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<Research>CMSI: LI AUTO-W (02015.HK) Fundamentals Mixed; Rating Kept at Neutral
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Positive
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LI AUTO-W (02015.HK)'s 4Q25 results missed expectations as weaker product mix and industry competition weighed on ASP and profit margins, CMSI published a research report saying.

On the positive side, the Company maintained its full-year sales growth target, guiding for over 20% YoY sales growth this year, with continuous upgrades in technology pathways and the deployment of embodied intelligence.

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However, the negative factors include product line replacement, with short-term pressure on sales and profits, as well as cost pressures from rising prices of core components such as batteries and storage.

Therefore, the broker kept rating at Neutral and target prices for LI AUTO-W's H-shares/ US stock at $74/ US$19, corresponding to a 1.1x PB ratio for 2026.

The latest ratings and target prices of the sector are listed in a separate table.

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