Understanding the Market | Li Auto-W opens more than 14% lower, with first-quarter net profit falling by over 30% and second-quarter delivery guidance below expectations

Li Auto-W opened more than 14% lower after the results, with overnight US stocks falling nearly 13%. As of the time of publication, it fell by 14.66% to HKD 85.25, with a turnover of HKD 98.513 million. In terms of news, Li Auto announced its first-quarter performance in 2024. The financial report shows that Li Auto's total revenue in the first quarter was 25.6 billion yuan, a year-on-year increase of 36.4%; net profit was 591 million yuan, a year-on-year decrease of 36.7%; adjusted net profit was 1.276 billion yuan, a year-on-year decrease of 9.7%. For the second quarter of this year, Li Auto's performance guidance is as follows: revenue is expected to be between 29.9 billion yuan and 31.4 billion yuan, with deliveries expected to be between 105,000 and 110,000 vehicles. However, the market's previous estimate for second-quarter deliveries was around 130,700 vehicles. Tianfeng Securities previously pointed out that Li Auto is facing significant adjustments due to recent large fluctuations, with the main reason being the lower-than-expected sales volume in Q1 and the new pure electric platform Mega. It is worth noting that Li Auto CEO Li Xiang stated at the first-quarter financial report conference call that Li Auto will not launch a pure electric SUV product this year, and it will be postponed until the first half of next year