【招银国际】 Better profits achieved across 3 business lines.pdf

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

–Little sign of profit turnaround after 2Q23 miss

–Aion’s turning profitable as a positive catalyst

4Q net profit could decline despite better capital market

Steam ahead with doubled 2Q net profit and strong NBV uptrend; revise up TP

1H24 profit alert points to solid 2Q results

We expect 1H24 to be still profitable

Serviced counters as a profitability lever in grocery retail

Cloud business turned profitable

23Q2 归母净利润环比增长43.56% 23Q2 Net profit +43.56% YoY