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<Research>HSBC Research Cuts LI AUTO-W's TP to HKD118; Sales & Product Pricing Expected to Face Pressure
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LI AUTO-W (02015.HK) (LI.US) launched its new mid-to-large five-seater pure electric SUV, Li i6, at the end of last month, the strong performance of which is expected to power a sharp rebound in the company's 4Q25 sales, HSBC Global Research wrote in its report. While LI AUTO-W's core extended range electric vehicle (EREV) lineup, the L series, is facing market competition and a slowdown in segment growth, the company's US stock price has already dropped by 10% over the past four months, compared to a 14% surge in the S&P 500 during the same period, suggesting that the market has largely absorbed the impact. HSBC Global Research kept a Buy rating on LI AUTO-W, but it reduced the 2025-27 sales forecasts by 22-31% given the pressure on sales and pricing of the EREV lineup. Accordingly, the broker revised down its 2025-27 earnings forecast by 55%/ 42%/ 31%. LI AUTO-W's target price was cut from HKD142 to HKD118 for its H-shares and from USD36.5 to USD30.3 for its US shares. AAStocks Financial News |
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