Citi Maintains Li Auto-W at "Neutral" with HK$72.7 Target Price

In a research note, Citigroup highlighted that Li Auto-W (02015.HK) disclosed during its latest earnings briefing and follow-up investor meetings that it targets sales growth of over 20% in 2026, with an expected full-year vehicle gross margin of 15%. Citi has accordingly lowered its net profit forecasts for the company in 2026 and 2027, citing a downward revision in gross margin expectations and higher assumptions for operating expenses. Nevertheless, the bank noted that Li Auto’s first-quarter guidance aligns with market expectations and thus maintained its "Neutral" rating and HK$72.70 price target on the stock.