Smart and Sustainable Electric Mobility
Li Auto's third-quarter results were somewhat mixed, with a strong outlook for fourth-quarter sales, according to Deutsche Bank.
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"In light of China's EV market remaining ultra competitive for the foreseeable future, Xpeng's strategy continues to resonate well with us, making the stock our Top Pick in the group," Deutsche Bank said.
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While demand for Li Auto's vehicles remains robust, investor concerns about competition have increased, particularly around Huawei-backed Aito, said Deutsche Bank analyst Edison Yu's team.
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BYD had a record gross margin of 25.7 percent for its auto business in the third quarter, a 4-percentage point improvement from the second quarter.
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BYD reported a record net profit of RMB 10.41 billion in the third quarter, up 52.59 percent from the second quarter. Gross margin for the third quarter was 22.12 percent, a record high since the third quarter of 2020.
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Li Auto delivered 105,108 vehicles in the third quarter, above the upper end of its guidance range of 100,000 to 103,000 vehicles.
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Xpeng delivered 40,008 vehicles in Q3, within guidance range, with new SUV G6 contributing 48.6 percent.
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CATL's net profit fell 4.3 percent in the third quarter from the second quarter, as its share in China slipped and fell in September to a new low since April last year.
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BYD's average profit per vehicle improved by about RMB 2,700 in the third quarter from the second quarter, driven primarily by scale advantage, analysts said.
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BYD expects its net profit for the first three quarters to be RMB 20.5 billion - RMB 22.5 billion, up 120.16 percent - 141.64 percent year-on-year.
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