机构：中银国际 研究员：LOU Jia/Olivia NIU/Catherine SUN Valuation In 1Q25, Li Auto's revenue added 1.1% YoY while non-GAAP net income moderately declined YoY to RMB1.0bn. 2Q25 deliveries guidance of 125-128k was largely in line, implying monthly sales will return towards 50k units by June. At the earnings call, the management indicated that monthly sales of MEGA to ramp up to 2.5-3k units in July, smashing market anticipation. To reflect strong order intake of MEGA HOME and brighter prospects for i-series BEVs and str ...