Ideal Auto’s Q3 revenue increased by 209.7% year-on-year to 7.78 billion yuan, and its net loss of 21.5 million yuan narrowed year-on-year
November 29 report
Today, Ideal Auto announced its unaudited financial results for the quarter ended September 30, 2021. The financial report shows that Ideal Auto’s Q3 revenue was 7.78 billion yuan, an increase of 209.7% year-on-year; the net loss was 21.5 million yuan, a year-on-year decrease of 79.9%; the gross profit margin reached 23.3%.
In the third quarter of 2021, the delivery volume of Ideal ONE was 25,116, an increase of 190.0% year-on-year. As of September 30, 2021, Ideal Motor has 153 retail centers covering 85 cities, and operates 223 after-sales repair centers and Ideal Automotive authorized sheet spray centers in 165 cities.
Affected by the news, the share price of Ideal Auto rose slightly before the US stock market. As of press time, its stock price has risen 6.11% to $34.38.
the information is as follows:
income
The total revenue for the third quarter of 2021 was RMB 7.78 billion (US$1.21 billion), an increase of 209.7% from RMB 2.51 billion in the third quarter of 2020 and an increase of 209.7% from the RMB in the second quarter of 2021. 5.04 billion yuan increased by 54.3%.
Vehicle sales revenue for the third quarter of 2021 was RMB 7.39 billion (US$1.15 billion), an increase of 199.7% from RMB 2.46 billion in the third quarter of 2020 and an increase of 199.7% from the second quarter of 2021. RMB 4.90 billion increased by 50.6%. The increase in vehicle sales revenue compared to the third quarter of 2020 and the second quarter of 2021 was mainly due to the increase in vehicle deliveries in the third quarter of 2021.
Other sales and service revenues for the third quarter of 2021 were RMB 389.4 million (US$60.4 million), an increase of 745.1% from RMB 46.1 million in the third quarter of 2020 and RMB 1 from the second quarter of 2021. 355.7 billion yuan increased by 187.0%.Other sales and service revenue increased compared with the third quarter of 2020 and the second quarter of 2021, mainly due tonew energy vehiclesPoints sales, and car accumulationSalesThe increase in sales of charging piles, accessories and services has increased.
Cost of sales and gross profit margin
The cost of sales for the third quarter of 2021 is RMB 5.96 billion (US$ 925.5 million), an increase of 196.1% from RMB 2.01 billion in the third quarter of 2020, and a 196.1% increase from RMB in the second quarter of 2021. 4.09 billion yuan increased by 45.9%. The increase in cost of sales compared with the third quarter of 2020 and the second quarter of 2021 is consistent with the increase in revenue, mainly due to the increase in vehicle deliveries in the third quarter of 2021.
Gross profit for the third quarter of 2021 was RMB 1.81 billion (US$281.2 million), an increase of 264.8% from RMB 496.8 million in the third quarter of 2020 and RMB 9 in the second quarter of 2021. RMB 52.8 billion increased by 90.2%.
The gross profit margin of vehicles in the third quarter of 2021 was 21.1%, compared with 19.8% in the third quarter of 2020 and 18.7% in the second quarter of 2021. The increase in vehicle gross profit margin compared to the third quarter of 2020 and the second quarter of 2021 was mainly due to the increase in the delivery volume of the 2021 ideal ONE in the third quarter of 2021, which increased the average selling price.
The gross profit margin in the third quarter of 2021 was 23.3%, compared with 19.8% in the third quarter of 2020 and 18.9% in the second quarter of 2021. The increase in gross profit margin compared to the third quarter of 2020 and the second quarter of 2021 was mainly due to the increase in vehicle gross profit margin.
Operating expenses
Operating expenses for the third quarter of 2021 were RMB 1.91 billion (US$296.4 million), an increase of 182.2% from RMB 676.7 million in the third quarter of 2020, and an increase of 182.2% from RMB in the second quarter of 2021. 1.49 billion yuan increased by 28.3%.
R&D expenses for the third quarter of 2021 are RMB 888.5 million (US$137.9 million), an increase of 165.6% from RMB 334.5 million in the third quarter of 2020 and RMB in the second quarter of 2021. 653.4 billion yuan increased by 36.0%. The increase in R&D expenses compared to the third quarter of 2020 and the second quarter of 2021 was mainly due to the increase in employees’ salaries due to the increase in R&D personnel, and the increase in related expenses due to the increase in R&D activities of the Company’s new models.
Sales, general and administrative expenses for the third quarter of 2021 were RMB 1.02 billion (US$158.5 million), an increase of 198.5% from RMB 342.2 million in the third quarter of 2020, and an increase of 198.5% from the first quarter of 2021. In the second quarter, RMB 835.3 million increased by 22.3%. The increase in sales, general and administrative expenses compared to the third quarter of 2020 was mainly due to the increase in marketing and promotion activities and the increase in the number of employees and rental expenses as the company’s sales and service network expanded. The increase in sales, general and administrative expenses compared to the second quarter of 2021 was mainly due to the increase in employee compensation and rental expenses as the company’s sales and service network expanded.
Operating profit/loss
The operating loss for the third quarter of 2021 was RMB 97.8 million (US$15.2 million), a decrease of 45.7% from RMB 180 million in the third quarter of 2020 and RMB 535.9 million in the second quarter of 2021. Yuan decreased by 81.8%.
Net profit/loss and earnings/loss per share
The net loss for the third quarter of 2021 was RMB 21.5 million (US$3.3 million), a decrease of 7.9% from RMB 106.9 million in the third quarter of 2020 and RMB 235.5 million in the second quarter of 2021. Yuan decreased by 90.9%.
In the third quarter of 2021, the basic and diluted net loss per ADS4 attributable to common shareholders were both RMB 0.02 (US$0.00).
Cash position, operating cash flow and free cash flow
As of September 30, 2021, the total amount of cash and cash equivalents, restricted cash, time deposits and short-term investments was 48.83 billion yuan (7.58 billion US dollars).
Operating cash flow for the third quarter of 2021 was RMB 2.17 billion (US$336.7 million), an increase of 133.3% from RMB 929.8 million in the third quarter of 2020 and an increase of 133.3% from the second quarter of 2021. RMB 1.41 billion increased by 54.1%.
Free cash flow for the third quarter of 2021 was RMB 1.16 billion (US$180.8 million), an increase of 55.4% from RMB 749.9 million in the third quarter of 2020, and an increase of 55.4% from the second quarter of 2021. RMB 982.1 million increased by 18.6%.
The latest data shows that in October 2021, Ideal Car delivered 7,649 Ideal ONEs, an increase of 107.2% over October 2020. As of October 31, 2021, the company has 162 retail centers covering 86 cities, and operates 223 after-sales repair centers and Ideal Auto authorized sheet spray centers in 165 cities.
Ideal Auto expects that in the fourth quarter of 2021, its vehicle deliveries will be 30,000 to 32,000 vehicles, an increase of 107.4% to 121.2% from the fourth quarter of 2020. Total revenues ranged from RMB 8.82 billion (US$1.37 billion) to RMB 9.41 billion (US$1.46 billion), an increase of 112.7% to 126.9% from the fourth quarter of 2020.
Li Xiang, founder, chairman and CEO of Ideal Motors, said: “In the context of the industry-wide chip shortage, we delivered 25,116 Ideal ONEs in the third quarter, a year-on-year increase of 190.0%, reaching a new quarterly high. , Once again highlights the strong product power of the 2021 Ideal ONE for home users. In order to alleviate the continuing supply chain risks, we will continue to work with our supply chain partners to find solutions. In view of our strong order volume and user intelligence With the increasing acceptance of electric vehicles, we are confident in the growth prospects of ideal cars. In the face of huge opportunities, we will continue to increase investment in research and development to promote the parallel development of range-extended electric vehicles and pure electric vehicles, as well as smart cockpits and smart cars. Driving technology is advancing rapidly. At the same time, we will further increase production capacity through the construction of a manufacturing base in Beijing, and continue to expand our sales and service network to prepare for the continued growth of our business.”
Source: Lieyun.com