CMB International has released a research report indicating that Li Auto-W (02015) delivered second-quarter results broadly in line with expectations. However, the company's third-quarter guidance appeared weaker than anticipated, with a structural shift lowering the midpoint of its gross margin. Consequently, the brokerage has trimmed its price target from HK$62 to HK$47, while keeping a "Hold" rating on the stock.

The firm has revised its 2026 sales forecast for the company downward by 12% to 414,000 units, projecting a full-year net loss of RMB 4.298 billion. For 2027, sales estimates have been cut by 11% to 500,000 units, and considering a reset in the gross margin baseline, the net profit forecast has been reduced by 33.7% to RMB 2.753 billion. The new price target is based on 30 times the projected 2027 price-to-earnings ratio.