CITIC Securities has released a research report maintaining LI AUTO-W's (02015) target price at HK$151 with a "Buy" rating, while setting a US stock target price of $39. Looking ahead, the firm believes that with adjustments to sales channels and the launch and delivery of pure electric vehicle models, the company's automotive business is expected to improve quarter by quarter. The firm remains optimistic about the company's development in the AI sector and its long-term investment value.

CITIC Securities noted that LI AUTO-W's stock price has experienced a pullback since August, with the company's current PS ratio (based on 2025 institutional consensus) at only 1.3x. The firm believes the market has underestimated the AI attributes of Li Auto's vehicle models. From an R&D investment perspective, the company invests over 10 billion RMB annually in research and development, which exceeds its competitors.

Regarding AI product deployment timeline: the VLA autonomous driving model began delivery with the i8 in August, the Li Auto AI Agent is undergoing normal iterations, and self-developed chips will be delivered to customers in 2026. The company's smart technology attributes continue to strengthen.