k to Rmb7.6k [1]. Valuation - The target price for Li Auto is set at US$ 29.60, based on a conservative PEG valuation of 1.0x, considering the expected competition and cost advantages of rivals [4]. Market Capitalization - Li Auto's market capitalization is reported at US$28.7 billion [2].