The stock price has fluctuated given the slow start to August. However, recent channel checks corroborate our view that: (1) L9 order intake remains strong; (2) Li ONE intake falling in July is more likely a short-term hiccup, and will be followed by L8 contribution as well as more aggressive 30k units/month target set by the company. While Li Auto's share price has underperformed the market over the past two weeks, we think investors will shift focus to sales momentum of L9 and the potential volume increment of L8, which could lay a more favorable platform for the outlook in 2023 and thus help to revive sentiment.
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