Morningstar

Li Auto Inc Ordinary Shares - Class A 02015

Morningstar Rating
Unlock
Stock XHKG Rating as of
HK$118.80 +4.30 (3.76%)
View Full Chart
As of Delayed Price Closed

Company Report

View Archive

Li Auto Earnings: Vehicle Margin and Profit Missed, Amid Competition Pressure

Vincent Sun

Li Auto’s second-quarter revenue was largely in line with the firm's guidance, but net profit missed our expectation due to a soft margin. Vehicle margin of 19% declined 2 percentage points year over year due to negative impact from price promotions and sales mix shift despite a larger delivery volume. We reduce our fair value estimate to USD 32.80 per ADS (HKD 127.40 per share) from USD 37.50 (HKD 147.40), which implies a forward 2025 price/sales ratio of 1.5 times and price/earnings of 30 times. While Li Auto's shares are trading in 4-star territory, we still prefer Geely on valuation grounds.

Read Full Report

Price vs Fair Value

View History
02015 is trading at a 325% premium.
Price
HK$118.80
Fair Value
HK$832.90
Uncertainty
Very High
1-Star Price
HK$254.87
5-Star Price
HK$95.90
Economic Moat
Fryq
Capital Allocation
Hzybxsnh

Bulls Say, Bears Say

Bulls

Li Auto’s strong product capacity, targeting family car users and focusing on the mid- to large-size SUV segment, will ensure the success of its future models, including but not limited to extended range electric vehicles, or EREVs.

Bears

Li Auto’s range-extension vehicles will face increasing pressure as the industry moves to pure electric models, while the company lacks track record in pure electric cars.

Show More

News

View All

Trading Information

Previous Close Price
HK$114.50
Day Range
HK$111.90–119.70
52-Week Range
HK$68.65–182.90
Bid/Ask
HK$118.80 / HK$118.90
Market Cap
HK$252.10 Bil
Volume/Avg
12.6 Mil / 11.2 Mil

Key Statistics

Price/Earnings (Normalized)
24.08
Price/Sales
1.74
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
—

Company Profile

Li Auto is a leading Chinese NEV manufacturer that designs, develops, manufactures, and sells premium smart NEVs. The company started volume production of its first model Li One in November 2019. The model is a six-seater, large, premium plug-in electric SUV equipped with a range extension system and advanced smart vehicle solutions. It sold over 376,000 NEVs in 2023, accounting for about 4% of China's passenger new energy vehicle market. Beyond Li One, the company expands its product line, including both BEVs and PHEVs, to target a broader consumer base.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Growth
Total Number of Employees
31,591
Website
https://www.lixiang.com

Competitors

Valuation

View More
Metric
02015
TSLA
NIO
Price/Earnings (Normalized)
 24.08100.79—
Price/Book Value
 3.7312.026.40
Price/Sales
 1.749.161.46
Price/Cash Flow
 —63.84—
Price/Earnings
02015
TSLA
NIO

Financial Strength

Metric
02015
TSLA
NIO
Quick Ratio
 1.561.240.84
Current Ratio
 1.761.911.11
Interest Coverage
 65.8925.38−36.17
Quick Ratio
02015
TSLA
NIO

Profitability

Metric
02015
TSLA
NIO
Return on Assets (Normalized)
 7.75%14.43%−17.90%
Return on Equity (Normalized)
 17.88%24.84%−99.19%
Return on Invested Capital (Normalized)
 10.81%20.04%−35.12%
Return on Assets
02015
TSLA
NIO

Auto Manufacturers Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Tesla Inc
TSLA
KgbrdffkTlfkjn$798.9 Bil
 Toyota Motor Corp ADR
TM
JtfnmjvzKmxh$231.6 Bil
 Ferrari NV
RACE
NhvbgzlQzrwn$81.1 Bil
 Mercedes-Benz Group AG
MBGAF
YlrdcgcsjMpnwmt$67.7 Bil
 Bayerische Motoren Werke AG ADR - Unsponsored
BMWKY
YwczgcgtVnfdhb$54.5 Bil
 Volkswagen AG ADR
VWAGY
XdnNdkr$53.6 Bil
 Volkswagen AG ADR
VWAPY
DbbBbrb$53.6 Bil
 General Motors Co
GM
GdjfpbkqmFkmz$51.3 Bil
 Honda Motor Co Ltd ADR
HMC
GfmdbtvGpf$49.7 Bil
 Ford Motor Co
F
WymrxclzVxtl$42.0 Bil

Sponsor Center