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紫霞飞扬
2021-05-21

Ideal Q1 financial report preview: Can the expansion strategy drive a rebound in sales?

5月20日消息，在经历了近半年的下行后，国内造车新势力似乎正在迎来阶段性反弹。其中，理想汽车和小鹏汽车已连涨四日，今日盘前，理想汽车继续涨超1%。消息面上，理想将于下周三（5月26日）美股盘前发布20

Ideal Q1 financial report preview: Can the expansion strategy drive a rebound in sales?

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ND80
·2021-12-17
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·2021-06-14
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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":130647715,"tweetId":"130647715","gmtCreate":1621548867537,"gmtModify":1704359305064,"author":{"id":3568519855866506,"idStr":"3568519855866506","authorId":3568519855866506,"authorIdStr":"3568519855866506","name":"紫霞飞扬","avatar":"https://static.tigerbbs.com/5a279d791dcab00f145216a92d5fbf23","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":69,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>??</body></html>","htmlText":"<html><head></head><body>??</body></html>","text":"??","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/130647715","repostId":1176082222,"repostType":2,"repost":{"id":"1176082222","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621499850,"share":"https://ttm.financial/m/news/1176082222?lang=en_US&edition=fundamental","pubTime":"2021-05-20 16:37","market":"us","language":"zh","title":"Ideal Q1 financial report preview: Can the expansion strategy drive a rebound in sales?","url":"https://stock-news.laohu8.com/highlight/detail?id=1176082222","media":"老虎资讯综合","summary":"5月20日消息，在经历了近半年的下行后，国内造车新势力似乎正在迎来阶段性反弹。其中，理想汽车和小鹏汽车已连涨四日，今日盘前，理想汽车继续涨超1%。消息面上，理想将于下周三（5月26日）美股盘前发布20","content":"According to news on May 20, after nearly half a year of downturn, new domestic car-making forces seem to be ushering in a phased rebound. Among them, Li Auto and XPeng Motors have risen for four consecutive days. Before the market today, Li Auto continued to rise by more than 1%.<img src=\"https://static.tigerbbs.com/d63984b38c4c1490cb55adff77bcddae\" tg-width=\"858\" tg-height=\"595\" referrerpolicy=\"no-referrer\">On the news, Ideal will release its financial report for the first quarter of 2021 before the U.S. stock market opens next Wednesday (May 26). What are the key points worthy of investors' attention?Review of fourth quarter resultsOn February 25, Li Auto released its unaudited financial reports for the fourth quarter of 2020 and 2020. The financial report shows that in the fourth quarter of 2020, Ideal delivered 14,464 Ideal ONE vehicles, a quarter-on-quarter increase of 67.0%, setting a new quarterly delivery high. Full-year 2020 deliveries were 32,624 vehicles.In terms of revenue, Ideal's total revenue in the fourth quarter of 2020 was 4.15 billion yuan, an increase of 65.2% from 2.51 billion yuan in the previous quarter. Thanks to the continuous delivery of Ideal ONE, Ideal's total revenue in 2020 will be 9.46 billion yuan, and the company's annual gross profit margin will be 16.4%.In addition to the rising sales data, the news that excites the market is that Li Auto's net profit in the fourth quarter of 2020 was 107.5 million yuan. The company's net loss in the previous quarter was 106.9 million yuan. Ideal achieved positive quarterly net profit for the first time. In 2020, the company's net loss attributable to the parent company was 790 million yuan, and the loss narrowed by 2.49 billion yuan year-on-year.<img src=\"https://static.tigerbbs.com/872e15fe64388b6ac5c7c2726efdd25b\" tg-width=\"1308\" tg-height=\"523\" referrerpolicy=\"no-referrer\">Data source: official websites of each company; Charting: Tiger SecuritiesKey points to pay attention to in the first quarter of 2021First, deliveries in the first quarter declined quarter-on-quarter.Previously, data released by Ideal showed that Li Auto delivered 12,579 Ideal ONE vehicles in the first quarter, which was higher than the previous expected value given by Ideal (management expects to deliver 10,500-11,500 vehicles). However, compared with the 14,464 vehicles delivered in the fourth quarterIt fell 13% month-on-month.Ideal said that the main reason for the month-on-month decline in deliveries was the impact of the Spring Festival and Lantern Festival holidays in February. However, judging from the latest data disclosed by Ideal, the company's deliveries in March and April have rebounded month-on-month for two consecutive months. In the future, investors need to pay attention to whether delivery can return to the previous normal level.Second, we need to pay attention to how the chip shortage affects the company.Since the beginning of this year, \"core shortage\" is restricting the production capacity of the entire automobile industry. Affected by this, at the beginning of this year, Honda, Volkswagen, Ford and other car companies have announced production cuts or shut down some factories. Among the three new domestic car-making forces, Nio and XPeng have stated that the shortage of cores will affect production capacity in the second quarter.On March 30, Li Auto said that inventory risks exist, but fortunately they have not yet affected the production plan. The relevant person in charge said: \"All we can do is grasp the latest trends of suppliers and monitor every sign of risk.\" Investors need to pay attention to whether the chip shortage will affect Li Auto, which will become an important factor restricting production capacity and then dragging down performance.In addition, what needs to be paid attention to is the development progress of new models.At present, Ideal has only ONE model, Ideal ONE, compared with 4 models under Nio and 3 models under XPeng Motors. Moreover, Ideal ONE is an extended-range vehicle rather than a pure electric vehicle. According to the ideal plan, the release rate of two new cars per year will be maintained starting in 2022, and the first pure electric model will be delivered in 2023.To prepare channels for the launch of new models, Ideal plans to expand to about 200 directly-operated stores by the end of this year. Although Ideal lags behind its rivals in the pure electric vehicle track, the penetration rate of the industry is in the early stage of rising, which leaves opportunities for Ideal.Everbright Securities predicts that the sales of new energy passenger vehicles will increase by nearly 50% year-on-year to 1.8 million this year. Among them, the sales of pure electric passenger vehicles priced at more than 200,000 yuan will exceed 700,000, and the penetration rate is expected to reach nearly 10%.Everbright Securities also said that we are optimistic about the ideal management's concept change from caution to expansion, as well as accelerating self-research in the core fields of software and algorithms to make technical reserves for L3 + high-end autonomous driving.Finally, after the profit turned positive for the first time in the fourth quarter. With the ideal research and development of new models and the expansion of directly operated stores, the market expects that the company may turn losses in the first quarter.Bloomberg Consensus EstimatesBloomberg expects that Li Auto's revenue in the first quarter of 2021 will be 3.404 billion yuan; Adjusted net loss of 134 million yuan; Adjusted loss per share was 0.14 yuan.<img src=\"https://static.tigerbbs.com/76304fbeaff3d35b77c425faf81599c6\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\">","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ideal Q1 financial report preview: Can the expansion strategy drive a rebound in sales?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIdeal Q1 financial report preview: Can the expansion strategy drive a rebound in sales?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n老虎资讯综合 \n2021-05-20 16:37\n</div>\n</a>\n</h4>\n</header>\n<article>\nAccording to news on May 20, after nearly half a year of downturn, new domestic car-making forces seem to be ushering in a phased rebound. Among them, Li Auto and XPeng Motors have risen for four consecutive days. Before the market today, Li Auto continued to rise by more than 1%.<img src=\"https://static.tigerbbs.com/d63984b38c4c1490cb55adff77bcddae\" tg-width=\"858\" tg-height=\"595\" referrerpolicy=\"no-referrer\">On the news, Ideal will release its financial report for the first quarter of 2021 before the U.S. stock market opens next Wednesday (May 26). What are the key points worthy of investors' attention?Review of fourth quarter resultsOn February 25, Li Auto released its unaudited financial reports for the fourth quarter of 2020 and 2020. The financial report shows that in the fourth quarter of 2020, Ideal delivered 14,464 Ideal ONE vehicles, a quarter-on-quarter increase of 67.0%, setting a new quarterly delivery high. Full-year 2020 deliveries were 32,624 vehicles.In terms of revenue, Ideal's total revenue in the fourth quarter of 2020 was 4.15 billion yuan, an increase of 65.2% from 2.51 billion yuan in the previous quarter. Thanks to the continuous delivery of Ideal ONE, Ideal's total revenue in 2020 will be 9.46 billion yuan, and the company's annual gross profit margin will be 16.4%.In addition to the rising sales data, the news that excites the market is that Li Auto's net profit in the fourth quarter of 2020 was 107.5 million yuan. The company's net loss in the previous quarter was 106.9 million yuan. Ideal achieved positive quarterly net profit for the first time. In 2020, the company's net loss attributable to the parent company was 790 million yuan, and the loss narrowed by 2.49 billion yuan year-on-year.<img src=\"https://static.tigerbbs.com/872e15fe64388b6ac5c7c2726efdd25b\" tg-width=\"1308\" tg-height=\"523\" referrerpolicy=\"no-referrer\">Data source: official websites of each company; Charting: Tiger SecuritiesKey points to pay attention to in the first quarter of 2021First, deliveries in the first quarter declined quarter-on-quarter.Previously, data released by Ideal showed that Li Auto delivered 12,579 Ideal ONE vehicles in the first quarter, which was higher than the previous expected value given by Ideal (management expects to deliver 10,500-11,500 vehicles). However, compared with the 14,464 vehicles delivered in the fourth quarterIt fell 13% month-on-month.Ideal said that the main reason for the month-on-month decline in deliveries was the impact of the Spring Festival and Lantern Festival holidays in February. However, judging from the latest data disclosed by Ideal, the company's deliveries in March and April have rebounded month-on-month for two consecutive months. In the future, investors need to pay attention to whether delivery can return to the previous normal level.Second, we need to pay attention to how the chip shortage affects the company.Since the beginning of this year, \"core shortage\" is restricting the production capacity of the entire automobile industry. Affected by this, at the beginning of this year, Honda, Volkswagen, Ford and other car companies have announced production cuts or shut down some factories. Among the three new domestic car-making forces, Nio and XPeng have stated that the shortage of cores will affect production capacity in the second quarter.On March 30, Li Auto said that inventory risks exist, but fortunately they have not yet affected the production plan. The relevant person in charge said: \"All we can do is grasp the latest trends of suppliers and monitor every sign of risk.\" Investors need to pay attention to whether the chip shortage will affect Li Auto, which will become an important factor restricting production capacity and then dragging down performance.In addition, what needs to be paid attention to is the development progress of new models.At present, Ideal has only ONE model, Ideal ONE, compared with 4 models under Nio and 3 models under XPeng Motors. Moreover, Ideal ONE is an extended-range vehicle rather than a pure electric vehicle. According to the ideal plan, the release rate of two new cars per year will be maintained starting in 2022, and the first pure electric model will be delivered in 2023.To prepare channels for the launch of new models, Ideal plans to expand to about 200 directly-operated stores by the end of this year. Although Ideal lags behind its rivals in the pure electric vehicle track, the penetration rate of the industry is in the early stage of rising, which leaves opportunities for Ideal.Everbright Securities predicts that the sales of new energy passenger vehicles will increase by nearly 50% year-on-year to 1.8 million this year. Among them, the sales of pure electric passenger vehicles priced at more than 200,000 yuan will exceed 700,000, and the penetration rate is expected to reach nearly 10%.Everbright Securities also said that we are optimistic about the ideal management's concept change from caution to expansion, as well as accelerating self-research in the core fields of software and algorithms to make technical reserves for L3 + high-end autonomous driving.Finally, after the profit turned positive for the first time in the fourth quarter. With the ideal research and development of new models and the expansion of directly operated stores, the market expects that the company may turn losses in the first quarter.Bloomberg Consensus EstimatesBloomberg expects that Li Auto's revenue in the first quarter of 2021 will be 3.404 billion yuan; Adjusted net loss of 134 million yuan; Adjusted loss per share was 0.14 yuan.<img src=\"https://static.tigerbbs.com/76304fbeaff3d35b77c425faf81599c6\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\">\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3461c9400040bdfdce3ecdd4882fbed","relate_stocks":{"LI":"理想汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176082222","content_text":"5月20日消息，在经历了近半年的下行后，国内造车新势力似乎正在迎来阶段性反弹。其中，理想汽车和小鹏汽车已连涨四日，今日盘前，理想汽车继续涨超1%。消息面上，理想将于下周三（5月26日）美股盘前发布2021年第一季度财务报告，有哪些要点值得投资者关注？四季度业绩回顾2月25日，理想汽车发布2020年第四季度及2020年未经审计财务报告。财报显示，2020年第四季度理想交付了14,464辆理想ONE，环比增长67.0%，创季度交付量新高。2020年全年交付量为32,624辆。营收方面，2020年第四季度理想总收入为41.5亿元，较上一季度的25.1亿元环比增长65.2％。得益于理想ONE的持续交付，理想2020年总收入为94.6亿元，公司全年毛利率为16.4%。除了节节攀升的销量数据，更令市场振奋的消息是，2020年第四季度理想汽车净利润为1.075亿元，此前一个季度公司净亏损1.069亿元，理想首次实现季度净利润为正。2020年全年公司归母净亏损7.9亿元，亏损同比收窄24.9亿元。数据来源：各公司官网；制图：老虎证券2021年一季度需要关注的要点首先，一季度交付环比下滑。此前，理想公布的数据显示，一季度理想汽车交付理想ONE 12579辆，该数据高于此前理想给出的预期值（管理层预计交付1.05万-1.15万辆）。不过，较四季度交付的14464辆环比下滑13%。理想表示，交付环比下滑的主要原因是2月份春节和元宵节假期的影响。不过，从理想最新披露的数据看，3月、4月公司交付已经连续两个月环比回升。后续，投资者需要关注交付能否回到此前正常水平。其次，需要关注芯片短缺对公司有何影响。今年以来，“缺芯”正在制约整个汽车行业的产能。受此影响，今年年初本田、大众、福特等车企已纷纷宣布减产或关停部分工厂。国内三家造车新势力中，蔚来、小鹏已经表示，缺芯将影响二季度的产能。3月30日，理想汽车表示，库存风险存在，但所幸至今尚未影响到生产计划，相关负责人表示：“我们能做的只有掌握供应商的最新动向，监控每一个风险的苗头。”投资者需要关注芯片短缺会否影响理想汽车，成为制约产能继而拖累业绩的重要因素。此外，需要关注的是新车型研发进展。目前，理想旗下只有理想ONE一款车型，相比之下，蔚来旗下有4款，小鹏汽车旗下有3款。并且，理想ONE为增程式汽车而非纯电动汽车。根据理想的规划，自2022年开始将保持每年两款新车的发布速度，并将于2023年交付首款纯电动车型。给新车型上市做渠道准备，理想计划在今年底扩大至约200家直营门店。虽然，理想在纯电动车这个赛道理想落后对手，但行业体渗透率处于早期抬升阶段，这给理想留下了机会。光大证券预计，今年全年新能源乘用车销量同比增长近50%至180万辆，其中，定价在20万元以上的纯电动乘用车销量将超70万辆，渗透率有望达近10%。光大证券还称，我们看好理想管理层从偏谨慎至扩张的理念转变，以及在软件、算法核心领域加速自研为L3+高阶自动驾驶所做的技术储备。最后，在四季度首度实现利润转正之后。随着理想研发新车型及直营门店的扩张，市场预期，一季度公司或转亏。彭博社一致预期彭博社预期，2021年理想汽车一季度营收34.04亿元；调整后净亏损1.34亿元；调整后每股亏损0.14元。","news_type":1,"symbols_score_info":{"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3324,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":100003853,"commentId":"100003853","gmtCreate":1639732672359,"gmtModify":1663241394231,"authorId":3558608283589593,"author":{"id":3558608283589593,"idStr":"3558608283589593","authorId":3558608283589593,"name":"ND80","avatar":"https://community-static.tradeup.com/news/bb0f12b9cd568049d5ef4fd8cc522646","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.12.14","exceedPercentage":"60.93%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130647715,"objectIdStr":"130647715","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"K","text":"K","html":"K","likeSize":1,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4742105,"commentId":"4742105","gmtCreate":1623645552561,"gmtModify":1663228718250,"authorId":3575859183800572,"author":{"id":3575859183800572,"idStr":"3575859183800572","authorId":3575859183800572,"name":"w8w8","avatar":"https://static.tigerbbs.com/1a305fe39d1c227693a64cc331afda1a","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130647715,"objectIdStr":"130647715","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Steamed","text":"Steamed","html":"Steamed","likeSize":1,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}