华泰金融(HK)9月10日发布公告。We estimate the company’s sales volumes for 2024/2025/2026 to be 0.49/0.79/1.04mn units, corresponding to revenues of RMB141.9/216.9/275.2bn, GAAP attributable NP of RMB6.2/12.7/18.4bn, and non-GAAP NP of RMB9.0/16.0/21.7bn. We select Geely Auto and BYD as comparable companies, which have an average 2025E PE of 11x. We apply a 5x PE premium to factor in Li Auto’s higher selling prices and better per-vehicle profits than its peers, as well as non-GAAP profits, resulting in a 2025E PE of 16x. Our target price is HKD132.07 (previous: HKD134.73). Maintain BUY.