LI Announces Q1 2024 Earnings Report
I. Q1 2024 Financial Data
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Total revenue of RMB 25.6 billion, a YoY increase of 36%, and a QoQ decrease of 26%;
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Automotive business income of RMB 24.3 billion, a YoY increase of 33%, and a QoQ decrease of 28%;
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Total gross profit of RMB 5.3 billion, a YoY increase of 38%, and a QoQ decrease of 31%;
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Overall gross margin of 21%, compared to 20% during the same period last year, and 22% in the previous quarter;
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Gross margin per vehicle was 19%, down from the previous quarter’s figure of 21%;
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Sales cost of RMB 20.3 billion, a YoY increase of 36%, and a QoQ decrease of 25%;
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Net profit of RMB 591 million, with a net profit of RMB 2.81 billion in the previous quarter;
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The company’s cash reserves (cash and cash equivalents, restricted cash, and the balance of term deposits and short-term investments) amounts to zero, as it did in the previous quarter;
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LI’s R&D expenses in the first quarter were RMB 3 billion, a QoQ increase of 6%, accounting for 12% of the total quarterly revenue;
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Sales and management expenses of RMB 3 billion, a YoY increase of 82%, and a QoQ increase of 18%.
II. Q2 2024 Business Expectations
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Planned vehicle deliveries ranging from 105,000 to 110,000 units, reflecting an approximate increase of 21% to 27% compared to Q2 2023;
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The total revenue is expected to fall between RMB 29.9 billion and RMB 31.4 billion, about a 4% to 10% increase compared to Q2 2023.
This article is a translation by AI of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.