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EPS came in at RMB 2.18 ($0.30), compared to the consensus estimate of RMB 1.72 ($0.24). Revenue increased 228.1% year-over-year to RMB 28.65 billion ($3.95B), compared to the consensus estimate of RMB 26.61B ($3.69B).
The company delivered 86,533 vehicles in Q2, representing a 201.6% year-over-year increase.
“We crossed the 30,000 monthly delivery milestone in June, closing the second quarter with an all-time high vehicle delivery, while all of the three Li L series models maintained sales leadership in their respective categories. These accomplishments solidified our standing as the preferred premium brand for families, firmly positioning us to achieve the revenue target of RMB100 billion in 2023,” said CEO Xiang Li.
For Q3/23, the company expects revenue of RMB 32.33 – 33.3B ($4.46 – $4.59B). Deliveries of vehicles are expected to be between 100,000 and 103,000, representing an increase of 277.0% to 288.3% year-over-year.
According to Morgan Stanley (NYSE:MS), which reiterated its Overweight rating and $53 price target on the stock, conservative volume guidance for Q3 leaves room for further upside.
