2024-02-26 08:30Vehicle Deliveries and Sales - In Q4 2023, total vehicle deliveries reached 131,805 units, representing a year-over-year increase of 184.6%[5] - For the full year 2023, total vehicle deliveries amounted to 376,030 units, up 182.2% from 133,246 units in 2022[5] - Vehicle sales revenue for 2023 reached RMB 120,294.7 million, a 172.7% increase from RMB 44,106.4 million in 2022[13] - Vehicle sales revenue in Q4 2023 was RMB 40,380 million, up 133.8% from RMB 17,270 million in Q4 2022[18] - The company delivered 31,165 vehicles in January 2024, representing a 105.8% increase compared to January 2023[14] Financial Performance - Q4 2023 vehicle sales revenue was RMB 40.38 billion (USD 5.69 billion), a 133.8% increase compared to RMB 17.27 billion in Q4 2022[5] - Total revenue for Q4 2023 was RMB 41.73 billion (USD 5.88 billion), up 136.4% from RMB 17.65 billion in Q4 2022[5] - The company reported a full-year revenue of RMB 123.85 billion (USD 17.44 billion) for 2023[4] - The total revenue for 2023 was RMB 123,851.3 million, reflecting a 173.5% year-over-year growth from RMB 45,286.8 million[13] - The net profit for 2023 was RMB 11.81 billion (USD 1.66 billion), compared to a net loss of RMB 2.03 billion in 2022[11] Profitability Metrics - Q4 2023 gross profit was RMB 9.79 billion (USD 1.38 billion), an increase of 174.4% from RMB 3.57 billion in Q4 2022[5] - The gross profit for 2023 amounted to RMB 27,496.8 million, a significant increase of 212.8% compared to RMB 8,790.5 million in 2022[13] - The operating profit for 2023 was RMB 7.41 billion (USD 1.04 billion), a turnaround from an operating loss of RMB 3.65 billion in 2022, with an operating margin of 6.0%[28] - The net profit for Q4 2023 was RMB 5.75 billion (USD 810.2 million), a 2,068.2% increase from RMB 265.3 million in Q4 2022[7] Cash Flow and Expenses - The operating cash flow for Q4 2023 was RMB 17.29 billion (USD 2.44 billion), a 251.1% increase from RMB 4.93 billion in Q4 2022[9] - Free cash flow for 2023 reached RMB 44,186.3 million, a remarkable increase of 1,861.8% from RMB 2,252.4 million in 2022[13] - Operating expenses for Q4 2023 were RMB 6.75 billion (USD 950.8 million), an increase of 82.4% from RMB 3.70 billion in Q4 2022[5] - Selling, general, and administrative expenses in 2023 were RMB 9.77 billion (USD 1.38 billion), a 72.4% increase from RMB 5.67 billion in 2022[27] Research and Development - R&D expenses in Q4 2023 were RMB 3.49 billion (USD 491.7 million), a 68.6% increase from RMB 2.07 billion in Q4 2022[20] - Research and development expenses for the three months ended September 30, 2023, were RMB 2,817,206, up 36% from RMB 2,070,091 in the same period of 2022[44] Market Strategy and Future Outlook - The company aims to continue expanding its market presence and enhancing its product offerings in the coming years[2] - The company is focused on expanding its product line with more pure electric and range-extended electric vehicles to broaden its user base[37] - The company anticipates continued growth in vehicle sales and revenue for the upcoming quarters, driven by new product launches and market expansion strategies[41] - For Q1 2024, the company expects vehicle deliveries to be between 100,000 and 103,000 units, representing a growth of 90.2% to 95.9% compared to Q1 2023[31] Operational Metrics - As of December 31, 2023, the company operated 467 retail centers across 140 cities and 360 after-sales service centers in 209 cities[5] - As of December 31, 2023, cash and cash equivalents totaled RMB 103.67 billion (USD 14.60 billion)[24] - The company employed a total of 31,591 employees as of December 31, 2023[31] Risks and Challenges - The company emphasizes the inherent risks and uncertainties associated with forward-looking statements, including potential discrepancies between actual results and expectations[39] - The company acknowledges the risks related to consumer demand and changes in government incentives or favorable policies[39] - The company faces risks associated with the cancellation of vehicle orders, which could impact its financial performance[39]