Li Auto Stock Gains After Q3 Beat

Li Auto Inc LI reported third-quarter FY21 sales growth of 209.7% year-on-year, to RMB7.78 billion ($1.21 billion), above the consensus of $1.16 billion. Non-GAAP earnings per ADS attributable to ordinary shareholders were RMB0.34 or $0.05, above the consensus of $(0.02).

• Deliveries of Li ONEs jumped 190% Y/Y to 25,116 vehicles.
• Vehicle margin rose 130 basis points Y/Y to 21.1%.
• The gross profit increased 264.8% Y/Y to RMB1.81 billion ($281.2 million), with the margin expanding 350 basis points to 23.3%.
• The operating loss for the quarter narrowed to RMB(97.8) million or $(15.2) million.
• The company held cash and equivalents of RMB48.83 billion ($7.58 billion) as of September 30, 2021.
• Cash provided by operating activities amounted to RMB2.17 billion ($336.7 million) with a free cash flow of RMB1.16 billion ($180.8 million).
• Outlook: Li sees Q4 vehicle deliveries of 30,000 - 32,000.
• The company expects Q4 revenue of RMB8.82 billion ($1.37 billion) - RMB9.41 billion ($1.46 billion).
• Price Action: LI shares are trading higher by 7.59% at $34.86 in premarket on the last check Monday.