机构：招银国际 研究员：China Auto/Wenjing Dou/Austin Liang Maintain BUY. Li Auto's 1Q25 net profit was in line with our forecast, while its cost reduction efforts still exceeded our expectation. We believe such capabilities are to be the foundation for its FY25E earnings resilience, although we have lowered our full-year sales volume forecast. We are still more positive than the market about Li Auto's upcoming BEVs, especially with the facelifted Mega being better received by customers. 1Q25 earnings in line on cost r ...