$Li Auto(LI)$
1. Not much profit. Because of the mega accident, the cost of layoffs, etc., it is impossible to estimate the profit. There is no profit expectation. So, whatever you make, count.
2. The company said that the gross profit rebounded in Q3. This is inevitable. The sales volume in Q2 was 108,000, and Q3 was 150,000, and the depreciation of each vehicle was much less. In addition, the NOA effect was obvious in July, and the proportion of MAX increased, which also greatly increased the gross profit.
3. R&D continued to be 3 billion, which is very good.
4. End-to-end continued to exceed expectations. In September, 10,000 people tested, the upper limit of the function is needless to say, and 10,000 people dare to test, which means that the lower limit problem must be improved a lot. The functional effect of the simulation test was also disclosed for the first time, which is amazing.
5. The most amazing thing is that the gross profit margin of the vehicle is 18.7%, which is too unexpected. The information that has been leaked before is that L6 does not make money, but L6 can account for half of the sales. In addition, L789 has also been reduced in price, so I thought the gross profit margin was pulled down a lot. In the end, everything is OK, which is beyond expectations. Considering the second factor mentioned above, we can celebrate in advance in the third quarter.
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