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<Research>CLSA Rates LI AUTO-W at Outperform with TP HKD140; Profit Margin Shows Resilience
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LI AUTO-W (02015.HK) has announced its full-year results for the period ending December 2025, with 4Q25 net profit attributable to shareholders/ adjusted net profit at RMB6.5 million/ RMB260 million, meeting market expectations for modest quarterly earnings and driving the company to return to profitability, according to a report from CLSA.

In LI AUTO-W's estimate, delivery volume for 1Q26 will reach 85,000-90,000 units, though profit margins are expected to be pressured by rising raw material costs and sluggish sales. With the launch of the L9 Livis in 2Q26, however, the carmaker's profit margins are likely to improve.

Related NewsDaiwa: LI AUTO-W 4Q25 Print Weak; Efficiency Expected to Improve After Strategy Adjustment; Buy Still Recommended
CLSA has set its target price for LI AUTO-W at HKD140, with an Outperform rating.
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