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 (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

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

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 C3Q24 top line, non-GAAP operating profit and GAAP net income 2.0%, 68% and in line vs. our estimates. </li>
<li>We expect LI’s share price to be range bound until its BEV SUV to debut in C2Q25. Facing a crowded market</li>
<li>We raise TP from US$22 to 25 but keep rating at SELL.</li>
</ul>


LI Auto (LI) reported C3Q24 top line, non-GAAP operating profit and GAAP net income 2.0%, 68% and in line vs. our estimates. 
We expect LI’s share price to be range bound until its BEV SUV to debut in C2Q25. Facing a crowded market
We raise TP from US$22 to 25 but keep rating at SELL.


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