＜Research＞G Sachs Lowers TP of LI AUTO to HK$132, Slightly Raises BYD COMPANY Earnings Forecast

　　Goldman Sachs noted that the entire supply chain of China's auto industry is under price pressure. Still, sales volume and market share of the related sector stocks it covered are rising on the back of growing NEV penetration. Most OEMs have seen their average selling prices per vehicle fall QoQ and YoY due to continued competition in the market, but profitability trends are diverging.

　　BYD COMPANY (01211.HK) 0.000 (0.000%) Short selling $409.99M; Ratio 28.934% still has the highest gross and net profit margins among Goldman's covered stocks. The broker raised its profit forecast for BYD from this year to 2026 by 1% to 2%, based on higher delivery volumes.

　　Goldman also pointed out that the sales volume contribution of LI AUTO-W (02015.HK) -0.350 (-0.470%) Short selling $185.85M; Ratio 24.350% (LI.US) 's L6 model has increased, affecting its overall gross margin, and thus lowered its net profit forecast on the EV startup for 2024-26 by 8% to 10%. The broker also reduced its target prices for LI AUTO's US ADRs and Hong Kong shares by 11% to US$33.8 and HK$132, respectively, with Buy ratings for both.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-24 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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