Feb 26th, 2024 - $Li Auto (LI.US)$ shares climb 8.05% in pre-market trading after the company reported fourth quarter and full year financial result.

Financial Highlights for the Full Year 2023

• Vehicle sales were RMB120.29 billion (US$16.94 billion) in 2023, representing an increase of 172.7% from RMB44.11 billion in 2022.

• Vehicle margin was 21.5% in 2023, compared with 19.1% in 2022.

• Total revenues were RMB123.85 billion (US$17.44 billion) in 2023, representing an increase of 173.5% from RMB45.29 billion in 2022.

• Gross profit was RMB27.50 billion (US$3.87 billion) in 2023, representing an increase of 212.8% from RMB8.79 billion in 2022.

• Gross margin was 22.2% in 2023, compared with 19.4% in 2022.

• Net income was RMB11.81 billion (US$1.66 billion) in 2023, compared with RMB2.03 billion net loss in 2022. Non-GAAP net income was RMB12.20 billion (US$1.72 billion) in 2023, representing an increase of 58,494.3% from RMB20.8 million in 2022.

The reported quarterly earnings of $0.30 per share which beat the analyst consensus estimate of $0.29 by 3.45%. This is a 130.77% increase over earnings of $0.13 per share from the same period last year.  The company reported quarterly sales of $5.88 billion which beat the analyst consensus estimate of $5.48 billion by 7.26%.  This is a 129.7% percent increase over sales of $2.56 billion the same period last year.

Business Outlook

For the first quarter of 2024, the Company expects:

• Deliveries of vehicles to be between 100,000 and 103,000 vehicles, representing an increase of 90.2% to 95.9% from the first quarter of 2023.

• Total revenues to be between RMB31.25 billion (US$4.40 billion) and RMB32.19 billion (US$4.53 billion), representing an increase of 66.3% to 71.3% from the first quarter of 2023.

This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.