AutoBeta(AutoBeta.net)08/29 Report--

On the evening of August 28, ideal Motor released its results for the second quarter and first half of 2024. According to the financial report, the ideal automobile revenue in the second quarter was 31.7 billion yuan, up 10.6% from the same period last year, while the net profit was 1.1 billion yuan, down 52.3% from the same period last year, and the adjusted net profit was 1.5 billion yuan, down 44.9% from the same period last year.

In terms of gross profit margin, the ideal gross profit margin of the automobile industry in the second quarter is 19.5%, compared with 21.8% in the same period, and 20.6% in the first quarter of this year. The decline is due to the decline in vehicle gross profit margin. The ideal gross profit margin for motor vehicles is 18.7% in the second quarter, 21.0% in the same period, and 19.3% in the first quarter of this year, which is due to changes in different product combinations and pricing strategies in the two quarters, partly offset by lower costs. the decline compared with the first quarter of this year is mainly due to different product portfolios. In addition, in terms of R & D expenses, the R & D cost of ideal car in the second quarter was 3 billion yuan, an increase of 24.8% over the same period last year; sales, general and management expenses were 2.8 billion yuan, an increase of 21.9% over the same period last year; and by the end of June, the ideal automobile cash position was 97.3 billion yuan.

In terms of new car delivery, ideal cars delivered a total of 108600 vehicles in the second quarter, an increase of 25.5 percent over the same period last year. By the end of June, 189000 ideal cars were delivered in the first half of the year, an increase of 35.84 percent over the same period last year. For comparison, there are 87400 Xilai cars and 52000 Xiaopeng cars. It should be noted that although the sales of ideal cars increased in the second quarter, profits fell sharply, with net profit falling 52.3% to 1.1 billion yuan compared with the same period last year, compared with 2.3 billion yuan in the same period.

In response to the financial performance of ideal cars in the second quarter, ideal CFO Li tie said that with the stabilization of ideal L6 production and the full effect of various cost reduction and efficiency measures, profit margins and cash flow may be improved in the second half of the year. Earlier in May, ideal CFO Li tie said that the second quarter would be the most difficult quarter for the ideal car this year, and the reason behind it may have something to do with the poor performance of the ideal MEGA after its IPO.

So far, ideal car models on sale include ideal L7, ideal L8, ideal L9, ideal L6 and ideal MEGA a total of 5 models. Among them, ideal MEGA is the fourth new car under ideal Automobile, and it is also the first pure electric MPV under ideal Automobile. It went on sale on March 1 this year. The new car only launched one model with a price of 559800 yuan. At the scene of the new car launch, ideal car CEO Li Xiang said that the MEGA will be the next hot product of the ideal car, and is confident that it will become the first sales of more than 500000. Since then, Liu Jie, vice president of ideal Automotive Business, also pointed out in an interview with the media that the ideal MEGA goal is to challenge 8000 units a month and become the first sales target of more than 500000.

But it backfired, and MEGA's post-IPO market performance fell far short of expectations. Retail sales figures show that MEGA sales from March to June this year were 3229, 1145, 614,589 respectively. According to the analysis of people in the industry, the ideal MEGA order is not as expected, on the one hand, because the vehicle price is too high, and on the other hand, it is because the vehicle design polarization obviously affects word-of-mouth.

By contrast, the ideal L6, which went on sale in April, was very successful. It positioned itself as a five-seat medium-sized SUV and launched a total of Pro and Max models at prices of 249800 yuan and 279800 yuan respectively, making it the first ideal car to be less than 300000 yuan. Retail data show that the ideal L6 sales from April to June are 2381, 12965 and 23864 respectively, showing a gradual upward trend, especially in June. There is no doubt that the car has become a popular model of the ideal car.

For the sales forecast for the following third quarter, ideal car is expected to deliver 145000 to 155000 vehicles, up 38.0% to 47.5% year-on-year, and total revenue is expected to be 394 to 42.2 billion yuan, up 13.7% to 21.6% year-on-year.

As for the longer-term product planning, at the earnings call, Li would like to reveal that in the first half of next year, the ideal car will release a new pure electric SUV model, and the three models are likely to be named after the M7, M8 and M9, which will be positioned to meet the needs of family users. According to the previous ideal car product plan, by 2025, ideal will have five extended-range models, one super flagship (MEGA) and five pure electric models.

In the financial report, Li Xiang said: "for the pure electric SUV, the ideal car needs to solve two problems, one is the styling design of the product, and the other is to provide users with more than 2000 supercharging stations when the pure electric product is delivered." Li Xiang believes that the ideal car is very confident about the competitiveness of pure electric SUV and hopes to enter the first echelon of high-end pure electric products in about two years. According to another report, Ma Donghui, president of ideal Automobile, revealed that the overall progress of the research and development of pure electric products is normal. At present, many small batch test and production of sample cars have been completed, and the whole vehicle production plant has been completed. The overall progress of production capacity preparation of the industrial chain can also meet the sales demand, and the core components are in performance testing.

On the same day, ideal Motor also released its first-half financial data. According to the financial report, the revenue of ideal car in the first half of the year was 57.31 billion yuan, up 20.8% from the same period last year, while the net profit was 1.69 billion yuan, down 47.8% from the same period last year.

Or affected by the results, as of August 28, US Eastern time, ideal Auto US stocks closed at US $17.800, down 16.12%, with a total market capitalization of US $18.886 billion. Hong Kong stocks also fell 15 per cent at one point.

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