---
title: "Macquarie: Upgrades Li Auto-W rating to \"Neutral,\" target price lowered to HKD 57"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/288245273.md"
description: "Macquarie upgraded Li Auto's rating from \"Underperform\" to \"Neutral,\" but lowered the target price by 3% from HKD 59 to HKD 57. The firm expects Q1 to be the bottom for performance, with fundamentals likely to improve. Although it has reduced the sales forecast for the fiscal year 2026 by 12% and revised the expected net loss per share to RMB 0.32, it remains optimistic about the improvement in profitability in Q2 and the positive impact of new model launches"
datetime: "2026-06-01T09:14:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/288245273.md)
  - [en](https://longbridge.com/en/news/288245273.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/288245273.md)
---

# Macquarie: Upgrades Li Auto-W rating to "Neutral," target price lowered to HKD 57

According to the Zhitong Finance APP, Macquarie has released a research report stating that it has upgraded the stock rating of Li Auto-W (02015) from "underperform" to "neutral." However, due to concerns about a potential slowdown in demand for new models, it has lowered its sales forecast for the fiscal year 2026 by 12% and revised its net loss per share estimate to RMB 0.32 (previously forecasted as a net profit of RMB 0.63 per share). The firm has correspondingly reduced its target price for H-shares from HKD 59 to HKD 57, a decrease of 3%. Due to foreign exchange factors, the target price for Li Auto (LI.US) in the US stock market remains unchanged at $15.

In the first quarter of this year, Li Auto's gross margin for vehicles was as expected, recording only single digits. However, benefiting from the rebound in sales of the i6 battery electric vehicle (BEV), quarterly deliveries remained solid. The firm expects that as the sales proportion of the i6 BEV declines, the product mix will begin to shift towards higher average selling price (ASP) models (such as L9 and the new L8), and profitability in the second quarter is expected to improve.

The report mentioned that Li Auto's net loss in the first quarter was RMB 2.1 billion, still better than market and the firm's expectations. Management has also raised the sales target for the fiscal year 2026 by 20%, mainly due to the new L8 model scheduled to launch in late June, followed by the launch of the new L7 in the second half of the year. The firm believes that the first quarter of this year will be the performance bottom for Li Auto, and its recent fundamentals are expected to bottom out and rebound

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