第3季理想汽车营收428.7亿元人民币(下同)，同比增23.6%，环比增长35.3%。季度汽车毛利率20.9%，超市场预期的约20%。第3季度研发/SG&A 费用在规模经济下占收入比例从第2季的9.6%/8.9%，下跌至6%/7.8%，反映成本控制的成果。净利润28.1亿元，超市场/该行预期。BOCOM Intl indicated that li auto inc's performance in the third quarter exceeded market expectations in terms of automobile gross margin and cost control.
According to the Smart Finance app, Bocom International released a research report stating that it maintains a "buy" rating for Li Auto Inc-W (02015) with a target price of HKD 120.34.
BOCOM Intl believes that li auto inc's performance in the third quarter exceeded market expectations in terms of automobile gross margin and cost control. However, in the short term, due to the lack of new car models, there will be greater pressure in the fourth quarter. Li Auto did not disclose the timetable and information for the release of pure electric vehicle models during the conference call, the positioning and release time of pure electric vehicle models will have a decisive impact on next year's sales growth.
In the third quarter, li auto inc's revenue was 42.87 billion yuan, a year-on-year increase of 23.6% and a quarter-on-quarter increase of 35.3%. The gross margin for automobiles in the quarter was 20.9%, higher than the market's expected approximately 20%. Research and development / SG&A expenses in the third quarter accounted for a lower proportion of income under economies of scale compared to the second quarter at 6% / 7.8%, showing the results of cost control. Net income was 2.81 billion yuan, exceeding both market and the bank's expectations.
The proportion of L6 may further increase in the fourth quarter, while there is a possibility of greater price reductions due to sales pressure in the fourth quarter. At the same time, the market is generally concerned about increased competition in the mid-to-large SUV market, and the upcoming new car model M8 is likely to be released in the fourth quarter, which may have a negative impact on the sales of li auto inc's L8/L9.
