Goldman Sachs: Maintains a "buy" rating on Li Auto Inc, with the target price lowered to 140 Hong Kong dollars.
Goldman Sachs released a research report stating that Li Auto Inc (02015) exceeded expectations in the third quarter of this year, but remains conservative on the delivery volume and total revenue of vehicles in the fourth quarter. The delivery volume announced in October was 51,443 vehicles. Considering the weak sales volume of Li Auto in October, Goldman Sachs lowered its net profit forecast for 2024-2026 by 4%-5%. Based on DCF valuation, the target price was lowered by 5% to HK$140. Maintaining a "buy" rating. The report indicates that the management believes the government's policy of replacing old cars with new ones is effective, so they do not intend to adopt aggressive sales policies in the fourth quarter, hence the guidance on sales volume is relatively conservative.
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