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

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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 decision to push out its BEV launch to 2025 is a delay of multi-faces at a time when China’s EV market is chaotically.</li>
<li>We keep rating @BUY because LI still possesses the SUV niche, enjoys a healthy margin and have ample cash. </li>
<li>We cut TP from US$40 to US$25 and maintain BUY.</li>
</ul>


LI Auto’s decision to push out its BEV launch to 2025 is a delay of multi-faces at a time when China’s EV market is chaotically.
We keep rating @BUY because LI still possesses the SUV niche, enjoys a healthy margin and have ample cash. 
We cut TP from US$40 to US$25 and maintain BUY.


[Li Auto (LI US, BUY, TP US$25) TP Change]: Delaying BEV Is the Wrong Approach to Competition