Zhao Yin International: Downgraded the target price of LI AUTO-W (02015) to HKD 47, maintaining a "Hold" rating.

Zhaoyin International released a research report stating that LI AUTO-W (02015) delivered overall performance in line with expectations for the second quarter. However, the guidance for the third quarter is weaker, and the gross margin center is structurally declining. The target price has been revised down from HKD 62 to HKD 47, maintaining a "Hold" rating. The bank has cut its sales forecast for the company in 2026 by 12% to 414,000 units, expecting a net loss of RMB 4.298 billion for the year. The 2027 sales forecast was reduced by 11% to 500,000 units, and considering the reset of the gross margin baseline, the net profit forecast has been lowered by 33.7% to RMB 2.753 billion, with the target price corresponding to 30 times the projected 2027 price-to-earnings ratio.