China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Li Auto Inc. (LI US, SELL, TP US$25) Target Price Change]: Three BEV SUV Exposed Ahead of Schedule

[Li Auto Inc. (LI US, SELL, TP US$20) Target Price Change]: Still No Convinced on a 2025 Turnaround

[Li Auto (LI US, SELL, TP US$25) TP Change]: Excellence Under Pressure but Challenge Still Loom Big

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Li Auto (LI) reported mixed results with C1Q25 revenue (2.9%)/2.5% vs. our est./cons., and non-GAAP net income (11%)/(3.7%) vs. our est./cons.. </li>
<li>We see two negatives going forward: (1) renewed price promotion started in March, (2) cautious remarks regarding prospects of BEV SUV launch in July. </li>
<li>We maintain SELL on LI and TP of US$20 on cautious outlook.</li>
</ul>


Li Auto (LI) reported mixed results with C1Q25 revenue (2.9%)/2.5% vs. our est./cons., and non-GAAP net income (11%)/(3.7%) vs. our est./cons.. 
We see two negatives going forward: (1) renewed price promotion started in March, (2) cautious remarks regarding prospects of BEV SUV launch in July. 
We maintain SELL on LI and TP of US$20 on cautious outlook.


[Li Auto Inc. (LI US, SELL, TP US$20) Earnings Review]: Key Question Is Still the New Model Launches