Core Viewpoint - The company has adjusted the target prices for Li Auto (LI.US) to $26.4, indicating a potential upside of 17%, and for Li Auto-W (2015.HK) to HKD 102.6, indicating a potential upside of 16% while maintaining a "Buy" rating due to expected stable gross margins despite fluctuations in vehicle sales guidance for Q3 [1][2]. Group 1: Financial Performance - In Q2, the company's revenue reached RMB 30.2 billion, a year-on-year decrease of 5% but a quarter-on-quarter increase of 17% [2]. - The gross margin was 20.1%, with the automotive sales gross margin at 19.4%, reflecting a year-on-year increase of 0.7 percentage points and a quarter-on-quarter decrease of 0.3 percentage points, indicating relative stability [2]. - The company has provided a Q3 delivery guidance median of 92,500 vehicles, with a revenue median of RMB 25.5 billion, representing a year-on-year decline of nearly 40% and a quarter-on-quarter decline of about 16% primarily due to fluctuations in L-series sales [2]. Group 2: Strategic Initiatives - The company is actively adjusting and optimizing its sales strategy, including direct management from headquarters, localized approaches, and penetrating lower-tier markets to boost sales motivation [2]. - An investment of RMB 6 billion in artificial intelligence is anticipated this year, with the VLA large model expected to be integrated into the AD MAX model via OTA updates in September [2]. - The company expects cumulative deliveries of the i8 model to reach 8,000-10,000 units by the end of September, with the i6 model set to launch [2]. Group 3: Valuation - The company employs a sum-of-the-parts valuation method, using price-to-sales ratios of 1.6x for automotive sales and 0.9x for other revenues, leading to a target price of $26.4 for Li Auto (LI.US) and HKD 102.6 for Li Auto-W (2015.HK) [3].

德意志银行研报称，理想汽车的股价疲软可能是一个买入该股的好机会，投资者的注意力应会转向该公 司料将于9月发布的面向大众市场的i6车型。该行分析师将该公司股价近期的下跌归因于市场对新推出 的i8订单流的担忧。德意志银行指出，8月初理想汽车的全国周新增订单环比下降约29%。社交媒体上 关于该公司与安全相关的广告宣传活动的负面评论，以及高端电动SUV市场相对较小，可能导致了订单 的环比下降。不过，这些因素可能只是暂时的，德意志银行预计理想汽车的新订单流将从月底开始回 升。 本文源自：金融界AI电报 ...