Yamato: LI AUTO-W (02015) efficiency improvement after strategy adjustment, "buy" rating.

Yamato issued a research report saying that LI AUTO-W (02015) was rated as "buy", expecting the company to improve efficiency after last year's strategy adjustment. However, the bank believes that the company still needs time to seize the growth opportunities of artificial intelligence. Ideal Automobile's performance in the fourth quarter of 2025 was weak, mainly due to a decrease in delivery volume and an increase in research and development expenses. During the period, revenue was 28.8 billion yuan, down 35% year-on-year, but up 5% quarterly. Adjusted net profit under non-GAAP was 2.61 billion yuan, down 94% year-on-year, and down 172% quarterly. For the whole year, revenue fell by 22% year-on-year to 112 billion yuan, and adjusted net profit under non-GAAP fell by 78% year-on-year to 2.4 billion yuan. Management expects delivery volume in the first quarter of 2026 to be between 85,000 and 90,000 vehicles, down 3% to 8.5% compared to the previous year. Total revenue for the first quarter is expected to be between 20.4 billion and 21.6 billion yuan, down 17% to 21% year-on-year; Sales volume target is expected to increase by over 20% year-on-year in 2026.