China Specialist, Auto and Industrial Specialist

Victoria Li

Equity Bottom-Up

<ul>
<li>First quarterly profit in 4Q'22 (first amongst the 3 main emerging brands) has raised expectations of full year profitability in '2023</li>
<li>Launch of BEV will increase production, R&amp;D, platform depreciation and marketing costs</li>
<li>Despite our expection of revenues doubling y/y in '23, profitability may not increase accordingly</li>
</ul>


First quarterly profit in 4Q'22 (first amongst the 3 main emerging brands) has raised expectations of full year profitability in '2023
Launch of BEV will increase production, R&amp;D, platform depreciation and marketing costs
Despite our expection of revenues doubling y/y in '23, profitability may not increase accordingly


Li Auto: First Quarterly Profit, Route to Sustained Annual Profits Will Be Harder

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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