3 6 Ke·2024-02-27 11:06Core Insights - Li Auto reported a significant financial turnaround in 2023, achieving a revenue of 123.85 billion RMB, a year-on-year increase of 173.5%, and a net profit of 11.81 billion RMB, compared to a net loss of 2.03 billion RMB in 2022 [2][4][9] - The company delivered 376,030 vehicles in 2023, marking a 182.2% increase from the previous year, and maintained a cash reserve of 103.67 billion RMB by the end of 2023 [2][4][9] - CEO Li Xiang expressed confidence in the company's growth trajectory, aiming for an annual delivery target of 800,000 vehicles in 2024, with expectations that the top three brands in the market will capture nearly 70% of the market share for electric vehicles priced above 200,000 RMB [2][12] Financial Performance - In Q4 2023, Li Auto achieved a revenue of 41.73 billion RMB, a year-on-year increase of 136.4% and a quarter-on-quarter increase of 20.3%, with a net profit of 5.75 billion RMB, reflecting a staggering increase of 2068.2% [3][4] - The overall gross margin for 2023 reached 22.2%, up from 19.4% in 2022, indicating improved profitability alongside revenue growth [6][9] Market Position and Strategy - Li Auto became the first new energy vehicle company in China to surpass 100 billion RMB in revenue, highlighting its competitive edge in the market [4][9] - The average selling price of Li Auto vehicles decreased from 331,000 RMB in 2022 to 320,000 RMB in 2023, primarily due to an increase in the sales proportion of the Li L7 model and promotional discounts [9][10] - The company plans to maintain its focus on the premium segment, with no plans to launch vehicles priced below 200,000 RMB in the next five years, aiming to capture one-third of the market share in the 200,000 RMB and above segment by 2030 [10][12] Product Development and Future Outlook - Li Auto is set to launch multiple new models in 2024, including the Li L6 and Li MEGA, with a total of eight competitive products planned to meet family user needs [10][12] - The company aims to expand its retail presence, targeting 800 retail centers by the end of 2024, and plans to establish 2,000 supercharging stations nationwide [12][16] - Li Auto's R&D expenditure reached 10.59 billion RMB in 2023, reflecting a 56.1% increase, as the company emphasizes the importance of innovation in its growth strategy [13][15]