According to the report from Zhitong Finance APP, Goldman Sachs released a research report stating that Li Auto Inc. (02015) exceeded expectations in the third quarter of this year. However, they hold a conservative attitude towards the delivery volume and total revenue of vehicles in the fourth quarter, with the delivery volume announced in October being 51,443 vehicles. Considering the weak sales volume of Li Auto Inc. in October, Goldman Sachs has lowered its net profit forecast for 2024-2026 by 4%-5%. Based on the DCF valuation, the target price has been lowered by 5% to 140 Hong Kong dollars. The 'buy' rating is maintained.

The report indicates that the group's management believes that the government's policy of replacing old vehicles with new ones is currently effective, so they do not plan to adopt aggressive sales policies in the fourth quarter. Therefore, the sales volume guidance is relatively conservative. However, due to the continuous reduction in supply chain costs, improvement in part production and factory efficiency, the management expects the automotive gross margin for the fourth quarter of this year and 2025 to exceed 20%.

In addition, Li Auto Inc. has made significant improvements in autonomous driving performance this year and plans to further update users by the end of the year, which will continue to drive the production mix of the Max version. Information on the company's launch of pure electric vehicles (BEV) is limited, but the management's target is to double the sales volume of new energy vehicles (NEV) with overall sales of over 0.2 million RMB in 2025, with an expected growth rate of 15%-20%. This implies a sales growth rate of 30%-40% for Li Auto Inc.