【招银国际】 1Q23 beat with sustainable profitability ahead.pdf

Li Auto Inc. (LI US) 4Q22E net profit likely to turn positive

Better 2H23 and FY24 as Mexico to turn profitable

Cloud business turned profitable

Quality growth with advanced profitability

Solid 1Q24 with enhanced profitability

Prioritizing profitability and quality user growth

–Aion’s turning profitable as a positive catalyst

–Little sign of profit turnaround after 2Q23 miss

2H22E net profit to almost double HoH

Profit alert roughly in-line