《大行》花旗料理想汽车 i6 在同业中脱颖而出

Citigroup's research report points out that Li Auto (02015.HK) launched its five-seat pure electric SUV model i6 on September 26, offering a single configuration priced at RMB 249,800, which meets market expectations. Citigroup believes that the i6 stands out among its peers for several reasons: spacious interior; attractive pricing; standard AD Max autonomous driving system, air suspension, onboard refrigerator, and electronic latch door system.

Citigroup estimates that the mature monthly sales of the i6 could reach 9,000 to 10,000 units (without dilution from the i8), or 10,000 to 15,000 units (considering dilution from the i8). However, due to intense industry competition, Citigroup expects the model cycle life of the i6 may be relatively short.

Citigroup also noted that several provinces in China (including Jiangsu, Zhejiang, Hubei, Chongqing, Guangxi, etc.) have begun tightening their trade-in subsidy policies, and the expiration of subsidies before the end of the year is expected to drive strong demand in the fourth quarter of 2025.

By applying a forecasted price-to-sales ratio of 1.5 times for 2025, Citigroup derives a target price of USD 25.6 for Li Auto (LI.US) in the US stock market and HKD 98.4 in the Hong Kong stock market, equivalent to forecasted price-to-earnings ratios of 49 times and 28 times for this year and next year, respectively