2024-05-20 08:30Financial Performance - In Q1 2024, the total revenue reached RMB 25.6 billion (USD 3.6 billion), a 36.4% increase compared to RMB 18.8 billion in Q1 2023[4] - Vehicle sales revenue for Q1 2024 was RMB 24.3 billion (USD 3.4 billion), up 32.3% from RMB 18.3 billion in Q1 2023, but down 39.9% from RMB 40.4 billion in Q4 2023[6] - The gross profit for Q1 2024 was RMB 5.3 billion (USD 731.9 million), a 38.0% increase from RMB 3.8 billion in Q1 2023, but a 46.0% decrease from RMB 9.8 billion in Q4 2023[6] - The net profit was RMB 591.1 million (USD 81.9 million), a decrease of 36.7% year-over-year and a decrease of 89.7% compared to Q4 2023[8] - The diluted earnings per American Depositary Share (ADS) attributable to ordinary shareholders in Q1 2024 was RMB 0.56 (USD 0.08), down 37.1% year-over-year and down 89.5% from Q4 2023[9] - The operating loss for Q1 2024 was RMB 584.9 million (USD 81.0 million), compared to an operating profit of RMB 405.2 million in Q1 2023 and RMB 3 billion in Q4 2023[6] Vehicle Deliveries and Sales - Vehicle deliveries in Q1 2024 amounted to 80,400 units, representing a year-on-year growth of 52.9%[5] - In Q1 2024, the company delivered 80,400 vehicles, a year-on-year increase of 52.9%, solidifying its leadership in the RMB 300,000+ new energy vehicle market in China[14] - The company delivered 25,787 vehicles in April 2024, a growth of 0.4% compared to April 2023[11] Operating Expenses and Cash Flow - Operating expenses in Q1 2024 were RMB 5.9 billion (USD 812.9 million), a 71.4% increase from RMB 3.4 billion in Q1 2023, but a 13.1% decrease from RMB 6.8 billion in Q4 2023[6] - The operating cash flow for Q1 2024 was RMB -3,342.4 million (USD -462.9 million), compared to RMB 7,780.4 million in Q1 2023[9] - The free cash flow for Q1 2024 is negative RMB 5.1 billion (USD 700.1 million), down from RMB 6.7 billion in Q1 2023 and RMB 14.6 billion in Q4 2023[22] Research and Development - R&D expenses for Q1 2024 were RMB 3.0 billion (USD 422.3 million), a 64.6% increase from RMB 1.9 billion in Q1 2023[18] - The company’s research and development expenses as a percentage of total revenue decreased significantly, reflecting a strategic focus on cost management[35] Product Launches and Innovations - The company launched the Li MEGA in March 2024, featuring an 800V high-voltage pure electric platform and a 12-minute charging capability for a range of 500 km[12] - The 2024 Li L series was launched in March 2024, enhancing product capabilities to better meet family user needs[12] - The Li L6, a luxury five-seat SUV, was launched in April 2024, equipped with a four-wheel drive range-extended electric system[12] Future Projections - For Q2 2024, the company expects vehicle deliveries to be between 105,000 and 110,000 units, representing a growth of 21.3% to 27.1% compared to Q2 2023[23] - The projected total revenue for Q2 2024 is between RMB 29.9 billion (USD 4.1 billion) and RMB 31.4 billion (USD 4.3 billion), an increase of 4.2% to 9.4% compared to Q2 2023[23] Company Infrastructure - As of March 31, 2024, the company operated 474 retail centers across 142 cities and 356 after-sales service centers in 209 cities[5] - The company has established 357 Ideal Supercharging stations equipped with 1,544 charging piles[5] Market Position - The company is a leader in China's new energy vehicle market, focusing on the design, research, and manufacturing of luxury smart electric vehicles[28] - The company aims to expand its product line by launching more pure electric and range-extended electric vehicles to broaden its user base[28]