Li Auto's Q3 revenue increased by 24% year-on-year, and net profit grew by 11% year-on-year. Q4 revenue guidance fell short of expectations | Financial Report Insights

On the 31st, Li Auto announced its Q3 financial report:

• Revenue: In the third quarter, revenue was RMB 42.9 billion, compared to market expectations of RMB 41.27 billion, an increase of 23.6% year-on-year from RMB 34.7 billion, and a 35.3% increase from RMB 31.7 billion in the previous quarter.
• Net Profit: In the third quarter, adjusted net profit attributable to shareholders was RMB 3.84 billion, a year-on-year increase of 11%;
• Earnings Per Share: Adjusted earnings per share were RMB 3.63, compared to RMB 3.29 in the same period last year.

In the third quarter, Li Auto delivered 152,831 vehicles, a year-on-year increase of 45%, compared to an estimate of 149,122 vehicles; vehicle sales revenue was RMB 41.32 billion, a year-on-year increase of 23% and a quarter-on-quarter increase of 36.3%, with a previous estimate of RMB 39.6 billion.

In terms of profit, the company's gross profit in the third quarter was RMB 9.2 billion, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 49.3%. The gross margin was 21.5%, slightly lower than 22.0% in the same period last year but higher than 19.5% in the previous quarter. The quarterly net profit was RMB 2.8 billion, a slight year-on-year increase of 0.3% and a quarter-on-quarter increase of 156.2%.

Looking ahead, Li Auto expects vehicle deliveries in the fourth quarter of 2024 to be between 160,000 and 170,000 units, with total revenue expected to be between RMB 43.2 billion and RMB 45.9 billion, while market expectations are RMB 46 billion.

After the data was released, Li Auto's U.S. stock pre-market turned positive, having previously fallen more than 4%