UBS has released a research report stating that LI AUTO-W's current valuation level is attractive. The stock is trading at a valuation lower than over 95% of the time since its listing, with net cash accounting for approximately two-thirds of its market capitalization, reflecting a notably pessimistic market sentiment. With the imminent launch of the L9, the firm believes a turnaround is on the horizon. Given its attractive risk-reward profile, UBS has reiterated its "Buy" rating on the stock. LI Auto unveiled its new-generation L9 last Friday, with plans for a market launch in the second quarter. The flagship L9 Livis is priced at 559,800 yuan. UBS believes that market sentiment is expected to gradually improve from now until the official second-quarter launch, which should also enhance investor visibility regarding updates to other models. The flagship SUV L9 is set for a refreshed launch in the second quarter, which is anticipated to reignite growth acceleration from a low base in 2025. Despite challenges from rising commodity costs, the company's premium positioning and profit buffers are expected to make it more resilient than most peers. UBS considers the present an opportune time to refocus on the stock.