---
title: "HSBC Research lowers Li Auto's target price to 67 yuan, expects continued pressure on first-quarter performance"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/280267614.md"
description: "HSBC Research has lowered the target price for Li Auto to 67 yuan, expecting continued pressure in the first quarter with a loss of 1.9 billion yuan and a 20% quarter-on-quarter decline in sales. The net profit for the fourth quarter of last year was 6.5 million yuan, in line with expectations. Due to the need to discount inventory before launching new models and rising metal prices, revenue forecasts for 2026 and 2027 have been cut by 19% and 16%, respectively, while profit forecasts have been reduced by 70% and 26%. The rating is maintained at \"Hold.\""
datetime: "2026-03-24T06:34:27.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280267614.md)
  - [en](https://longbridge.com/en/news/280267614.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280267614.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280267614.md) | [English](https://longbridge.com/en/news/280267614.md)


# HSBC Research lowers Li Auto's target price to 67 yuan, expects continued pressure on first-quarter performance

HSBC Research published a report indicating that Li Auto (02015.HK) had weak performance in the fourth quarter of last year, with a net profit of RMB 6.5 million, roughly in line with expectations. Looking ahead to the first quarter of this year, the bank expects continued pressure, forecasting a loss of RMB 1.9 billion, with quarterly sales expected to drop by 20% to approximately 87,000 units, mainly affected by seasonal factors in the industry. Additionally, before launching new models, discounts may need to be offered to reduce inventory, and rising metal prices are increasing costs.

The bank has lowered its revenue forecasts for Li Auto for 2026 and 2027 by 19% and 16%, respectively, with corresponding profit forecasts reduced by 70% and 26%. The "Hold" rating is maintained, with the target price for Li Auto's Hong Kong stock reduced from HKD 72 to HKD 67, and the target price for Li Auto (LI.US) in the U.S. stock market lowered from USD 18.6 to USD 17.2

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