Lyon: Liu Auto-W (02015) is rated "outperform the market" with a target price of HK$115.

Lyon released a research report, giving LI AUTO-W (02015) an "outperform the market" rating with a target price of 115 Hong Kong dollars. After Ideal Auto released the first official image of its pure electric SUV model i8, the stock price continued to rise, exceeding 13% by the relevant time. Lyon pointed out that Ideal Auto released the first official image of its pure electric SUV model i8, featuring a "bullet head" design similar to MEGA, and the rear of the car is more similar to Ideal L9. The bank believes that both the timing of the SUV i8 launch and the vehicle design exceed market expectations. Due to multiple delays in the release of the pure electric SUV and some images being leaked ahead of time market expectations for the i series were low. Lyon pointed out that the earlier leaked images were different from the official ones, especially in the rear of the vehicle, which aligns more with mainstream aesthetic preferences. Therefore, the bank believes that the sales prospects for the i series are more visible.