LI AUTO(02015)2025-03-14 08:35Vehicle Deliveries and Sales - In Q4 2024, total vehicle deliveries reached 158,696 units, representing a year-over-year increase of 20.4%[9] - For the full year 2024, total vehicle deliveries amounted to 500,508 units, a growth of 33.1% compared to 376,030 units in 2023[9] - The company achieved a record annual delivery volume exceeding 500,000 vehicles, becoming the first Chinese luxury car brand to reach this milestone[21] - In January and February 2025, the company delivered 29,927 and 26,263 vehicles respectively, with a total of 500 retail centers and 488 after-sales service centers across 150 and 224 cities[18] Financial Performance - Q4 2024 vehicle sales revenue was RMB 42.6 billion (USD 5.8 billion), up 5.6% from RMB 40.4 billion in Q4 2023[10] - Total revenue for Q4 2024 was RMB 44.3 billion (USD 6.1 billion), an increase of 6.1% from RMB 41.7 billion in Q4 2023[10] - The total vehicle sales revenue for 2024 was RMB 138.5 billion (USD 19 billion), a 15.2% increase from RMB 120.3 billion in 2023[16] - The total revenue for 2024 was RMB 144.5 billion (USD 19.8 billion), reflecting a 16.6% increase from RMB 123.9 billion in 2023[16] - The net profit for 2024 was RMB 8.0 billion (USD 1.1 billion), a decrease of 31.9% from RMB 11.8 billion in 2023[16] - The net profit for Q4 2024 was RMB 3.5 billion (USD 484.0 million), a decrease of 38.6% compared to Q4 2023, but an increase of 25.3% from Q3 2024[12] - The diluted earnings per American Depositary Share (ADS) for Q4 2024 was RMB 3.31 (USD 0.45), down 37.8% year-over-year but up 24.4% quarter-over-quarter[13] Profitability Metrics - The gross profit for Q4 2024 was RMB 9.0 billion (USD 1.2 billion), down 8.3% from RMB 9.8 billion in Q4 2023[10] - The gross margin for Q4 2024 was 20.3%, compared to 23.5% in Q4 2023[10] - The operating profit for Q4 2024 was RMB 3.7 billion (USD 507.4 million), an increase of 22.0% year-over-year and 7.9% quarter-over-quarter[12] - The operating profit margin for 2024 was 4.9%, down from 6.0% in 2023[16] - The gross margin for vehicle sales in 2024 was 19.8%, a decrease from 21.5% in 2023[16] Cash Flow and Expenses - The operating cash flow for Q4 2024 was RMB 8.7 billion (USD 1.2 billion), a decrease of 49.8% year-over-year[12] - The free cash flow for Q4 2024 was RMB 6.1 billion (USD 830.1 million), down 58.6% from RMB 14.6 billion in Q4 2023[12] - The R&D expenses for 2024 were RMB 11.1 billion (USD 1.5 billion), an increase of 4.6% from RMB 10.6 billion in 2023, primarily due to costs associated with expanding the product portfolio and technology[36] Market Presence and Future Plans - As of December 31, 2024, the company operated 502 retail centers across 150 cities and 478 after-sales service centers in 225 cities[7] - The company has established 1,727 Ideal Supercharging stations equipped with 9,100 charging piles[7] - The company plans to continue expanding its market presence and enhancing its product offerings in the future[4] - The company plans to launch next-generation intelligent driving technology and new electric vehicle models in 2025 to enhance its product matrix[21] Research and Development - The company’s R&D efforts are primarily focused on its unique range extension system and innovative electric vehicle technologies[46] - The company is a leader in China's new energy vehicle market, focusing on the design, research, development, manufacturing, and sales of luxury smart electric vehicles[46] - The company has successfully commercialized range-extended electric vehicles while also developing a pure electric platform[46] Financial Position - As of the end of 2024, cash reserves reached RMB 112.8 billion, providing a solid foundation for future growth[21] - The cash position as of December 31, 2024, was RMB 112.8 billion (USD 15.5 billion)[31] - Total assets increased to RMB 162.35 billion from RMB 143.47 billion, representing a growth of approximately 13.0% year-over-year[52] - Total liabilities rose to RMB 91.03 billion from RMB 82.89 billion, marking an increase of around 9.7%[52] Employee and Operational Metrics - The total number of employees as of December 31, 2024, was 32,248[38] - The company reported a total revenue of RMB 11,809,125,000 for the year ended December 31, 2023, compared to RMB 8,045,250,000 in 2022, representing a year-over-year growth of 46.5%[54]