By Ronnie Harui


Li Auto's shares rose sharply in Hong Kong on Thursday morning after the Chinese electric-vehicle maker reported a swing to a net profit in the first quarter from a net loss a year earlier.

The company's H-shares were recently 15% higher at 113.80 Hong Kong dollars (US$14.53) after earlier rising as much as 17% to HK$115.40, the highest intraday level since Aug. 31, according to FactSet.

In a filing to the Hong Kong Stock Exchange after market close on Wednesday, Li Auto said its net profit was 933.8 million yuan (US$134.7 million) in the first quarter, compared with a CNY10.9 million net loss for the same period a year earlier. Total revenue increased to CNY18.79 billion in the first quarter from CNY9.56 billion a year earlier.

Li Auto's quarterly net profit beat consensus expectations, thanks to decent cost controls in the first quarter, Citi Research analysts said in a research report.

The Chinese automaker also said its total vehicle deliveries climbed to 52,584 units in the first quarter from 31,716 units for the same period a year earlier.

Given the company's sustained vehicle-sales growth momentum, Citi raises its 2023, 2024 and 2025 sales forecasts to 290,000, 350,000 and 420,000 units from 235,000, 300,000 and 365,000 units, respectively.

For the second quarter, Li Auto sees total revenue of between CNY24.22 billion and CNY25.86 billion and vehicle deliveries of between 76,000 and 81,000 units.


Write to Ronnie Harui at ronnie.harui@wsj.com


(END) Dow Jones Newswires

05-10-23 2307ET