LI AUTO(LI) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2024 reached RMB42.9 billion (US$6.1 billion), a 23.6$5.9 billion) in Q3 2024, representing a 22.9% year-over-year increase and a 36.3% increase from Q2 2024[4][20] - Quarterly deliveries reached 152,831 vehicles, marking a 45.4% year-over-year increase[2] - Gross profit for Q3 2024 was RMB9.2 billion (US$1.3 billion), a 20.7$401.9 million), a 0.3% increase year-over-year and a 156.2% increase from RMB1.1 billion in Q2 2024[8] - Non-GAAP net income for Q3 2024 was RMB3.9 billion (US$548.8 million), an 11.1$489.2 million) in Q3 2024, a 46.7% increase from Q3 2023 and a 633.4% increase from Q2 2024[30] - Net income was RMB2.8 billion (US$401.9 million) in Q3 2024, a slight increase of 0.3$4.8 billion) in Q3 2024, up 24.5% year-over-year and 32.0% quarter-over-quarter[22] - Operating expenses were RMB5.8 billion (US$825.4 million) in Q3 2024, a 9.2$825.4 million) in Q3 2024, up 9.2% year-over-year and 1.5% quarter-over-quarter[26] - Research and development expenses for the quarter were RMB2,817,206, a decrease from RMB3,027,581 in the previous quarter[54] - Selling, general and administrative expenses amounted to RMB2,543,770, down from RMB2,815,105 in the previous quarter[54] Margins - The gross margin for Q3 2024 was 21.5%, compared to 22.0% in Q3 2023 and 19.5% in Q2 2024[6][11] - Vehicle margin was 20.9% in Q3 2024, slightly down from 21.2% in Q3 2023 but up from 18.7% in Q2 2024[24] - Gross profit reached RMB9.2 billion (US$1.3 billion) in Q3 2024, representing a 20.7$1.6 billion) in Q3 2024, compared to RMB14.5 billion in Q3 2023 and RMB429.4 million used in Q2 2024[10] - Cash position was RMB106.5 billion (US$15.2 billion) as of September 30, 2024[33] - Free cash flow for the three months ended September 30, 2024, was RMB9,051,764, a decrease from RMB13,224,773 in the same period last year[52] - Cash and cash equivalents as of September 30, 2024, totaled RMB77,588,229, a decrease from RMB91,329,030 as of December 31, 2023[51] Future Projections - For Q4 2024, the company expects vehicle deliveries between 160,000 and 170,000, a year-over-year increase of 21.4$6.2 billion) and RMB45.9 billion (US$6.5 billion), reflecting a year-over-year increase of 3.5% to 10.0%[37] Milestones - The company achieved a cumulative milestone of one million vehicle deliveries by October 18, 2024, becoming the first emerging new energy automotive brand in China to reach this benchmark[13] Assets and Liabilities - Total assets as of September 30, 2024, were RMB154,820,676, compared to RMB143,467,471 as of December 31, 2023, representing an increase of approximately 7.5%[51] - Total liabilities as of September 30, 2024, were RMB87,790,174, compared to RMB82,892,249 as of December 31, 2023, reflecting an increase of about 5.4%[51] Earnings Per Share - The diluted non-GAAP net earnings per ADS attributable to ordinary shareholders was RMB3.29, compared to RMB1.42 in the same quarter last year[54] - The company’s basic non-GAAP net earnings per share was RMB1.76, compared to RMB0.76 in the same quarter last year[54]