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<Research>UOB Kay Hian Trims LI AUTO-W (02015.HK) TP to $70 as 1Q Results Miss
Recommend 9 Positive 8 Negative 9 |
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LI AUTO-W (02015.HK)'s 1Q24 results missed expectations, representing a YoY turnaround to operating loss, UOB Kay Hian released a research report saying. Net profit dropped 36% YoY/ 90% QoQ to RMB593 million, due to price cuts. UOB Kay Hian expected its product prices and margins to decline further between 2024 and 2026, mainly due to the overpricing of extended-range (ER) EVs and the intensifying price war in China's EV industry. UOB Kay Hian slashed its 2024-2026 earnings forecasts by 39%/ 44%/ 47% respectively, and kept rating at Sell. UOB Kay Hian also trimmed its target price on LI AUTO-W's H-shares from $85 to $70. AAStocks Financial News |
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