理想汽车-费用高企及一次性召回成本导致 EBIT 不及预期；2025 年第四季度营收及销量指引符合高盛预期

26 November 2025 | 7:11PM CST Equity Research Li Auto Inc. (LI): 3Q25 First Take: EBIT miss on higher opex and one-time recall cost, 4Q25E revenue/volume guidance in line with GSe Li Auto reported 3Q25 result – total revenue beat by 6%, gross profit missed by 13% (but 8% above GSe if excluding one-time recall cost of around Rmb1.1bn from MEGA), and operating profit missed on higher opex. If excluding the impact from related recall cost, we see gross profit was around Rmb5,571mn (+8% vs. GSe) and operating l ...