ZEEKR's revenue in the first quarter of 2024 was 14.737 billion yuan, with a gross profit margin of 11.8%

Sanyan Technology

2024-06-11 19:03Posted on the official account of Beijing Sanyan Finance

ZEEKR's revenue in the first quarter of 2024 was 14.737 billion yuan, with a gross profit margin of 11.8%

Sanyan Technology reported on June 11 that today, ZEEKR Automobile released its financial report for the first quarter of 2024. According to the financial report, the company's revenue in the first quarter was 14.737 billion yuan, an increase of 71% over the same period last year; Among them, the vehicle sales revenue was 8.174 billion yuan, a year-on-year increase of 73%; The gross profit margin of the whole vehicle was 14%, a year-on-year increase of 3.9%.

In the first quarter of this year, ZEEKR had a net loss of 2.0221 billion yuan, down 18.0% year-on-year, down 29.3% quarter-on-quarter, and down 31.2% quarter-on-quarter. Adjusted net loss (non-GAAP) for the first quarter of 2024, excluding stock option compensation expense, was RMB2,019.4 million, down 17.0% year-on-year and 30.4% quarter-on-quarter.

In the first quarter, the gross profit of ZEEKR was 1,739.4 million yuan, a year-on-year increase of 154.9%, a decrease of 25.3% quarter-on-quarter, and a gross profit margin of 11.8%.

In the first quarter of this year, ZEEKR suffered an operating loss of 2.0869 billion yuan, down 11.2% year-on-year and 29.3% quarter-on-quarter. Adjusted operating loss (non-GAAP) for the first quarter of 2024, excluding stock option compensation expense, was RMB2,084.2 million, down 10.0% year-on-year and down 28.5% quarter-on-quarter.

The following is the full text of the financial report:

First Quarter 2024 Financial Results

revenue

Total revenue for the first quarter of 2024 was RMB14,736.8 million (US$2,040,000), an increase of 71.0% from RMB8,620.4 million in the first quarter of 2023 and a decrease of 9.9% from RMB16,357.9 million in the fourth quarter of 2023.

Automotive sales revenue for the first quarter of 2024 was RMB8,174.1 million (US$1,132.1 million), up 73.0% from RMB4,725.2 million in Q1 2023 and down 22.8% from RMB10,592.6 million in Q4 2023. The year-on-year increase was due to higher sales of ZEEKR vehicles. The quarterly decline was due to seasonality affecting our deliveries, as well as a decrease in average selling prices, primarily due to changes in our product mix.

Battery and other component sales revenue for the first quarter of 2024 was RMB6,318.5 million (US$875.1 million), up 82.0% from RMB3,471.5 million in Q1 2023 and up 56.5% from RMB4,038.1 million in Q4 2023. The year-over-year and quarter-over-quarter growth was mainly attributable to higher sales of battery packs and electric drives, as well as growth in battery modules overseas.

Revenue from R&D services and other services for the first quarter of 2024 was RMB244.1 million (US$33.8 million), a decrease of 42.4% from RMB423.7 million in the first quarter of 2023 and a decrease of 85.9% from RMB1,727.2 million in the fourth quarter of 2023. The year-over-year and quarter-over-quarter declines were primarily due to lower sales of R&D services and unlicensed technology sold to related parties.

Cost of revenue and gross margin

Cost of revenue for the first quarter of 2024 was RMB12,997.4 million (US$1,801 million), an increase of 63.7% from RMB7,967.9 million in the first quarter of 2023 and a decrease of 7.4% from RMB1,402,960 million in the fourth quarter of 2023.

Gross profit for the first quarter of 2024 was RMB1,739.4 million (US$240.9 million), up 154.9% from RMB682.5 million in Q1 2023 and down 25.3% from RMB2,328.3 million in Q4 2023.

Gross margin was 11.8% in the first quarter of 2024, compared to 7.9% in the first quarter of 2023 and 14.2% in the fourth quarter of 2023. The year-over-year increase was primarily due to an increase in vehicle margins. The quarterly decline was primarily due to lower vehicle margins and an increase in the percentage of sales revenue from batteries and other components, which was lower than the gross margin for automotive sales.

Vehicle margin was 14.0% in the first quarter of 2024, compared to 10.1% in the first quarter of 2023 and 15.3% in the fourth quarter of 2023. The year-over-year increase was primarily attributable to procurement cost savings as automotive parts and material costs declined. The quarterly decline was mainly due to deliveries of new models and changes in product mix.

Operating expenses

R&D spending for the first quarter of 2024 was RMB1,925.3 million (US$266.6 million), up 6.7% from RMB1,805.1 million in the first quarter of 2023 and down 39.1% from RMB3,162.5 million in the fourth quarter of 2023. The year-over-year increase was due to an increase in headcount, increased employee compensation, and increased spending to support our expanding product portfolio and smart technologies. The quarterly decline reflects fluctuations caused by different stages of design and development of new products and technologies.

Selling, general and administrative expenses for the first quarter of 2024 were RMB1,951.5 million (US$270.3 million), an increase of 51.9% from RMB1,284.4 million in the first quarter of 2023 and an increase of 11.6% from RMB2,207.9 million in the fourth quarter of 2023. The year-over-year increase was due to an increase in the number of employees, as well as an increase in marketing and promotional activities for ZEEKR vehicles in China and overseas, as well as an increase in employee compensation due to the expansion of our offline channels. The quarterly decline was primarily due to a decrease in marketing and promotional activities.

Operational losses

Operating loss for the first quarter of 2024 was RMB2,086.9 million (US$289.0 million), down 11.2% from RMB2,349.2 million in Q1 2023 and down 29.3% from RMB2,950.1 million in Q4 2023.

Non-GAAP operating loss, excluding stock-based compensation expense, was RMB202.4 billion (US$288.7 million), down 10.0% from RMB2,316.5 million in the first quarter of 2023 and down 28.5% from RMB2,914.8 million in the fourth quarter of 2023.

balance sheet

As of March 31, 2024, cash and cash equivalents and restricted cash were RMB3,791.1 million (US$525.1 million).

teleconference

The Company's management will host an earnings call on Tuesday, June 11, 2024 at 8:00 a.m. (8:00 p.m. ET) on the same day in Beijing/Hong Kong).

All participants wishing to join the conference call are requested to complete online registration using the link below. Upon registration, each participant will receive a set of dial-in numbers, passwords, and unique access PIN codes via email to join the conference call. Participants can pre-register at any time, both before and after the call start time.

Participant Online Registration: https://dpregister.com/sreg/10189650/fca07ffcd6

A live webcast of the conference call will be available on the Company's investor relations website, https://ir.zeekrlife.com/.

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