Li Auto-W releases second-quarter financial results, with a net profit of 1.101 billion yuan, a year-on-year decrease of 52.3%
Li Auto-W released its second-quarter performance for 2024, with a net profit of 1.101 billion yuan, a year-on-year decrease of 52.3%. The group's total revenue was 31.678 billion yuan, a year-on-year increase of 10.6%; automotive sales revenue was 30.32 billion yuan, an increase of 8.4%. R&D expenses were 3 billion yuan, a year-on-year increase of 24.8%. It is expected that the vehicle delivery volume in the third quarter of 2024 will be between 145,000 and 155,000 units, with revenue ranging from 39.4 billion yuan to 42 billion yuan
According to the announcement from VESYNC Financial News App, Li Auto-W (02015) released its performance for the second quarter of 2024. During the period, the group achieved automotive sales revenue of RMB 30.32 billion, an increase of 8.4% year-on-year; vehicle gross profit margin was 18.7%, a decrease of 2.3 percentage points year-on-year; total revenue was RMB 31.678 billion, an increase of 10.6% year-on-year; gross profit was RMB 6.177 billion, a decrease of 0.9% year-on-year; net profit was RMB 1.101 billion, a decrease of 52.3% year-on-year; diluted net earnings per American Depositary Share attributable to ordinary shareholders were RMB 1.05.
The announcement stated that the increase in vehicle sales revenue compared to the second quarter of 2023 was mainly due to an increase in vehicle deliveries, partially offset by a decrease in average selling price due to changes in product mix and pricing strategies between the two quarters. The increase in vehicle sales revenue compared to the first quarter of 2024 was mainly due to an increase in vehicle deliveries, partially offset by a decrease in average selling price due to different product mix.
Research and development expenses for the second quarter of 2024 were RMB 3 billion, an increase of 24.8% compared to RMB 2.4 billion in the second quarter of 2023, and a decrease of 0.7% compared to RMB 3 billion in the first quarter of 2024. The increase in research and development expenses compared to the second quarter of 2023 was mainly due to increased expenses to support the expansion of product portfolio and technology, as well as an increase in employee compensation due to an increase in the number of employees. The decrease in research and development expenses compared to the first quarter of 2024 was mainly due to a decrease in employee compensation, partially offset by increased expenses to support the expansion of product portfolio and technology.
As of June 30, 2024, nationwide, the company had 497 retail centers in 148 cities, operated 421 after-sales service centers and Li Auto authorized body spray centers in 220 cities, and had put into operation 614 Li Auto Supercharging stations equipped with 2,726 charging piles.
For the third quarter of 2024, the company expects: vehicle deliveries to be between 145,000 and 155,000 units, an increase of 38.0% to 47.5% compared to the third quarter of 2023. Total revenue is expected to be between RMB 39.4 billion and RMB 42.2 billion, an increase of 13.7% to 21.6% compared to the third quarter of 2023