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$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

[Li Auto (LI US, BUY, TP US$22) TP Change]: Expanding Outside of SUV Is Still the US$mn Question

[Blue Lotus Transportation Sector Update]: Consolidation by BYD, LI and Huawei Continue

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's (LI) share surged 13% on photos released on its official Weibo of a BEV SUV slated for release in April, two months ahead of our expectation. </li>
<li>Based on information released, we dialed up LI's BEV forecast from 73K to 106K for 2025, contributing 20% of revenue instead of 15%. </li>
<li>We raise LI's TP from US$22 to US$25 but keep at SELL.</li>
</ul>


Li Auto's (LI) share surged 13% on photos released on its official Weibo of a BEV SUV slated for release in April, two months ahead of our expectation. 
Based on information released, we dialed up LI's BEV forecast from 73K to 106K for 2025, contributing 20% of revenue instead of 15%. 
We raise LI's TP from US$22 to US$25 but keep at SELL.


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