LI AUTO(02015)2024-10-31 08:30Financial Performance - For the third quarter of 2024, Li Auto reported total revenue of RMB 42.9 billion (USD 6.1 billion), an increase of 23.6% compared to RMB 34.7 billion in the third quarter of 2023[10]. - Vehicle sales revenue for the third quarter of 2024 was RMB 41.3 billion (USD 5.9 billion), up 22.9% from RMB 33.6 billion in the same quarter of 2023[10]. - Gross profit for the third quarter of 2024 was RMB 9.2 billion (USD 1.3 billion), a 20.7% increase from RMB 7.6 billion in the third quarter of 2023[10]. - Operating profit for the third quarter of 2024 was RMB 3.4 billion (USD 489.2 million), a significant increase of 46.7% compared to RMB 2.3 billion in the third quarter of 2023[11]. - Net profit for the third quarter of 2024 was RMB 2.8 billion (USD 401.9 million), a slight increase of 0.3% from RMB 2.8 billion in the same quarter of 2023[11]. - Operating cash flow for Q3 2024 was RMB 11 billion (USD 1.6 billion), down from RMB 14.5 billion in Q3 2023[12]. - Free cash flow for Q3 2024 was RMB 9.1 billion (USD 1.3 billion), compared to RMB 13.2 billion in Q3 2023 and a negative RMB 1.9 billion in Q2 2024[12]. - Operating expenses for Q3 2024 were RMB 5.8 billion (368.6 million), an 8.2% decrease from RMB 2.8 billion in Q3 2023[25]. Vehicle Deliveries and Sales - Vehicle deliveries reached 152,831 units in the third quarter of 2024, representing a year-over-year growth of 45.4%[8]. - Vehicle sales revenue reached RMB 41.3 billion in Q3 2024, marking a 22.9% year-over-year increase and a 36.3% quarter-over-quarter increase[13]. - Cumulative vehicle deliveries surpassed 1 million units as of October 18, 2024, making the company the first Chinese new energy vehicle brand to reach this milestone[16]. - The company expects vehicle deliveries in Q4 2024 to be between 160,000 and 170,000 units, representing a year-over-year growth of 21.4% to 29.0%[31]. Market Presence and Infrastructure - As of September 30, 2024, Li Auto operated 479 retail centers across 145 cities and 436 after-sales service centers in 221 cities[9]. - The company has deployed 894 Li Auto Supercharging stations equipped with 4,286 charging piles[9]. - The company is a leader in the Chinese new energy vehicle market, focusing on luxury smart electric vehicles[37]. - The company has successfully commercialized range-extended electric vehicles while developing a pure electric platform[37]. - Current vehicle models include the flagship MPV Li Xiang MEGA and several SUVs, with plans to expand the product line to broaden the user base[37]. Corporate Governance and Ratings - The company appointed Professor Xiao Xing as the new chairman of the audit committee on October 31, 2024[5]. - The company received the highest "AAA" ESG rating from MSCI ESG Research for the second consecutive year, recognizing its performance in governance and sustainable development[19]. Future Outlook - Total revenue for Q4 2024 is projected to be between RMB 43.2 billion (6.5 billion), reflecting a year-over-year growth of 3.5% to 10.0%[31]. - The company aims to create value for users through technology and innovation in electric vehicle solutions[37]. - The company is focusing on expanding its market presence and investing in new product development to drive future growth[40]. - Forward-looking statements are made in accordance with the U.S. Private Securities Litigation Reform Act of 1995, highlighting inherent risks and uncertainties[39]. Non-GAAP Financial Metrics - The company utilizes non-GAAP financial metrics to assess operational performance and inform financial and operational decisions[34]. - Non-GAAP financial metrics include sales cost, R&D expenses, operating profit, and net profit attributable to common shareholders, among others[34]. - The company emphasizes the importance of considering GAAP financial data alongside non-GAAP metrics for a comprehensive evaluation of performance[35].