4Q23 results set the tone for resilient FY24

M N 27 Feb 2024 CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US) 4Q23 results set the tone for resilient FY24 Target Price US$48.00 Maintain our top pick. Li Auto’s strong beat in 4Q23 GPM led to an all-time (Previous TP US$45.00) high operating margin of 7.3%. Its FY23 net margin of 9.5% was also much Up/Downside 37.9% higher than its guidance of 5% in mid-2023. Management has also provided a Current Price US$34.80 clear path to achieve its FY24 sales target and is s ...