AutoBeta(AutoBeta.net)05/11 Report--

On May 10, ideal Automobile announced its results for the first quarter of 2023, showing that the ideal automobile business income during the reporting period was 18.79 billion yuan, an increase of 96.5 percent over the same period last year, of which vehicle sales revenue was 18.33 billion yuan, an increase of 96.9 percent over the same period last year. The net profit was 934 million yuan, turning a loss into a profit from a net loss of 10.866 million yuan in the same period, and an increase of 252.0% over the net profit of 270 million yuan in the fourth quarter of 2022. Ideal Automobile has also become the first new car-making force to make a profit for two consecutive quarters. In addition, the gross profit margin is 20.4% and that of vehicles is 19.8%.

Ideal said the increase in sales revenue was mainly due to increased deliveries and an increase in the average selling price of ideal L-series models. Data show that ideal cars delivered a total of 52600 new cars in the first quarter, an increase of 65.8% over the same period last year. Ideal expects delivery of 7.6-81000 vehicles in the second quarter, up 164.9% and 182.4% from a year earlier, after it announced that it would deliver 25700 vehicles in April, meaning delivery would remain above 25000 in May and June. Li Xiang said on a conference call after the results that he would strive to achieve the target of delivering 30,000 vehicles a month in June.

At present, the main models of ideal cars on sale are L9 (459800 yuan), L8 (33.98-399800 yuan) and L7 (31.98-379800 yuan). The prices of the three models are all more than 300000 yuan, and the vehicle gross profit margin in the first quarter is 19.8%. The vehicle gross profit margins in the first and fourth quarters of 2022 were 22.4% and 20.0% respectively, both year-on-year and month-on-month. Ideal Motors said in its financial report that the decline in vehicle gross margin compared with the first quarter of 2022 was mainly due to the difference in product mix between the two quarters.

At present, the main models of ideal cars on sale are L9 (459800 yuan), L8 (33.98-399800 yuan) and L7 (31.98-379800 yuan). The prices of the three models are all more than 300000 yuan, and the vehicle gross profit margin in the first quarter is 19.8%. The vehicle gross profit margins in the first and fourth quarters of 2022 were 22.4% and 20.0% respectively, both year-on-year and month-on-month. Ideal Motors said in its financial report that the decline in vehicle gross margin compared with the first quarter of 2022 was mainly due to the difference in product mix between the two quarters.

The profit of an ideal car depends on being "stingy"? Ideal did not disclose the reasons for the big increase in net profit, but looking at the fourth quarter of 2022, Li wanted to give the answer: "spend the least money, do the most things, and spend every penny on the knife."

The data show that the R & D expenses of NIO automobile in the past three years are 2.49 billion yuan, 4.59 billion yuan and 10.84 billion yuan respectively, while the ideal car is 1.17 billion yuan, 3.29 billion yuan and 6.78 billion yuan respectively. In the first quarter of 2023, the ideal car R & D expenditure was 1.85 billion yuan, an increase of 34.8% over the same period in 2022 and a decrease of 10.5% compared with the fourth quarter of 2022.

In addition, in terms of sales and management expenses, the ideal is also very "stingy". Data show that in 2022, the investment in this area is 10.54 billion yuan, while the ideal car is only 5.67 billion yuan. A few days ago, Li wanted to publicly admit that the market expense rate of the ideal car is only 0.6%, including all the brand's public relations, activities, advertising, auto show, press conference, car owner operation and other projects. From the perspective of car companies, the ideal car can be "stingy" to the extreme, and it is indeed a skill.

Overall, in the luxury car market of more than 300000 yuan, including traditional fuel vehicles and new energy vehicles, ideal cars have been firmly in the top five and are getting closer and closer to BBA. Different from NIO, although the products sold by both are priced at more than 300000 yuan, it is ideal that there are only three models, and the style is popular. It is worth mentioning that, in addition to the add-on program, ideal car has announced to enter the pure electric market, the first pure electric MPV will be released at the end of the year, followed by the launch of six pure electric models, "extended range + pure electric" walking on two legs is still worth looking forward to.

During the conference call, Li wanted to reveal, "We think a more effective way to expand fourth-tier cities is to build integrated stores in large-scale motor cities, and the coverage will be similar to Mercedes-Benz, BMW, Audi and other car companies." because these mature brands have verified the effectiveness of the path. " By the end of the first quarter of 2023, the ideal retail store is 299, covering 123 cities.

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