盈利阶段性承压，产品周期与技术投入支撑中长期发展 Near-Term Earnings Under Pressure; Product Cycle and Technology Investment Support Long-Term Growth [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 HK$69.90 目标价 HK$83.29 HTI ESG 4.5-1.9-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$126.36bn / US$16.14bn 日交易额 (3 个月均值) US$101.64mn 发行股票数目 1,808mn 自由流通股 (%) 66% 1 年股价最高最低值 HK$124.50-HK$61.85 注：现价 HK$69.90 为 2026 年 03 月 16 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -3.3% 3.5% - ...

Investment Rating - The report maintains a "Buy" rating for Li Auto [1][2][11] Core Insights - Li Auto's Q4 2025 net profit was 0.2 million yuan, down 99% year-on-year and down 103% quarter-on-quarter. Despite this, the company is actively promoting organizational changes and has a strong focus on smart technology, leading to the decision to maintain the "Buy" rating [2][11] Financial Summary - Total revenue for 2025 is projected at 112.3 billion yuan, a decrease of 22% year-on-year. The net profit is expected to be 1.124 billion yuan, down 86% year-on-year. For Q4 2025, revenue is estimated at 28.8 billion yuan, a decline of 35% year-on-year but an increase of 5% quarter-on-quarter [5][11] - The company plans to adjust its revenue forecasts for 2026 and 2027 to 138.7 billion yuan and 165.8 billion yuan, respectively, while introducing a new revenue forecast for 2028 at 183.0 billion yuan [11] - The report estimates a target price of 79.97 HKD based on a 1.1x PS ratio for 2026 [11] Delivery and Product Strategy - In Q4 2025, Li Auto delivered 109,000 vehicles, a decrease of 31% year-on-year but an increase of 17% quarter-on-quarter. The company expects to deliver between 85,000 to 90,000 vehicles in Q1 2026, a year-on-year decrease of 8.5% to 31% [11] - The company is set to launch the new Li Auto L9 in Q2 2026, which features advanced technology aimed at enhancing user experience and driving sales recovery [11] Organizational Changes - Li Auto has introduced a partner system for its stores to enhance operational efficiency and improve sales management. This initiative aims to address previous issues related to store selection and performance [11]

理想汽车（2015.HK）系列点评十 2025 整装待发 2026 新车+智驾具身智能加速 glmszqdatemark 邮箱：cuiyan@glms.com.cn 邮箱：peiwx@glms.com.cn 事件：公司发布 2025Q4 及 2025 年度财报：2025 年全年收入为 1,123.1 亿元， 同比-22.3%，2025Q4 收入 287.8 亿元，同环比分别为-35.0%/+5.2%。2025 年 全年归母净利润为 11.4 亿元，同比-85.8%，2025Q4 归母净利润为 0.2 亿元， 同比为-99.4%，环比转正。2025 年全年 non-GAAP 归母净利润为 24.0 亿元， 同比-77.5%，2025Q4 non-GAAP 归母净利润为 2.7 亿元，同比为-93.2%，环 比转正。 营收及交付量环比改善 i8 及 i6 起量明显 营收端：2025Q4 公司总营收为 287.8 亿元，同环比分别为-35.0%/+5.2%；其 中 2025Q4 汽车业务收入约为 272.5 亿元，同比/环比分别为-36.1%/+5.4%。 2025 年 Q4 车辆销售收入环比提升，主要受交付量增长 ...

理想汽车（2015.HK）系列点评十 2025 整装待发 2026 新车+智驾具身智能加速 glmszqdatemark 2026 年 03 月 16 日 [Table_Author] 分析师：崔琰 分析师：裴婉晓 执业证书：S0590525110023 执业证书：S0590524030001 邮箱：cuiyan@glms.com.cn 邮箱：peiwx@glms.com.cn 事件：公司发布 2025Q4 及 2025 年度财报：2025 年全年收入为 1,123.1 亿元， 同比-22.3%，2025Q4 收入 287.8 亿元，同环比分别为-35.0%/+5.2%。2025 年 全年归母净利润为 11.4 亿元，同比-85.8%，2025Q4 归母净利润为 0.2 亿元， 同比为-99.4%，环比转正。2025 年全年 non-GAAP 归母净利润为 24.0 亿元， 同比-77.5%，2025Q4 non-GAAP 归母净利润为 2.7 亿元，同比为-93.2%，环 比转正。 营收及交付量环比改善 i8 及 i6 起量明显 营收端：2025Q4 公司总营收为 287.8 亿元，同环比分别为-35.0% ...

证券研究报告 汽车 | 乘用车 港股|公司点评报告 hyzqdatemark 2026 年 03 月 15 日 证券分析师 李泽 SAC：S1350525030001 lize@huayuanstock.com 秦梓月 SAC：S1350525070008 qinziyue@huayuanstock.com 市场表现： | 基本数据 | 2026 | 年 | | | 日 | 03 | | 13 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 67.90 | | | | | | | 一年内最高/最低（港 | | | 128.10/61.15 | | | | | | | | 元） | | | | | | | | | | | 总市值（百万港元） | | | | | | | 138,602.85 | | | | 流通市值（百万港元） | | | | | | | 138,602.85 | | | | 资产负债率（%） | | | | 52.60 | | | | | | | 资料来源：聚源数据 | ...