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<Research>BofAS Keeps Neutral on LI AUTO-W; 4Q25 Net Income Beats, But Profit Margin Pressure Likely to Persist
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LI AUTO-W (02015.HK)'s 4Q25 sales dropped by 35% YoY but grew by 5% QoQ to RMB28.8 billion, while its sales volume also fell by 31% YoY but rose by 17% QoQ to 109,000 units, according to a research report from BofA Securities. The automotive gross margin reached 16.8%, down 2.9 ppts YoY but up 1.3 ppts QoQ, mainly affected by product mix changes and the recall of the Li Mega in 3Q25. During the period, LI AUTO-W's non-GAAP net income amounted to RMB261 million, exceeding the expectations of BofA Securities and the market, compared to RMB4 billion net income in the same period of the previous year and a net loss of RMB360 million in the previous quarter. BofA Securities has kept its target price for LI AUTO-W at HKD86. Given the pressure on its profit margins, the broker has reiterated a Neutral rating on the carmaker. AAStocks Financial News |
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