Li Auto Inc. (LI): 1Q25 First Take: GAAP net profit beat GSe/Visible Alpha Consensus by 21%/33%; Buy Li Auto reported 1Q25 result with GAAP net profit beating GSe/Visible Alpha Consensus by 21%/33% mainly on higher vehicle sales. Key areas of surprises: (1) vehicle sales was +5% vs. GSe contributed by +3% higher sales volume and +2% higher ASP; (2) vehicle gross margin was at 19.8% (+0.4pp yoy/+0.1pp qoq), +0.8pp higher vs. GSe, mainly due to better-than-feared price decline; (3) SG&A expense was 9% lower v ...