Li Auto Q4 Earnings Smashes Estimates Helped By Higher Selling Price

Li Auto Inc LI reported fourth-quarter FY22 sales growth of 66.2% year-on-year to $2.56 billion, beating the consensus of $2.55 billion.
Adjusted earnings per ADS of $0.13 beat the consensus of $0.02.
Vehicle sales increased 66.4% to $2.50 billion, mainly attributable to the higher average selling price due to the delivery of Li L9 starting in late August and Li L8 beginning in November, as well as the increase in vehicle deliveries.
Total vehicle deliveries were 46,319 units in Q4, a 31.5% year-on-year increase.
Vehicle margin fell 230 basis points Y/Y to 20%.
Gross profit increased 49.8% Y/Y to $517.7 million, with the margin contracting 220 basis points to 20.2%.
Operating loss for the quarter was RMB(133.6) million or $(19.4) million versus an income of RMB24.1 million last year.
The company held cash and equivalents of $8.47 billion as of Dec. 31, 2022. Cash provided by operating activities was $714.1 million, up 28.4% Y/Y.
As of Dec. 31, 2022, the company had 288 retail stores covering 121 cities, as well as 318 servicing centers and Li Auto-authorized body and paint shops operating in 223 cities.
In January 2023, the company delivered 15,141 vehicles, representing an increase of 23.4% from January 2022.
Outlook: Li Auto sees Q1 FY23 revenue of $2.53 billion - $2.68 billion (consensus $2.53 billion), representing an increase of 82.5% - 93.0% Y/Y.
LI expects Q1 vehicle deliveries of 52,000 – 55,000, representing an increase of 64.0% - 73.4% Y/Y.
Price Action: LI shares traded higher by 4.61% at $24.30 in premarket on the last check Monday.

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