Goldman Sachs issued a research report maintaining a "Buy" rating on Li Auto-W (02015) with a target price of HK$120. The company reported its Q3 results, with total revenue exceeding expectations by 6%. However, gross profit fell short of estimates by 13%, primarily due to higher operating expenses, leading to lower-than-expected operating profit.

Excluding recall-related costs, the company's gross profit would have been approximately RMB 5.571 billion, 8% higher than Goldman Sachs' forecast. Operating losses stood at RMB 76 million, 170% below the bank's expectations.

For Q4 2025, Li Auto's revenue and delivery guidance were largely in line with projections. Revenue is expected to range between RMB 26.5 billion and RMB 29.2 billion, with the midpoint 1% above Goldman Sachs' estimate. Vehicle sales are projected at 100,000 to 110,000 units, with the midpoint 1% below expectations.