HSBC Global Investment Research maintained its Hold rating on Li Auto while lowering price targets for both U.S. and Hong Kong shares. The target for U.S. shares fell from $18.60 to $17.20, and Hong Kong shares dropped from HKD72 to HKD67.
The bank significantly revised its long-term financial outlook, cutting 2026 and 2027 revenue predictions by 19% and 16%, respectively. Profit forecasts for 2026 were slashed by 70%, with 2027 projections lowered by 26%.
For the first quarter of 2026, HSBC expects Li Auto to post a loss of RMB1.9 billion. Sales are projected to decline 20% quarter-over-quarter to roughly 87,000 units. Analysts cited a weak finish to 2025 and continued market pressure as primary drivers for the downgrade.