＜Research＞BOCI Cuts LI AUTO TP to $175, Focuses on Post-holiday Order Intake Durability

　　LI AUTO-W (02015.HK) -1.800 (-1.645%) Short selling $340.99M; Ratio 22.010% 's order bookings recovered significantly since late April, thanks to the launch of L6 and rapid adjustments to its marketing strategy, BOCI issued a research report saying. BOCI expected deliveries to return to 35,000 to 40,000 units in May, but it will take time to get back to 50,000 units.

　　BOCI lowered its 2024/ 2025 non-GAAP net profit forecasts for LI AUTO-W by 25-30% to RMB13.7 billion/ RMB17.3 billion. Considering the visibility of the pace of order recovery and the polarization of market expectations, it is estimated that the Company's valuation will still face greater volatility in the near term.

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　　However, in the long run, BOCI remains optimistic about the Company's unique product philosophy, strategic positioning in the premium market and its ability to respond quickly to operational challenges. Therefore, BOCI kept rating at Buy, and cut its target price to $175, suggesting investors to focus on the sustainability of order recovery after the holiday.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-08 16:25.)

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