On August 28th, Ideal Auto announced its Q2 2024 financial report.
According to financial report data, Ideal Auto's revenue in the second quarter was 31.7 billion yuan, compared to 28.65 billion yuan in the same period last year, a year-on-year increase of 10.6% and a month on month increase of 23.6%. The market expectation is 31.422 billion yuan.
The net profit for the second quarter was 1.1 billion yuan, a year-on-year decrease of 52.3% and a month on month increase of 86.2%. According to the US Generally Accepted Accounting Principles, the net profit was 1.5 billion yuan, a year-on-year decrease of 44.9% and a month on month increase of 17.8%.
Vehicle sales revenue was 30.3 billion yuan, a year-on-year increase of 8.4%. The gross profit margin of vehicles is 18.7%, compared to 21.0% in the second quarter of 2023 and 19.3% in the first quarter of 2024.
After adjustment, the earnings per ADS were RMB 1.42, compared to RMB 2.58 in the same period last year.
In addition, Ideal Auto is expected to deliver 145000 to 155000 vehicles in the third quarter, with an estimated 137725 vehicles.