研究提醒：CFRA以持有评级开始对Li Auto进行报道_新浪财经

12:30 AM EDT, 03/30/2023 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We initiate coverage on Li Auto with a Hold rating and a 12-month target price of USD24. Li Auto is an electric vehicle (EV) start-up that sells SUV-type EVs in China, with 3-year revenue CAGR of 442% but is yet to record positive operating profit margin (OPM)(2022: -8.1%, 2021: -3.8%). We believe revenue growth will remain at >50% in 2023-2024 on new model releases, China's low EV penetration rate, and favorable policy support. However, we only expect positive OPM next year (2023E: -3%, 2024E: 1%) with profitability support from better operating leverage, on vehicle delivery +60% in 2023 and +50% in 2024. We are neutral on Li Auto's fundamentals mostly due to the fierce competition in China's EV market, which limits ASP gains while keeping R&D and marketing expenses high. Our valuation of 2.2x 2023 revenue is higher than Chinese EV peers NIO (1.2x) and XPEV (1.1x) due to Li Auto's significantly stronger growth outlook. We project loss per share of CNY1.91 in 2023 and EPS of CNY1.19 in 2024.