理想2万元预算都需要审批，李想股权激励6.39亿是好是坏？

Core Viewpoint - Li Auto has established itself as a leading player in the new energy vehicle market, achieving significant sales and financial performance, while also facing scrutiny over executive compensation structures [5][9][11]. Group 1: Sales Performance - In 2024, Li Auto achieved a total sales volume of 500,508 vehicles, marking a 33% year-on-year increase and becoming the first new force brand in China to surpass 500,000 annual sales [7]. - Li Auto's sales exceeded those of its competitors, NIO and Xpeng, with NIO selling 221,970 vehicles and Xpeng selling 190,000 vehicles in the same year [7][8]. - As of the end of 2024, Li Auto's cumulative delivery volume reached 1,133,900 vehicles, showcasing its strong market presence [7]. Group 2: Financial Performance - Li Auto reported a revenue of 144.5 billion yuan in 2024, the highest among its peers, and a net profit of 8.032 billion yuan, despite a 31.37% year-on-year decline [9][10]. - The company's gross margin stood at 20.53%, and its net margin was 5.57%, outperforming both NIO and Xpeng [10]. - Li Auto's market capitalization reached $29.93 billion as of May 13, 2024, significantly higher than NIO's $9.33 billion and Xpeng's $19.77 billion [11]. Group 3: Executive Compensation - Li Auto's founder, Li Xiang, has been reported to have a total compensation of 639.34 million yuan, which includes a base salary of 2.665 million yuan and stock-based compensation triggered by performance targets [13][20]. - The stock-based compensation is linked to achieving sales milestones, with Li Xiang needing to pay a premium to exercise stock options, indicating a performance-driven compensation structure [22][23]. - Comparatively, Li Xiang's compensation is significantly higher than that of other executives in the industry, with his total compensation being 16 times that of the second-highest paid executive at Li Auto [20]. Group 4: Market Outlook - Despite challenges in meeting sales targets in early 2025, Li Auto remains optimistic about its growth trajectory, with a target of 700,000 vehicles for the year [8]. - The company’s strong financial results and market position suggest continued investor confidence, as reflected in its stock performance [5][11]. - Li Auto's strategic focus on maintaining high margins and profitability sets it apart from competitors who are struggling with losses [9][10].