Li Auto’s first-quarter revenue was 25.6 billion yuan and adjusted net profit was 1.3 billion yuan

Special topic: Focus on the first quarter financial report of US stocks in 2024. View the latest market trends. Sina Technology News, afternoon news on May 20, Beijing time. Li Auto (NASDAQ: LI; HKEX: 2015) today released the first quarter of 2024 as of March 31. Financial report: Total revenue was 25.6 billion yuan, a year-on-year increase of 36.4% and a month-on-month decrease of 38.6%.
Net profit was 591.1 million yuan, down 36.7% year-on-year and 89.7% month-on-month.
Not according to U.S. GAAP, net profit was 1.3 billion yuan, a year-on-year decrease of 9.7% and a month-on-month decrease of 72.2%.
Li Auto expects to deliver 105,000 to 110,000 vehicles in the second quarter. The market estimate is 130,692 vehicles.
First quarter operating results: In the first quarter of 2024, the total number of vehicles delivered was 80,400 vehicles, a year-on-year increase of 52.9%.
As of March 31, 2024, Li Auto has 474 retail stores covering 142 cities.
At the same time, it operates 357 service centers and Li Auto authorized body and paint shops in 209 cities; 356 super charging stations are in operation, equipped with 1,544 charging piles.
In April 2024, Li Auto delivered 25,787 vehicles, a year-on-year increase of 0.4%.
As of April 30, 2024, Li Auto has 481 retail stores covering 144 cities.
At the same time, it operates 361 service centers and Li Auto authorized body and paint shops in 210 cities; 386 super charging stations are in operation, equipped with 1,678 charging piles.
First quarter financial results: Total revenue was 25.6 billion yuan (approximately 3.6 billion U.S. dollars). An increase of 36.4% from 18.8 billion yuan in the first quarter of 2023. A decrease of 38.6% from 41.7 billion yuan in the fourth quarter of 2023.
Automobile sales were 24.3 billion yuan (approximately US$3.4 billion), an increase of 32.3% from 18.3 billion yuan in the first quarter of 2023. A decrease of 39.9% from 40.4 billion yuan in the fourth quarter of 2023.
The month-on-month decline was mainly affected by seasonal factors related to the Chinese New Year holiday and lower-than-expected order receipts in March.
Other sales and service revenue was 1.4 billion yuan (approximately US$191.4 million), an increase of 200.6% from 459.7 million yuan in the first quarter of 2023. An increase of 2.2% from 1.4 billion yuan in the fourth quarter of 2023.
Cost of sales was 20.3 billion yuan (approximately US$2.8 billion), an increase of 36.1% from 15 billion yuan in the first quarter of 2023. A decrease of 36.3% from 31.9 billion yuan in the fourth quarter of 2023.
Gross profit was 5.3 billion yuan (approximately US$731.9 million), an increase of 38.0% from 3.8 billion yuan in the first quarter of 2023. A decrease of 46.0% from 9.8 billion yuan in the fourth quarter of 2023.
The gross profit margin was 20.6%. In the first quarter of 2023, it was 20.4%. In the fourth quarter of 2023, it was 23.5%.
The automotive business profit margin was 19.3%, compared with 19.8% in the first quarter of 2023 and 22.7% in the fourth quarter of 2023.
Total operating expenses were 5.9 billion yuan (approximately US$812.9 million), an increase of 71.4% from 3.4 billion yuan in the first quarter of 2023. A decrease of 13.1% from 6.8 billion yuan in the fourth quarter of 2023.
R&D expenses were 3 billion yuan (approximately US$422.3 million), an increase of 64.6% from 1.9 billion yuan in the first quarter of 2023. A decrease of 12.7% from 3.5 billion yuan in the fourth quarter of 2023.
Sales, general and administrative expenses were 3 billion yuan (approximately US$412.4 million). An increase of 81.0% from 1.6 billion yuan in the first quarter of 2023. A decrease of 8.9% from 3.3 billion yuan in the fourth quarter of 2023.
The operating loss was 584.9 million yuan (approximately US$81 million). The operating profit in the first quarter of 2023 was 405.2 million yuan. The operating profit in the fourth quarter of 2023 was 3 billion yuan.
Operating margin was -2.3%, compared to 2.2% in the first quarter of 2023 and 7.3% in the fourth quarter of 2023.
Non-GAAP operating profit was 100.3 million yuan (approximately US$13.9 million), a decrease of 88.7% compared with 885.4 million yuan in the first quarter of 2023. A decrease of 88.7% from 39% in the fourth quarter of 2023. 100 million yuan, a decrease of 97.4%.
Net profit was 591.1 million yuan (approximately 81.9 million U.S. dollars). A decrease of 36.7% compared with the net profit of 933.8 million yuan in the first quarter of 2023. A decrease of 89.7% compared with the net profit of 5.8 billion yuan in the fourth quarter of 2023.
Not based on U.S. generally accepted accounting principles (Non-GAAP). Net profit was 1.3 billion yuan (approximately US$176.8 million). Compared with the net profit of 1.4 billion yuan in the first quarter of 2023, it fell 9.7%. Compared with the fourth quarter of 2023 Net profit fell 72.2% year-on-year to 4.6 billion yuan.
The basic and diluted earnings per American depositary share (ADS) attributable to ordinary shareholders were 0.60 yuan (approximately US$0.08) and 0.56 yuan (approximately US$0.08) respectively. In the first quarter of 2023, the basic and diluted earnings were both They are 0.95 yuan and 0.89 yuan respectively. Basic and diluted earnings in the fourth quarter of 2023 are 5.72 yuan and 5.32 yuan respectively.
Non-GAAP basic and diluted earnings per American depositary share (ADS) attributable to ordinary shareholders were 1.29 yuan (approximately US$0.18) and 1.21 yuan (approximately US$0.17) respectively. .The basic and diluted earnings in the first quarter of 2023 were both 1.44 yuan and 1.35 yuan respectively. The basic and diluted earnings in the fourth quarter of 2023 were 4.54 yuan and 4.23 yuan respectively.
As of March 31, 2024, Li Auto’s cash and cash equivalents, restricted cash, time deposits and short-term investments, as well as long-term time deposits included in long-term investments, totaled 98.9 billion yuan (approximately US$13.7 billion).
Operating cash flow was 3.3 billion yuan (approximately US$462.9 million). It was 7.8 billion yuan in the first quarter of 2023. It was 17.3 billion yuan in the fourth quarter of 2023.
Free cash flow was -5.1 billion yuan (approximately US$700.1 million). In the first quarter of 2023, it was 6.7 billion yuan. In the fourth quarter of 2023, it was 14.6 billion yuan.
Performance Outlook: Li Auto expects vehicle delivery volume in the second quarter of 2024 to be approximately 105,000 to 110,000 vehicles, a year-on-year increase of approximately 21.3% to 27.1%.
Total revenue will reach 29.9 billion yuan (approximately 4.1 billion US dollars) to 31.4 billion yuan (approximately 4.3 billion US dollars). A year-on-year increase of approximately 4.2% to 9.4%.