On February 26, Li Auto announced its financial report for the fourth quarter and full year of 2023, and all data indicators are growing wildly, showing Li Auto's soaring in 2023! In one year, he turned from loss to profit, from blood transfusion to hematopoiesis, from poverty to wealth, successfully upgraded his wealth, and became a new brother.
Li Auto's financial report for the fourth quarter and full year of 2023, with revenue of 417 in the fourth quarter300 million yuan, a year-on-year increase of 1364%；Annual revenue of 1238500 million yuan, a year-on-year increase of 1735%。More prominently, the fourth quarter increased by 236 times, an increase of 273 times, both full-year revenue and fourth-quarter revenue have more than doubled. For an enterprise, this is explosive growth, pouring wealth and getting rich overnight.
Li Auto attributed this doubling of operating income to the expansion of scale (production capacity) and the continuous improvement of operating efficiency, so that Li Auto was able to achieve the best financial performance in the history of Li Auto during the reporting period.
Li Auto delivered 131805 vehicles in the fourth quarter, a year-on-year increase of 1364%, a year-on-year increase of 285 times the sales performance, and achieved a new energy market share of more than 200,000 models of 16%, ranking first among Chinese auto brands, and a proper new force.
You must know that BYD's new energy market share in 2023 will be 336%, that is to say, for every three new energy vehicles sold, one is a BYD brand. But in the gear of more than 200,000 yuan, for every 6 new energy vehicles sold, one is an ideal brand, which is also a remarkable achievement.
BYD said that it has an absolute advantage in the pricing power of air control in models below 200,000 yuan, so even if Li Auto does not have pricing power in models above 200,000 yuan, it will definitely affect the pricing power, and it is the largest voice brand after Tesla. This characterization is based on the results and status of 2023 and cannot be extended to 2024.
The annual delivery volume was 376,030 vehicles, a year-on-year increase of 1822%, achieved 2The sales performance of 82 times is the best sales performance of Li Auto since delivery. It is not surprising that the ideal will dominate the sales list of new forces for a considerable part of the whole year in 2023, and from 30,000, 40,000, and 50,000 sales in a single month, the leap is getting faster and faster.
Net income for the fourth quarter was 57500 million yuan, gross profit margin of 235% and free cash flow of 146400 million yuan. The net profit for the full year 2023 is 118100 million yuan, free cash flow 441900 million yuan, achieving a healthy profit since delivery.
The ideal fourth quarter is the most glorious period of the year, and the net profit in the fourth quarter accounts for almost half of the annual net profit. However, sales and revenue in the fourth quarter did not account for half of the year, but about one-third, which indicates that the profitability in the fourth quarter was the best, and the first three quarters were weak.
As of the end of 2023, the company's cash reserves were 1036With 700 million yuan, abundant funds in hand and continuous improvement of self-hematopoietic ability, Li Auto will continue to expand its R&D investment, expand its business scale, and achieve its vision of becoming the world's leading artificial intelligence company by 2030.
Abundant cash reserves, while improving hematopoietic capacity, make Ideal more confident in 2024, the year of new energy elimination and reshuffle. If you lack cash, you have to find money for financing everywhere, such as Weilai and Xiaopeng, and if you can't even find money, you have to go into shock and sell companies, such as Gaohe and Weimar.
Ideal R&D expenditure in the fourth quarter was 34900 million yuan, a year-on-year increase of 686%, and the annual R&D expenditure in 2023 will be 105900 million yuan, a year-on-year increase of 561%, the fourth quarter of the total R&D investment accounted for one-third of the total annual R&D investment, indicating that the weight of the fourth quarter is more important than that of other quarters. Li Auto adheres to long-term R&D investment and self-research of core technologies in the dual-energy field.
Ideal annual R&D investment accounts for 85%, and R&D investment accounted for 84%, this R&D proportion is not high among the new forces with relatively low revenue, and it is not even as high as Weilai Xiaopeng, but the amount of R&D investment is definitely high, much higher than that of brands such as Weilai, Xiaopeng, and Leap.
The R&D of the world's large car companies generally accounts for about 5% of their revenue, especially those traditional brands. Even the new energy giant BYD will account for 42%, but the total amount has been as high as more than 27 billion yuan.
At the end of the fourth quarter, the number of ideal retail centers reached 467, a year-on-year increase of 626%, nearly double the number at the end of the first quarter of the year, and the development of retail centers contributed to the ideal annual sales; At present, it has covered 140 cities and has the largest direct automobile sales network in the country.
However, in order to achieve the ideal sales target of doubling 800,000 units in 2024, the number of retail centers may also have to double, at least 800, in order to reach consumer groups and achieve sales support. Therefore, in 2024, in addition to the arduous task of product development and new models, channel development is also the top priority.
Li Auto's outlook for the first quarter of 2024 is a record high for the same period, with deliveries expected to reach 100,000 to 1030,000 units, a year-on-year increase of 902% to 959%；Revenue achieved 312500 million yuan to 321900 million yuan, a year-on-year increase of 663% to 713%。
Based on the level of sales in the first quarter of the same period in 2023 in the full-year trend, combined with the expected delivery of 100,000 units in the first quarter of 2024, Ideal may achieve sales of close to 300,000 units in the fourth quarter of 2024.
From Li Auto's 2023 fourth quarter and annual financial report, it can be seen that Li Auto's annual sales in 2023 will soar, from annual revenue of 1238500 million yuan, annual sales of 376,030 units, it can be seen that the average transaction price of ideal bicycles is 3290,000 yuan, belonging to the camp of more than 300,000 high-end luxury models, on par with Audi, surpassing Tesla's transaction unit price, is the car company with the highest transaction unit price among the top ten brands in the new power list, who is profitable if he is not profitable? If he doesn't get rich, who gets rich?
After 8 years, Li Auto has achieved 100 billion yuan in revenue and 10 billion yuan in profit, creating a miracle in the growth of Chinese auto brands. Especially in the fourth quarter of 2023, it has created an ideal speed miracle, and it is no wonder that it will be highlighted separately in the financial report.
When Xiaopeng Motors was still hovering on the verge of profit hematopoiesis and could not break through, when Weilai had raised enough cash to prepare for the winter, the ideal had passed the physical examination and entered the ranks of the rich for the first year.
The ideal financial report in 2023 will be full of sudden wealth with skyrocketing surges everywhere, and full of the glory of becoming the first brother of the new forces.
In 2024, the ideal is facing the tiger eyeing the world, whether to continue to be brilliant, or unable to help himself, can only wait for the 2024 financial report to answer.