Q2行业因素拖累业绩表现，期待L9上市带来量利齐升

Li Auto (02015.HK) reported 2Q22 results with revenue of RMB 8.73bn, up 73.3% YoY (-8.7% QoQ), and a gross margin of 21.5% (+2.6pct YoY/-1.1pct QoQ). Net loss was RMB 618mn, decreasing by RMB 607mn QoQ and RMB 383mn YoY, with a net profit margin of -7.08%. Orders and gross profit were affected by supply chain and OEM transportation issues due to the COVID-19 pandemic in Shanghai and Yangtze River Delta. The average price per automobile was RMB 295,700 (+6.0% YoY/+0.7% QoQ), and the rise of revenue was better than that of sales volume. Affected by rising lithium prices, the company increased production price by RMB 11,800 on April 1, 2022. However, as previous orders were not delivered in time, 2Q orders were still dominated by orders before the price hike. R&D and SG&A expenses were RMB 1.53/1.33bn, corresponding to an expense ratio of 17.54%/15.17%, with a YoY growth of +4.58/-1.04pct and QoQ growth of +3.17/+2.59pct. The company expects L9 launch to increase both volume and profits.

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