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Li Auto Sees Q3 Net Income Rise to Year-to-date High as Revenue Hits Record

Li Auto Sees Q3 Net Income Rise to Year-to-date High as Revenue Hits Record

理想汽车看到第三季度净利润上升到年内最高水平,营业收入达到纪录
CnEVPost ·  2024/10/31 16:41

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Li Auto (NASDAQ: LI) saw record revenues in the third quarter, as well as a rebound in net income, as vehicle deliveries hit a record high.

随着汽车交付量创历史新高,理想汽车(NASDAQ:LI)在第三季度实现了创纪录的收入,净收入也有所反弹。

Below is its statement, as the CnEVPost article is being updated.

以下是其声明,因为CNEVPost的文章正在更新中。

Financial Results for the Third Quarter of 2024

2024年第三季度的财务业绩

Revenues

收入

Total revenues were RMB42.9 billion (US$6.1 billion) in the third quarter of 2024, representing an increase of 23.6% from RMB34.7 billion in the third quarter of 2023 and an increase of 35.3% from RMB31.7 billion in the second quarter of 2024.

2024年第三季度的总收入为人民币429元(合61亿美元),较2023年第三季度的人民币347元增长23.6%,较2024年第二季度的人民币317元增长35.3%。

Vehicle sales were RMB41.3 billion (US$5.9 billion) in the third quarter of 2024, representing an increase of 22.9% from RMB33.6 billion in the third quarter of 2023 and an increase of 36.3% from RMB30.3 billion in the second quarter of 2024. The increase in revenue from vehicle sales over the third quarter of 2023 and second quarter of 2024 was primarily attributable to the increase in vehicle deliveries, partially offset by the lower average selling price mainly due to different product mix.

2024年第三季度的汽车销售额为人民币413元(合59亿美元),较2023年第三季度的人民币336元增长22.9%,较2024年第二季度的人民币303元增长36.3%。与2023年第三季度和2024年第二季度相比,汽车销售收入的增长主要归因于汽车交付量的增加,但主要由于产品组合不同而导致的平均销售价格下降部分抵消了这一增长。

Other sales and services were RMB1.6 billion (US$220.9 million) in the third quarter of 2024, representing an increase of 45.8% from RMB1.1 billion in the third quarter of 2023 and an increase of 14.1% from RMB1.4 billion in the second quarter of 2024. The increase in revenue from other sales and services over the third quarter of 2023 and second quarter of 2024 was mainly attributable to the increased provision of services and sales of accessories, which is in line with higher accumulated vehicle sales, and increased sales of embedded products and services offered together with vehicle sales, which is in line with higher vehicle deliveries.

2024年第三季度的其他销售和服务为人民币1600元(2.209亿美元),较2023年第三季度的人民币11元增长45.8%,较2024年第二季度的人民币14亿元增长14.1%。与2023年第三季度和2024年第二季度相比,其他销售和服务收入的增长主要归因于服务和配件销售的增加,这与累计汽车销售的增加一致,以及嵌入式产品和服务的销售增长以及汽车销售的增加,这与汽车交付量的增加一致。

Cost of Sales and Gross Margin

销售成本和毛利率

Cost of sales was RMB33.6 billion (US$4.8 billion) in the third quarter of 2024, representing an increase of 24.5% from RMB27.0 billion in the third quarter of 2023 and an increase of 32.0% from RMB25.5 billion in the second quarter of 2024. The increase in cost of sales over the third quarter of 2023 and second quarter of 2024 was mainly attributable to increase in vehicle deliveries, partially offset by the lower average cost of sales due to different product mix and cost reduction.

2024年第三季度的销售成本为人民币336元(合48亿美元),较2023年第三季度的人民币270元增长了24.5%,较2024年第二季度的人民币255元增长了32.0%。与2023年第三季度和2024年第二季度相比,销售成本的增长主要归因于汽车交付量的增加,但由于产品组合不同和成本降低,平均销售成本的下降部分抵消了这一增长。

Gross profit was RMB9.2 billion (US$1.3 billion) in the third quarter of 2024, representing an increase of 20.7% from RMB7.6 billion in the third quarter of 2023 and an increase of 49.3% from RMB6.2 billion in the second quarter of 2024.

2024年第三季度的毛利为人民币92元(合13亿美元),较2023年第三季度的人民币76元增长20.7%,较2024年第二季度的人民币62元增长49.3%。

Vehicle margin was 20.9% in the third quarter of 2024, compared with 21.2% in the third quarter of 2023 and 18.7% in the second quarter of 2024. The vehicle margin remained relatively stable over the third quarter of 2023. The increase in vehicle margin over the second quarter of 2024 was mainly due to cost reduction, partially offset by lower average selling price mainly due to different product mix.

2024年第三季度的车辆利润率为20.9%,而2023年第三季度为21.2%,2024年第二季度为18.7%。汽车利润率在2023年第三季度保持相对稳定。与2024年第二季度相比,汽车利润率的增长主要是由于成本降低,但主要由于产品组合不同而导致的平均销售价格下降部分抵消了这一增长。

Gross margin was 21.5% in the third quarter of 2024, compared with 22.0% in the third quarter of 2023 and 19.5% in the second quarter of 2024. The gross margin remained relatively stable over the third quarter of 2023. The increase in gross margin over the second quarter of 2024 was mainly due to the increase in vehicle margin.

2024年第三季度的毛利率为21.5%,而2023年第三季度的毛利率为22.0%,2024年第二季度的毛利率为19.5%。毛利率在2023年第三季度保持相对稳定。与2024年第二季度相比,毛利率的增长主要是由于车辆利润率的增加。

Operating Expenses

运营费用

Operating expenses were RMB5.8 billion (US$825.4 million) in the third quarter of 2024, representing an increase of 9.2% from RMB5.3 billion in the third quarter of 2023 and an increase of 1.5% from RMB5.7 billion in the second quarter of 2024.

2024年第三季度的运营支出为人民币58元(8.254亿美元),较2023年第三季度的人民币53元增长9.2%,较2024年第二季度的人民币57元增长1.5%。

Research and development expenses were RMB2.6 billion (US$368.6 million) in the third quarter of 2024, representing a decrease of 8.2% from RMB2.8 billion in the third quarter of 2023 and a decrease of 14.6% from RMB3.0 billion in the second quarter of 2024. The decrease in research and development expenses over the third quarter of 2023 and second quarter of 2024 was mainly attributable to decreased design and development costs for new products and technologies, and decreased employee compensation.

2024年第三季度的研发费用为人民币2600元(3.686亿美元),较2023年第三季度的人民币28元下降了8.2%,较2024年第二季度的人民币30元下降了14.6%。与2023年第三季度和2024年第二季度相比,研发费用减少的主要原因是新产品和技术的设计和开发成本下降以及员工薪酬减少。

Selling, general and administrative expenses were RMB3.4 billion (US$478.7 million) in the third quarter of 2024, representing an increase of 32.1% from RMB2.5 billion in the third quarter of 2023 and an increase of 19.3% from RMB2.8 billion in the second quarter of 2024. The increase in selling, general and administrative expenses over the third quarter of 2023 and second quarter of 2024 was primarily due to increased employee compensation associated with the recognition of share-based compensation expenses regarding the chief executive officer's performance-based awards in the third quarter of 2024 as the achievement of the related performance condition was deemed probable as well as the growth in the number of staff.

2024年第三季度的销售、一般和管理费用为人民币3400元(4.787亿美元),较2023年第三季度的人民币25元增长了32.1%,较2024年第二季度的人民币28英镑增长了19.3%。与2023年第三季度和2024年第二季度相比,销售、一般和管理费用增加的主要原因是员工薪酬增加,这与2024年第三季度首席执行官基于绩效的奖励相关的股份薪酬支出得到确认,因为相关绩效条件的实现被认为是可能的,以及员工人数的增长。

Income from Operations

运营收入

Income from operations was RMB3.4 billion (US$489.2 million) in the third quarter of 2024, representing an increase of 46.7% from RMB2.3 billion in the third quarter of 2023 and an increase of 633.4% from RMB468.0 million in the second quarter of 2024. Operating margin was 8.0% in the third quarter of 2024, compared with 6.7% in the third quarter of 2023 and 1.5% in the second quarter of 2024. Non-GAAP income from operations was RMB4.5 billion (US$636.0 million) in the third quarter of 2024, representing an increase of 49.1% from RMB3.0 billion in the third quarter of 2023 and an increase of 412.9% from RMB870.1 million in the second quarter of 2024.

2024年第三季度的运营收入为人民币34亿元(4.892亿美元),较2023年第三季度的人民币23元增长46.7%,较2024年第二季度的人民币46800万元增长633.4%。2024年第三季度的营业利润率为8.0%,而2023年第三季度的营业利润率为6.7%,2024年第二季度的营业利润率为1.5%。2024年第三季度的非公认会计准则运营收入为人民币4500元(6.36亿美元),较2023年第三季度的人民币30元增长了49.1%,较2024年第二季度的人民币87010万元增长了412.9%。

Net Income and Net Earnings Per Share

净收入和每股净收益

Net income was RMB2.8 billion (US$401.9 million) in the third quarter of 2024, representing an increase of 0.3% from RMB2.8 billion in the third quarter of 2023 and an increase of 156.2% from RMB1.1 billion in the second quarter of 2024. Non-GAAP net income was RMB3.9 billion (US$548.8 million) in the third quarter of 2024, representing an increase of 11.1% from RMB3.5 billion in the third quarter of 2023 and an increase of 156.2% from RMB1.5 billion in the second quarter of 2024.

2024年第三季度的净收入为人民币28元(4.019亿美元),较2023年第三季度的人民币28元增长0.3%,较2024年第二季度的人民币11亿元增长156.2%。2024年第三季度的非公认会计准则净收入为人民币3900元(5.488亿美元),较2023年第三季度的人民币35元增长11.1%,较2024年第二季度的人民币15%增长156.2%。

Basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB2.82 (US$0.40) and RMB2.66 (US$0.38) in the third quarter of 2024, respectively, compared with RMB2.86 and RMB2.67 in the third quarter of 2023, respectively, and RMB1.11 and RMB1.05 in the second quarter of 2024, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB3.85 (US$0.55) and RMB3.63 (US$0.52) in the third quarter of 2024, respectively, compared with RMB3.53 and RMB3.29 in the third quarter of 2023, respectively, and RMB1.51 and RMB1.42 in the second quarter of 2024, respectively.

2024年第三季度归属于普通股股东的每股ADS的基本和摊薄后净收益分别为人民币2.82元(0.40美元)和人民币2.66元(0.38美元),而2023年第三季度分别为人民币2.86和2.67元,2024年第二季度分别为人民币1.11元和1.05元人民币。2024年第三季度归属于普通股股东的每股ADS的非公认会计准则基本收益和摊薄后净收益分别为人民币3.85元(0.55美元)和人民币3.63元(0.52美元),而2023年第三季度分别为人民币3.53元和3.29元,2024年第二季度分别为人民币1.51元和1.42元人民币。

Cash Position, Operating Cash Flow and Free Cash Flow

现金状况、运营现金流和自由现金流

Cash position7 was RMB106.5 billion (US$15.2 billion) as of September 30, 2024.

截至2024年9月30日,现金状况7为人民币1065元(合152亿美元)。

Net cash provided by operating activities was RMB11.0 billion (US$1.6 billion) in the third quarter of 2024, compared with RMB14.5 billion net cash provided by operating activities in the third quarter of 2023 and RMB429.4 million net cash used in operating activities in the second quarter of 2024. The change in net cash provided by operating activities over the third quarter of 2023 was mainly due to increased payment related to inventory purchase, partially offset by the increase in cash received from customers. The change in net cash provided by operating activities over the second quarter of 2024 was mainly due to the increase in cash received from customers as a result of the increase in vehicle deliveries.

2024年第三季度,经营活动提供的净现金为人民币110元(合16亿美元),而2023年第三季度经营活动提供的净现金为人民币145元,用于经营活动的净现金为人民币42940万元。2023年第三季度经营活动提供的净现金变化主要是由于与库存购买相关的付款增加,但部分被客户现金的增加所抵消。2024年第二季度经营活动提供的净现金变化主要是由于车辆交付量的增加导致从客户那里获得的现金增加。

Free cash flow was RMB9.1 billion (US$1.3 billion) in the third quarter of 2024, compared with RMB13.2 billion in the third quarter of 2023 and negative RMB1.9 billion in the second quarter of 2024.

2024年第三季度的自由现金流为人民币91元(合13亿美元),而2023年第三季度为人民币132元,2024年第二季度为负19元人民币。

Business Outlook

商业展望

For the fourth quarter of 2024, the Company expects:

对于2024年第四季度,公司预计:

Deliveries of vehicles to be between 160,000 and 170,000 vehicles, representing a year-over-year increase of 21.4% to 29.0%.

汽车的交付量将在16万至17万辆之间,同比增长21.4%至29.0%。

Total revenues to be between RMB43.2 billion (US$6.2 billion) and RMB45.9 billion (US$6.5 billion), representing a year-over-year increase of 3.5% to 10.0%.

总收入将在人民币432元(62亿美元)至人民币459元(65亿美元)之间,同比增长3.5%至10.0%。

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

该业务前景反映了公司对其业务状况和市场状况的当前和初步看法,这些看法可能会发生变化。

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