LI AUTO(LI)2024-02-26 17:00Financial Data and Key Metrics Changes - In Q4 2023, total revenues reached RMB41.73 billion, up 136.4% year-over-year and 23% quarter-over-quarter [16] - Annual revenues surpassed RMB100 billion, totaling RMB123.85 billion for 2023 [8] - The company achieved a net income of RMB11.81 billion for the full year, marking its first year of profitability [8] - Cash position at the end of 2023 was RMB103.67 billion [21] - Q4 net income was RMB5.75 billion, representing a 2,068.2% increase year-over-year [20] Business Line Data and Key Metrics Changes - Q4 vehicle sales contributed RMB40.38 billion, up 133.8% year-over-year [16] - Vehicle margin in Q4 was 22.7%, compared to 20% in the same period last year [17] - Gross profit in Q4 was RMB9.79 billion, up 174.4% year-over-year [17] Market Data and Key Metrics Changes - Li Auto's market share in China's NEV market increased from 10.9% in Q1 2023 to 16.0% in Q4 2023 [7] - The company delivered a total of 376,000 vehicles in 2023, exceeding its target [6] Company Strategy and Development Direction - The company plans to launch several new models in 2024, including the Li MEGA and the 2024 model year L7, L8, and L9 [9][10] - Aiming to expand its direct sales network to 800 retail stores by the end of 2024 [13] - The company is focusing on R&D in autonomous driving and smart technologies to enhance product competitiveness [11][51] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving monthly deliveries exceeding 50,000 vehicles starting in March 2024 [25] - The company anticipates a significant ramp-up in production and delivery capabilities, leveraging past experiences [29] - Management predicts a clear market consolidation in the smart EV industry, with top brands capturing a significant market share [50] Other Important Information - The company has opened 106 new retail stores in Q4 2023, creating the largest automobile direct sales network in China [12] - Li Auto's supercharging network is expanding, with a target of 2,000 stations by the end of 2024 [14] Q&A Session Summary Question: Guidance on monthly deliveries and model breakdown - Management confirmed guidance remains unchanged, expecting to deliver over 100,000 models by the end of the year, with a significant ramp-up in March [25] Question: Comparison with competitors in self-driving technology - Management highlighted improvements in their autonomous driving features and expressed confidence in their competitive position [26] Question: Production bottlenecks with new model launches - Management reassured that they have strategies in place to avoid supply bottlenecks and ensure timely deliveries [29] Question: Plans for vehicles below RMB200,000 - Management stated there are no plans to launch vehicles below this price point, focusing instead on the premium market [32] Question: Gross margin expectations for BEV models - Management indicated that the overall blended gross margin for BEV and EREV series will be around 25% [39] Question: Overseas expansion plans - Management confirmed plans to establish a sales network in overseas markets, starting with the introduction of L9 and L7 models [42] Question: Charging station profitability and CapEx - Management expressed confidence in the profitability of charging stations and detailed plans for their expansion [48]