The analyst rating for LI AUTO-W was kept at "Neutral" by Citi Research due to the company's active expansion into the robotics sector and its strategic focus on 'embodied intelligence.' The broker adjusted its valuation methodology to better reflect the valuation of the robotics business, shifting from a pure price-to-sales (PS) ratio to a sum-of-the-parts (SOTP) approach. This adjustment led to a slight increase in target prices for LI AUTO-W's US stock and H-shares. Additionally, the sensitivity analysis conducted by Citi Research indicated that high-priced electric vehicle (EV) models show some resilience to rising raw material costs, which may impact the overall market dynamics.
