Li Auto Inc (LI) Q3 2024 Earnings Call Highlights: Record Deliveries and Strong Financial ...

GuruFocus News
5 min read

In This Article:

  • Total Revenues: RMB42.9 billion (USD 6.1 billion), up 23.6% year-over-year and 35.3% quarter-over-quarter.

  • Vehicle Sales Revenue: RMB41.3 billion (USD 5.9 billion), up 22.9% year-over-year and 36.3% quarter-over-quarter.

  • Gross Profit: RMB9.2 billion (USD 1.3 billion), up 20.7% year-over-year and 49.3% quarter-over-quarter.

  • Gross Margin: 21.5%, compared to 22% in the same period last year and 19.5% in the prior quarter.

  • Vehicle Margin: 20.9%, stable compared to 21.2% last year and improved from 18.7% last quarter.

  • Operating Expenses: RMB5.8 billion (USD 825.4 million), up 9.2% year-over-year and 1.5% quarter-over-quarter.

  • R&D Expenses: RMB2.6 billion (USD 368.6 million), down 8.2% year-over-year and 14.6% quarter-over-quarter.

  • SG&A Expenses: RMB3.4 billion (USD 478.7 million), up 32.1% year-over-year and 19.3% quarter-over-quarter.

  • Income from Operations: RMB3.4 billion (USD 489.2 million), up 46.7% year-over-year and 633.4% quarter-over-quarter.

  • Operating Margin: 8%, up from 6.7% last year and 1.2% last quarter.

  • Net Income: RMB2.8 billion (USD 401.9 million), up 0.3% year-over-year and 156.2% quarter-over-quarter.

  • Cash Position: RMB106.5 billion (USD 15.2 billion) as of September 30, 2024.

  • Operating Cash Flow: RMB11 billion (USD 1.6 billion), compared to RMB14.5 million last year and negative RMB429.4 million last quarter.

  • Free Cash Flow: RMB9.1 billion (USD 1.3 billion), compared to RMB13.2 billion last year and negative RMB1.9 billion last quarter.

  • Vehicle Deliveries: Over 152,000 vehicles in Q3, up 45.4% year-over-year.

  • Retail Stores: 479 stores in 145 cities as of September 30, 2024.

  • Service Centers: 436 centers in 221 cities in China.

  • Supercharging Stations: 1,000 stations with 4,888 charging stores in 175 cities.

Release Date: October 31, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • Li Auto Inc (NASDAQ:LI) achieved a record high of over 152,000 vehicle deliveries in Q3 2024, marking a 45.4% year-over-year increase.

  • The company reached a significant milestone of 1 million cumulative vehicle deliveries in just 58 months, the first among emerging new energy vehicle brands in China.

  • Li Auto Inc (NASDAQ:LI) reported a gross margin expansion to 21.5% in Q3 2024, driven by an improved product mix and economies of scale.

  • The company has a strong cash position with RMB106.5 billion as of September 30, 2024, indicating robust financial health.

  • Li Auto Inc (NASDAQ:LI) continues to innovate in autonomous driving, with significant improvements in user experience and safety features, including a 35-fold increase in miles per accident compared to human drivers.

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