The annual revenue is 45.29 billion, and the 2022 annual financial report is released.
[car home Information] On February 27th, 2023, LI announced its financial reports for the fourth quarter and the whole year of 2022, with both revenue and delivery reaching record highs. At the same time, Ideal announced that it will challenge all luxury SUV markets in the price range of 300,000 yuan to 500,000 yuan to win 20% market share this year.
Specifically, the ideal revenue in the fourth quarter was 17.65 billion yuan, a year-on-year increase of 66.2%; The quarterly delivery volume reached 46,319 vehicles, a year-on-year increase of 31.5%. The annual revenue was 45.29 billion yuan, a year-on-year increase of 67.7%; 133,246 vehicles were delivered throughout the year, a year-on-year increase of 47.2%. In addition, LI’s gross profit margin returned to health in the fourth quarter, reaching 20.2%, and the gross profit margin for the whole year reached 19.4%. Under the background of continuously increasing investment in R&D and capability, by the end of the fourth quarter, LI’s cash reserves reached 58.45 billion yuan.
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This financial report shows that LI’s operating profit (excluding equity incentives) in the fourth quarter exceeded 500 million yuan, reaching 568.7 million yuan, with an operating profit margin of 3.2%. In addition, the net profit in the fourth quarter was 265.3 million yuan, and the quarterly free cash flow was 3.26 billion yuan. At the same time, LI insists that more than 10% R&D investment is used to support the long-term self-developed technology development of enterprises. In the fourth quarter, LI’s R&D expenditure was 2.07 billion yuan, accounting for 11.7%. From the perspective of the whole year, the R&D expenditure in 2022 was 6.78 billion yuan, accounting for 15.0% of the annual expenditure, which doubled the R&D investment expenditure in 2021 and increased by 106.3% year-on-year. In addition, LI’s sales, general and management expenses in the fourth quarter were 1.63 billion yuan, accounting for 9.2% of the quarterly expenses.
Based on this, LI has given a new prospect for 2023. This year, it will challenge all luxury SUV markets in the price range of 300,000 yuan to 500,000 yuan to win 20% market share. It is estimated that the delivery volume in the first quarter will be between 52,000 and 55,000, with a year-on-year increase of 64.0% to 73.4%. The total income is expected to be 17.45 billion yuan to 18.45 billion yuan, up 82.5% to 93.0% year-on-year.
As of January 31, 2023, LI has 296 retail centers nationwide, covering 123 cities; There are 320 after-sales maintenance centers and authorized car body panel spraying centers, covering 222 cities. The ideal sales expenses in 2022 have been lower than the R&D expenses. In 2023, we will continue to improve the proportion of sales expenses to revenue.
LI implements modular management of the supply chain. While maintaining close and mutually beneficial cooperation with suppliers, it also actively strengthens the self-research and self-production of core categories related to the product strength of smart electric vehicles and the vertical integration of the industrial chain, thus achieving a good balance between upstream cost and risk control. In the past three years, Ideal has begun to build its own core components such as range extender and electric drive assembly to ensure the stability of quality and supply. (Compile/car home Duandi)