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<Research>Citi Lowers Earnings Forecast for LI AUTO-W Despite In-Line 1Q26 Guidance
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LI AUTO-W (02015.HK) has announced a net profit of RMB20 million for 4Q25, which fell short of the market consensus expectation of RMB140 million, according to a report from Citi. The carmaker's sales guidance for 1Q26 is between 85,000 and 90,000 units, meeting expectations, with total revenue ranging from RMB20.4 billion to RMB21.6 billion, implying a 9% QoQ decline in the average vehicle selling price to RMB227,000, the high end of the guidance. During the 4Q25 earnings briefing and follow-up activities, LI AUTO-W's management disclosed a sales growth target of over 20% for 2026, with a full-year vehicle gross margin of 15%. Citi has lowered its 2026-27 net profit forecasts for the carmaker to reflect the reduced gross margin forecasts and the increased operating expense assumptions. Citi has kept a Neutral rating on LI AUTO-W, with a target price of RMB72.7. AAStocks Financial News |
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