On February 26, Li Auto announced its financial report for the year ended December 31, 2023, which showed that its revenue in the fourth quarter was 417300 million yuan, exceeding market expectations of 39.8 billion yuan, compared with 176 in the same period last year500 million yuan, a year-on-year increase of 1364%；Q4 net profit reached 57500 million yuan, a year-on-year increase of 20682%, an increase of 104 month-on-month5%。For the full year of 2023, the company turned a profit and its cash reserves increased to 1,036700 million yuan. On the morning of February 27, Li Auto's Hong Kong stock rose 20%.
First, Li Auto has outstanding performance
The cumulative delivery volume in 2023 will reach 376,030 vehicles, a year-on-year increase of 1822%。With three SUV models, Ideal won the sales championship of SUVs and new energy vehicles of more than 300,000 yuan in the domestic market, becoming the first domestic new power car company to cross the annual delivery mark of 300,000 units, of which an important milestone of monthly delivery of 50,000 units was achieved in December.
In 2023, the scale of revenue will exceed 100 billion yuan, reaching 1238500 million yuan, of which 23Q4 revenue reached 417300 million yuan; For the first time in 2023, the company turned a profit into a profit, with a net profit of 118100 million yuan; By the end of '23, cash reserves reached 1036700 million yuan.
2024Q1 delivery volume 10-1030,000 units, a year-on-year increase of 902%-95.9%, more than 50,000 deliveries in March, and more than 70,000 units in June.
The total revenue in 2024Q1 is 3125-321.900 million yuan (44-45US$300 million), a year-on-year increase of 663%-71.3%。
By the end of 2024, the company plans to sell more than 100,000 units per month and deliver 800,000 units annually for the whole year, achieving the goal of becoming the No. 1 luxury car brand in the Chinese market. (What is commendable is that by 23Q4, the ideal L9 L8 L7 accounts for 30%, 30%, and 40% respectively, which is very balanced, rather than relying on a single model).
The gross margin for 2023 is 222% compared to 19 in 20224%。Among them, the gross profit margin of vehicles was 215% compared to 19 in 20221%, the gross profit margin of vehicles increased, mainly due to the loss of inventory provisions and purchase commitments related to Ideal ONE in 2022.
Whether it is pure electric or extended range, the gross profit margin of both series has reached 20%-25%, and Ideal will always maintain a healthy gross profit margin of more than 20%. MEGA has a positive impact on gross margin, and L6 will initially have a negative impact on gross margin, but with the growth of sales volume, it will become a positive factor for gross margin.
The product is designed to ensure a healthy gross margin while balancing customer demand for automobiles, and from the perspective of materials such as batteries, it is a good time to start launching pure electric models this year. 23Q4 has some **, but ** side gives more good news, and the cost has decreased compared to the previous cycle.
1) Li Auto MEGA has been available for pre-order on November 17, 2023, and is scheduled to be officially released on March 1, 2024 (Li Auto 2024 Spring Conference); 2) Ideal L6 will be released in the second quarter of this year; 3) Three other all-electric SUV models will be announced in the second half of this year. By the end of the year, the product line will include 4 extended-range electric, 4 high-voltage pure electric, a total of 8 models, the current entire product planning, in the next five years there are no models below 200,000.
As of January 31, 2024, Li Auto has 474 retail centers across the country, covering 142 cities. By the end of 2024, the number of retail centers will increase to 800, increasing the layout of first- and second-tier cities, and deepening the coverage of third- and fourth-tier cities.
In the first half of this year, it is planned to establish a dedicated after-sales service network in Central Asia and the Middle East, and by the first quarter of this year, the L9 and L7 models will be launched in the local region.
By the end of 2024, it is planned to build a total of 2,000 charging stations and more than 700 highway super charging stations, covering 70% of the country's highways and 90% of the highways in the four major economic zones.
It is expected that by the end of 2024, the number of charging stations in the city will exceed 1,300, and the total number of charging stations will reach 2,000.
OTA 50 update, accompanied by the upgrade AD Max 30, bringing high-speed and urban full-scene intelligent driving, NOA covers the national high-speed urban ring road and urban roads in more than 110 cities.
It is expected that in the second quarter of 2024, all non-graphic urban NOAs will be opened nationwide, and the scope of use will no longer be limited to any city, and will be upgraded to all MAX models through OTA. In the Pro model, the BEV model has been used to upgrade the high-speed NOA function to improve the experience of high-speed ramp shifting.
In terms of smart spaces, OTA50Introduce the multi-modal large model MIND GPT, which is connected in real time and available in all vehicles and scenes, to the ideal students.
Ideal is always to adhere to the standard configuration of intelligent driving, and there are no plans for subscriptions and additional charges for the time being. The standard configuration of the model will increase the number of users of intelligent driving, help collect more data, and promote the improvement of algorithm capabilities. Ideal is very confident that in 2024, the product and R&D capabilities of intelligent driving will definitely be among the best in China.
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Second, the comparison of sales volume of new energy brands in February
New energy brand (219-2.25) The sales list shows that BYD continues to rank first, and Tesla and Wuling move and rank first.
II.III. BYD's overall sales reached 3160,000, more than the total sales volume in the two weeks of the Spring Festival. Wuling and Tesla's bi-weekly sales decline in the pre-holiday week is as obvious, respectively, 1080,000 and 0840,000, a slight increase from the previous announcement cycle. The question boundary and the ideal are 0720,000 and 0620,000 sales ranked first.
Fourth, fifth. As of the 25th, BYD completed sales of 8 this month100,000, Tesla completed 2430,000, Wuling completed 2160,000, the question and the ideal were completed 1700,000 and 1620,000, and the sales of the rest of the brands did not exceed 10,000.
In the new power brand (219-2.25) In the sales list, Wenjie Automobile, Li Auto and Nezha Automobile ranked among the top three, and the sales volume of the top three did not exceed 10,000. The sales volume of Wenjie Automobile and Li Auto were 0720,000 and 0620,000, the third place Nezha car sales are only 0280,000, less than half of the ideal car. NIO with 0230,000 sales returned to No. 4. From February 1st to 25th, the sales volume of Wenjie and Ideal exceeded 10,000 and won the championship and sub-throne, and the third place ZEEKR Automobile did not exceed 10,000 and fell directly to 0540,000, with the second-place ideal car sales gap of nearly 10,000.
Third, take stock of the companies involved in the ideal automobile industry chain:
On the a** field, there are a number of listed companies participating in the ideal automobile industry chain. Desay SV said on the interactive platform that Li Auto is one of the company's customers, and the company's products are supplied on its corresponding models.
Founder Motor's drive motors are mainly used in car companies such as Xpeng, NIO, Great Wall, SAIC-GM-Wuling, etc., and the main customers for mass production in 2024 are Li Auto.
In the field of new energy vehicles, Jinrong Tianyu has obtained supporting business for new energy vehicle products including BYD, Ford, Audi, Li and Xiaomi.
Asia-Pacific Technology is committed to providing material development and component manufacturing to meet the needs of various subsystem components of automotive lightweight, especially for critical load path components with higher requirements in terms of collision safety, strength, stiffness, and mass production stability, and has become a partner of customers such as Bosch, Fodi Power, Li Auto, etc., and the application terminals include Li Auto, Xiaopeng, NIO, Mercedes-Benz, Volkswagen and other car companies.
Inovance Technology is the largest supplier of medium and low voltage inverters and servo systems in China, and its customers in the field of new energy vehicles include Ideal, GAC, Xiaopeng, Great Wall, etc.