Core Viewpoint - The report from CMB International maintains a target price of HKD 80.84 for Li Auto-W (02015) and a "Neutral" rating, highlighting challenges faced in Q3 due to recalls and supply chain bottlenecks impacting short-term recovery [1] Group 1: Financial Performance - Li Auto reported a loss in Q3, primarily due to the impact of vehicle recalls [1] - The company is expected to launch a major upgrade of the L series next year, which may influence future financial performance [1] Group 2: Strategic Initiatives - Management has indicated plans to increase strategic investments in embodied intelligence and autonomous driving technologies [1] - The integration of self-developed M100 chips with an end-to-end AI system is aimed at enhancing product competitiveness [1] Group 3: Market Outlook - The recovery of Li Auto's stock price is contingent on the resolution of supply chain issues in Q4 and the actual sales realization from the ramp-up of i6/i8 production capacity [1] - The potential for increased market share in the extended-range vehicle segment will depend on the success of the L series upgrade next year [1] - The introduction of tangible AI and embodied intelligence products next year could positively impact the company's stock price [1]

研究报告 Research Report 27 Nov 2025 理想汽车 Li Auto (2015 HK) 一次性召回扰动短期表现，组织架构回归创业式管理 Temporary Recall Impact on Near-Term Performance; Organizational Shift Back to Startup-Style Management [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$71.70 目标价 HK$81.34 HTI ESG 4.5-1.9-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$127.99bn / US$16.45bn 日交易额 (3 个月均值) US$190.06mn 发行股票数目 1,785mn 自由流通股 (%) 66% 1 年股价最高最低值 HK$128.70-HK$68.65 注：现价 HK$71.70 为 2025 年 ...