Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>Citi Drops LI AUTO-W (02015.HK) TP to $113.8, Cuts 2024/25 Net Profit Forecasts
Recommend 12 Positive 18 Negative 25 |
||||
|
||||
|
Citi Research updated its assessment of LI AUTO-W (02015.HK) in a recent report. The broker axed its net profit forecast on the automaker for 2024/25/26 by 38-51% to RMB6.7 billion, RMB7.7 billion and RMB12.1 billion respectively. Citi believed market headwinds will continue into next year, but the company's customer penetration, cash flow and cash position are relatively strong compared to other new entrants in the new energy vehicle market. The company is also considered to be better positioned with its new battery EV product cycle. Citi chopped its target price on LI AUTO H-shares from $167.6 to $113.8, which is equivalent to the 34x 2024 and 30x 2025 projected P/E ratios respectively. The broker maintained its Buy rating. Citi also lowered its annual sales forecasts for LI AUTO during 2024/25/26 from 570,000, 690,000 and 760,000 units to 480,000, 560,000 and 645,000 units respectively, as the broker's industry check revealed a notable drop in orders after the Labour Day Golden Week, while the launch of LI AUTO's new battery EV is delayed. Both of these factors are expected to affect sales performance in 2H24. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
