Lei Jianping May 10
Ideal Auto (NASDAQ: LI; HKEX: 2015) today announced its financial results. According to the financial report, Li Auto's revenue in the first quarter of 2023 was 18.79 billion yuan (US$2.74 billion), an increase of 96.5% from 9.56 billion yuan in the first quarter of 2022.
Li Auto's total vehicle deliveries in the first quarter of 2023 were 52,584 units, a year-on-year increase of 65.8%. Li Auto delivered 25,681 vehicles in April 2023, an increase of 516.3% from April 2022.
As of April 30, 2023, Li Auto has 302 retail centers covering 123 cities, and operates 318 after-sales repair centers and Li Auto authorized sheet spray centers in 222 cities.
Li Auto's operating profit for the first quarter of 2023 was 405 million yuan (US$59 million), compared to an operating loss of 413 million yuan in the first quarter of 2022, and net income was 934 million yuan (US$136 million), compared to a net loss of 10.9 million yuan in the first quarter of 2022.
Li Xiang, Chairman and CEO of Li Auto, said: "We believe that electrification and intelligence will bring continuous business growth and greater scale effects, and combined with our enhanced operational capabilities, we will create greater value for users and achieve profitability. Our healthy profitability and cash flow will continue to support our investment in R&D and business capabilities, further enhancing the flywheel effect of the company's development. ”
Li Tie, Chief Financial Officer of Li Auto, said: "We achieved a healthy gross margin of 20.4% in the first quarter, and our strong cash flow and healthy balance sheet will help us continue to invest, empower product, platform and system R&D innovation and business expansion, and create value for users and shareholders. ”
Li Auto's Q1 revenue was 18.79 billion, a year-on-year increase of 96.5%
Li Auto's revenue in the first quarter of 2023 was RMB18.8 billion (US$2.74 billion), an increase of 96.5% from RMB9.56 billion in the first quarter of 2022 and an increase of 6.4% from RMB17.65 billion in the fourth quarter of 2022.
Li Auto's vehicle sales revenue for the first quarter of 2023 was RMB18.33 billion (US$2.67 billion), an increase of 96.9% from RMB9.31 billion in the first quarter of 2022 and an increase of 6.1% from RMB17.27 billion in the fourth quarter of 2022.
Li Auto's vehicle sales revenue increased from the first quarter of 2022, mainly due to the increase in vehicle deliveries and the increase in the average selling price contributed by Li L-series models.
Li Auto's other sales and service revenue for the first quarter of 2023 was RMB460 million (US$66.9 million), an increase of 81.4% from RMB253 million in the first quarter of 2022 and an increase of 20.5% from RMB382 million in the fourth quarter of 2022. Other sales and service revenue increased from the first quarter of 2022 and the fourth quarter of 2022, mainly due to the increase in sales of accessories and services due to the increase in cumulative vehicle sales.
The Q1 cost of Li Auto was 14.96 billion, a year-on-year increase of 102.2%
Li Auto's cost of sales for the first quarter of 2023 was RMB14.96 billion (US$2.18 billion), an increase of 102.2% from RMB7.40 billion in the first quarter of 2022 and an increase of 6.2% from RMB14.08 billion in the fourth quarter of 2022. The increase in cost of goods and services compared to the first quarter of 2022 was mainly due to the increase in vehicle deliveries
The average cost of vehicles increased due to the difference in product mix between the two quarters. The increase in cost of goods and services from the fourth quarter of 2022 was primarily due to an increase in vehicle deliveries, partially offset by a decrease in average vehicle costs due to product mix differences between the two quarters.
Li Auto's Q1 gross profit was 3.83 billion yuan, and the gross profit margin was 20.4%;
Li Auto's gross profit for the first quarter of 2023 was RMB3.83 billion (US$558 million), an increase of 77% from RMB2.16 billion in the first quarter of 2022 and an increase of 7.4% from RMB3.57 billion in the fourth quarter of 2022.
Li Auto's vehicle gross margin was 19.8% in the first quarter of 2023, compared to 22.4% in the first quarter of 2022 and 20.0% in the fourth quarter of 2022. The decrease in vehicle gross margin compared to the first quarter of 2022 was mainly due to the difference in product mix between the two quarters.
Li Auto's gross margin was 20.4% in the first quarter of 2023, compared to 22.6% in the first quarter of 2022 and 20.2% in the fourth quarter of 2022. The decrease in gross margin from the first quarter of 2022 was mainly due to the decline in vehicle gross margin.
Li Auto's Q1 expenses were 3.42 billion, a year-on-year increase of 32.9%
Li Auto's operating expenses for the first quarter of 2023 were RMB3.42 billion (US$500 million), an increase of 32.9% from RMB2.58 billion in the first quarter of 2022 and a decrease of 7.4% from RMB3.7 billion in the fourth quarter of 2022.
Li Auto's R&D expenses in the first quarter of 2023 were RMB1.85 billion (US$270 million), an increase of 34.8% from RMB1.37 billion in the first quarter of 2022 and a decrease of 10.5% from RMB2.07 billion in the fourth quarter of 2022. The increase in R&D expenses compared to the first quarter of 2022 was primarily due to higher expenses to support the expanded product portfolio and higher employee compensation due to an increase in the number of employees. The decrease in R&D expenses compared to the fourth quarter of 2022 was mainly due to the cycle and schedule of new vehicle projects.
Li Auto's selling, general and general and administrative expenses for the first quarter of 2023 were $1.65 billion (US$240 million), an increase of 36.8% from RMB1.2 billion in the first quarter of 2022 and an increase of 0.9% from RMB1.63 billion in the fourth quarter of 2022. The increase in selling, general and general and administrative expenses compared to the first quarter of 2022 was primarily due to an increase in employee compensation due to an increase in the number of employees and an increase in rental expenses due to the expansion of our sales and service network.
Li Auto's Q1 operating profit was 405 million yuan, which was a loss in the same period last year
Li Auto reported an operating profit of $405 million (US$59 million) in the first quarter of 2023, compared to an operating loss of $413 million in the first quarter of 2022 and an operating loss of $134 million in the fourth quarter of 2022. Non-GAAP operating income for the first quarter of 2023 was $885 million (US$130 million), compared to non-GAAP operating income of $74.9 million for the first quarter of 2022, an increase of 55.7% from non-GAAP operating profit of $569 million in the fourth quarter of 2022.
Li Auto's Q1 net profit was 934 million, which was a loss in the same period last year
Li Auto's net profit for the first quarter of 2023 was 934 million yuan (US$136 million), compared to a net loss of 10.9 million yuan in the first quarter of 2022, an increase of 252% from the net profit of 265 million yuan in the fourth quarter of 2022. Non-GAAP net income for the first quarter of 2023 was $1.41 billion (US$206 million), an increase of 196.4% from non-GAAP net income of $477 million in the first quarter of 2022 and an increase of 46.1% from non-GAAP net income of $968 million in the fourth quarter of 2022.
As of March 31, 2023, Li Auto held cash and cash equivalents, restricted cash, time deposits and short-term investments of $65 billion (US$9.46 billion). Net cash from operating activities was $7.78 billion (US$1.13 billion) for the first quarter of 2023, an increase of 324.3% from $1.83 billion in the first quarter of 2022 and an increase of 58% from net cash from operating activities of $4.93 billion in the fourth quarter of 2022.
Li Auto's free cash flow for the first quarter of 2023 was RMB6.7 billion (US$976 million), compared to RMB500 million in the first quarter of 2022, an increase of 105.8% from the free cash flow of RMB3.26 billion in the fourth quarter of 2022. The increase in free cash flow compared to the first quarter of 2022 and the fourth quarter of 2022 was mainly due to an increase in operating cash inflow from vehicle deliveries and a decrease in capital expenditure.
Li Auto expects vehicle deliveries of 76,000 to 81,000 units in the second quarter of 2023, an increase of 164.9% to 182.4% from the second quarter of 2022. Total revenue was $24.22 billion (US$3.53 billion) to RMB25.86 billion (US$3.77 billion), an increase of 177.4% to 196.1% from the second quarter of 2022.
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