** Hong Kong shares of Li Auto 2015.HK fall 7.2% to HK$105, their lowest since February 25

** U.S.-listed shares LI.O fell 4.4% on Friday

** Li Auto said Q4 revenue up 6.1% y/y at 44.3 bln yuan ($6.13 bln) while net income down 38.6% y/y at 3.5 bln yuan

** Co expects deliveries of vehicles to be between 88,000 and 93,000 vehicles for Q1, up 9.5% to 15.7% y/y; total revenue for Q1 of between 23.4 bln and 24.7 bln yuan, down 3.5% to 8.7% y/y

** Nomura downgrades the stock to "Neutral" from "Buy" but lifts TP to $31 from $27, saying 2025F remains vague but paves the way for 2026F

** "We do expect sales/ margins to improve sequentially post 1Q25, but believe more meaningful growth opportunities are likely in 2026F with new models launching into 2H25" - Nomura

** Jefferies reiterate "Buy" rating, saying 4Q beat in bottom line, 1Q guidance was soft

** Hang Seng Tech Index .HSTECH slips 0.4% while Hang Seng Index .HSI climbs 0.9%

** Hong Kong stock up 12.3% YTD

($1 = 7.2320 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))