理想汽车 - 第四季度业绩喜忧参半；新的纯电动汽车和海外战略让我们持建设性态度

Asian Autos Li Auto Inc 14 March 2025 Eunice Lee, CFA +852 2123 2606 eunice.lee@bernsteinsg.com Mika Fu +852 2166 4805 mika.fu@bernsteinsg.com Frankie Fong +852 2123 2637 frankie.fong@bernsteinsg.com Li Auto: Q4 results mixed; New BEVs and Overseas strategy keep us constructive Q4 saw mixed results — vehicle margin miss, operating margin strong. Q4 revenue reached RMB 44.3bn, up 6.1% yoy and 3.3% qoq. Sales volume arrived at 158.7 units, up 20.4% yoy and 3.8% qoq. ASP declined to RMB 268.7k, -12.3% yoy and ...