小鹏汽车（9868.HK）系列点评一 2023 科技平权加速 多重边际改善 2024年03月20日 [T able_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com ➢ 事件概述：北京时间3月19日，小鹏发布23Q4财报：23Q4实现单季营 推荐 维持评级 收130.5亿元，同比/环比分别为153.9%/+53.0%。23全年营收306.8亿元， 当前价格： 40.55港元 同比+14.2%；23Q4销量约为6.0万辆，同比/环比分别为+170.9%/+50.4%。 23 全年销量约为 14.2 万辆，同比+17.3%；23Q4 汽车业务毛利率为+4.1%， 同比/环比分别为-1.6pts/+10.0pts。23全年汽车业务毛利率为-1.6%，同比为- 11.0pts；23Q4 单季归母净亏损为 13.5 亿元，同环比缩小 85.3%/65.3%。23 相关研究 全年归母净亏损为103.8亿元，同比放大13.5%。 1. 乘用车整车行业2024年投资策略：智电 重塑秩序 自主海阔天空-2024/02/27 ➢ 销量持续改善 营收环比向上 营收端：23Q ...

公 汽车 司 2024年03月 20日 报 小鹏汽车-W(9868.HK) 告 四季度毛利率改善显著，24年智能驾驶技术下探 推荐（维持） 事项： 小鹏汽车发布2023年四季度业绩报告，2023年四季度公司实现营业收入130.5 股价：40.55 元（港币） 亿元，同环比分别增长153.9%/53.0%，四季度公司亏损达到13.5亿元，同环 比收窄42.9%/65.3%。2023年全年公司实现营业收入达到306.8亿元，同比增 公 主要数据 长 14.2%，全年净亏损达到 103.8 亿元，同比扩大13.5%。截至 2024 年底， 司 公司在手现金及等价物达到457亿元。 行业 汽车 平安观点： 年 公司网址 www.xiaopeng.com 大股东/持股 Simplicity Holding Limited/18.93%  四季度毛利率顺利转正。2023年四季度公司交付新车60158台，同环比 报 实际控制人 何小鹏 分别增加 170.9%/50.4%，符合公司此前给出的四季度 5.95~6.35 万台的 点 总股本(百万股) 1886.85 交付指引。公司四季度汽车销售收入达到122.3亿元，对应单车 ...

智通财经APP获悉，3月19日，小鹏汽车(09868)举行了2023年全年业绩交流会。会上，小鹏汽车表示，23Q4 营收130.5亿元，同环比+153.9%/+53%;其中汽车销售收入122.3亿元，同增162.3%，环增55.9%;主要系23Q1-4季度G6/G9销售增长。23Q4毛利率6.2%，22Q4 8.7%，23Q3 -2.7%，汽车销售利润率4.1% 23年5.7%，Q3 -6.1%;主要系库存准备金及现有模型升级造成的采购订单损失，对应影响利润1.9%，叠加促销费用+新能源汽车补贴到期部分抵消降本和产品结构改善带来的成本优化。 小鹏汽车称，今年Q1行业价格战越演越烈，一批知名科技公司停止造车，淘汰赛正式开始。小鹏23年战略已调整为为了迎接更大两级的规模增长和更激烈的降价竞争，小鹏一是全面增强组织能力跟效率，而是大幅度提高经营质量和全闭环的客户体验，包括供应链和生产制造的规模化布局，重塑国内跟全球品牌销售和服务能力，推动全自动辅助驾驶和无人驾驶的科技平权+加速全球化布局。未来3年会推出10多款全新车型，配套全球化的左舵右舵车型，届时SOP车型数量接近30个。但小鹏并没有过多提高研发成本，因为小鹏有 ...

汽车/乘用车 公 司 研 小鹏汽车-W (09868.HK) 销售体系趋稳、新车周期有望驱动销量趋势性回暖 究 2024年03月20日 ——港股公司信息更新报告 投资评级：增持（维持） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122090026 日期 2024/3/20  销售体系趋稳、新车周期启动有望驱动销量趋势性回暖，维持“增持”评级 港 当前股价(港元) 40.550 基于公司Q1交付偏弱、老车型销售低于预期，新车周期主要集中于 2024H2释 股 一年最高最低(港元) 96.300/30.300 放，我们将2024-2025年营收预测由703/1139亿元下调至485/805亿元，并新增 公 司 总市值(亿港元) 765.12 2026年营收预测959亿元，同比增速58%/66%/19%；将2024-2025年Non-GAAP 信 流通市值(亿港元) 765.11 净利润预测由-66/4 亿元下调至-87/-33 亿元，并新增2026 年Non-GAAP 净利润 息 ...

交银国际研究 公司更新 汽车 收盘价 目标价 潜在涨幅 2024年3月20日 港元39.80 港元29.96↑ -24.7% 小鹏汽车 (9868 HK) 4 季度亏损好於预期，但销量增长前景依然挑战重重，维持沽出  4季度收入略低于预期，但净亏损好於預期。4季度小鹏汽车营收 130.5亿 个股评级 元（人民币，下同），环比上升 53.0%，略低于市场和我们预期5%。4 季 沽出 度交付量 6 万辆，环比上升 50.4%。4 季度毛利率6.2%，环比上升8.9百分 点，好於市場和我們预期的4.5-5%，其中 4季度汽车毛利率4.1%，环比上 升10百分点，主要由于G6和G9等车型的销量上涨。小鹏 4季度维持高 1年股价表现 效的成本控制，好于我们预期。研发/销售费用环比微增0.1%/增长14.4%， 占收入比例环比进一步下降。4 季度公司净亏损 13.5 亿元，non-GAAP净 9868 HK 160% MSCI中国指数 亏损17.7亿元，好于市场和我们预期，主要受惠毛利率和费用支出好于预 140% 期。 120% 100% 80% 60% 小鹏汽车指引 2024 年 1 季度营收 58 亿元至 62 亿 ...

Vehicle Deliveries and Revenue - Total vehicle deliveries in 2023 reached 141,601 units, a 17.3% increase from 120,757 units in 2022[2] - Total revenue for 2023 was RMB 30.68 billion, up 14.2% from RMB 26.86 billion in 2022[2] - Automotive sales revenue for 2023 was RMB 28.01 billion, a 12.8% increase from RMB 24.84 billion in 2022[2] - XPeng's delivery volume in January and February 2024 was 8,250 units and 4,545 units, respectively, with a cumulative total of 12,795 units for the year[5] - For Q1 2024, the company expects vehicle deliveries to be between 21,000 and 22,500 units, representing a year-over-year increase of approximately 15.2% to 23.4%[11] - Total revenue for Q1 2024 is expected to be between RMB 5.8 billion and RMB 6.2 billion, representing a year-over-year increase of approximately 43.8% to 53.7%[11] - Revenue from car sales reached RMB 28,010,857 thousand in 2023, compared to RMB 24,839,637 thousand in 2022, showing a 12.8% growth[44] - Service and other sales revenue increased to RMB 1,725,706 thousand in 2023 from RMB 1,286,804 thousand in 2022, a 34.1% rise[44] - Total revenue for 2023 was RMB 30,676,067 thousand, up from RMB 26,855,119 thousand in 2022, reflecting a 14.2% increase[44] Financial Performance and Losses - Gross margin for 2023 was 1.5%, compared to 11.5% in 2022[2] - Automotive gross margin for 2023 was -1.6%, compared to 9.4% in 2022[2] - Net loss for 2023 was RMB 10.38 billion, compared to RMB 9.14 billion in 2022[3] - Operating loss for the 2023 fiscal year was RMB 10.89 billion, compared to RMB 8.71 billion in the previous year[8] - Net loss for the 2023 fiscal year was RMB 10.38 billion, compared to RMB 9.14 billion in the previous year[8] - Gross profit for 2023 was RMB 451,155 thousand, a significant decrease from RMB 3,088,391 thousand in 2022[36] - Operating loss for 2023 was RMB 10,889,434 thousand, compared to RMB 8,705,523 thousand in 2022[36] - Comprehensive loss attributable to XPeng Inc. for 2023 was RMB 10,089,161 thousand, compared to RMB 5,946,399 thousand in 2022[37] - Basic and diluted net loss per ordinary share for 2023 was RMB 5.96, compared to RMB 5.34 in 2022[37] - Basic and diluted net loss per ADS for 2023 was RMB 11.92, compared to RMB 10.67 in 2022[37] - Non-GAAP operating loss widened to RMB 10,368,238 thousand in 2023 from RMB 7,995,037 thousand in 2022[56] - Non-GAAP net loss increased to RMB 9,444,162 thousand in 2023 from RMB 8,428,486 thousand in 2022[56] - Non-GAAP basic and diluted net loss per share rose to RMB 5.42 in 2023 from RMB 4.92 in 2022[56] - Non-GAAP basic and diluted net loss per ADS increased to RMB 10.85 in 2023 from RMB 9.84 in 2022[56] Cash and Investments - Cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 45.7 billion as of December 31, 2023[3] - Cash and cash equivalents, restricted cash, short-term investments, and time deposits as of December 31, 2023, were RMB 45.7 billion, compared to RMB 38.25 billion as of December 31, 2022[10] - Cash and cash equivalents rose significantly to RMB 21,127,163 thousand in 2023, up from RMB 14,607,774 thousand in 2022, marking a 44.6% increase[38] - Short-term deposits decreased to RMB 9,756,979 thousand in 2023 from RMB 14,921,688 thousand in 2022, a 34.6% decline[38] - Long-term deposits dropped to RMB 3,035,426 thousand in 2023 from RMB 6,926,450 thousand in 2022, a 56.2% decrease[38] R&D and Expenses - R&D expenses for the 2023 fiscal year were RMB 5.28 billion, a 1.2% increase from RMB 5.21 billion in the previous year, primarily due to the timing and progress of new vehicle development projects[8] - Sales, general, and administrative expenses for the 2023 fiscal year were RMB 6.56 billion, a 1.9% decrease from RMB 6.69 billion in the previous year, mainly due to reduced marketing, promotion, and advertising expenses[8] - R&D expenses for 2023 were RMB 5,276,574 thousand, slightly up from RMB 5,214,836 thousand in 2022[36] - Sales, general, and administrative expenses for 2023 were RMB 6,558,942 thousand, down from RMB 6,688,246 thousand in 2022[36] Strategic Partnerships and New Launches - XPeng launched the X9 smart large seven-seater MPV on January 1, 2024, with deliveries starting in the same month[6] - XPeng signed a strategic technical cooperation joint development agreement with Volkswagen Group and established a joint procurement plan[6] Loans and Financial Liabilities - As of December 31, 2023, the company had short-term bank loans totaling RMB 3.89 billion with an effective annual interest rate of 2.62%[13] - As of December 31, 2023, the company had long-term bank loans totaling RMB 780 million with an effective annual interest rate of 4.98%[14] - Bank loans for Zhaoqing Xiaopeng Motors Co., Ltd. increased to RMB 1.4 billion in 2023 from RMB 770 million in 2022, with an actual annual interest rate of 3.14% and 3.35% respectively[16] - Bank loans for Zhaoqing Xiaopeng New Energy Investment Co., Ltd. rose to RMB 1.25 billion in 2023 from RMB 400 million in 2022, with an actual annual interest rate of 3.06% and 3.35% respectively[16] - Guangzhou Xiaopeng Motors Leasing Co., Ltd. secured a credit line of RMB 200 million in 2023, with RMB 170 million drawn and an actual annual interest rate of 3.80%[16] - Guangzhou Pengyue Auto Development Co., Ltd. obtained a credit line of RMB 2.35 billion in 2023, with RMB 20 million drawn and an actual annual interest rate of 3.75%[16] - Asset-backed securities (ABS) issued by Guangzhou Xiaopeng Motors Leasing Co., Ltd. in 2022 amounted to RMB 1.5 billion, with the current portion of ABS at RMB 180 million and non-current portion at zero as of December 31, 2023[16] - Asset-backed notes (ABN) issued by Guangzhou Xiaopeng Motors Leasing Co., Ltd. in 2023 totaled RMB 840 million, with the current portion of ABN at RMB 240 million and non-current portion at RMB 90 million as of December 31, 2023[16] - The company's leverage ratio increased to 30.0% in 2023 from 21.1% in 2022[18] Acquisitions and Investments - The company acquired Xiaoju Smart Auto Co., Ltd. and its subsidiaries, integrating their financial performance into the consolidated financial statements[21] - The company acquired Dogotix Inc. for approximately USD 98.96 million, gaining full ownership and control to focus on the development of general-purpose humanoid intelligent robots[21] Employee and Corporate Structure - Total number of employees as of December 31, 2023, is 13,550, with 5,401 in R&D, 4,755 in sales and marketing, 2,879 in production, 91 in general and administrative, and 424 in operations[25] - The company has adopted a training policy with internal instructors and third-party consultants providing regular training on technology, corporate culture, and leadership[25] - The company provides competitive compensation and a dynamic work environment, along with government-mandated employee benefits and additional commercial health insurance[25] - The company's chairman and CEO roles are not separated, currently held by Mr. He Xiaopeng, to ensure unified leadership and efficient strategic planning[28] Tax and Financial Reporting - XPeng Limited is exempt from paying income tax on foreign income in the British Virgin Islands, and there is no withholding tax in the British Virgin Islands[45] - The applicable income tax rate for XPeng's significant subsidiaries in the US for the years ended December 31, 2023 and 2022 is 27.98% (combined state and federal rate)[46] - Guangzhou XPeng Motors Technology Co., Ltd. was approved as a high-tech enterprise in December 2022 and is entitled to a preferential tax rate of 15% from 2022 to 2024[46] - Zhaoqing XPeng Motors Co., Ltd. was approved as a high-tech enterprise in December 2020 and renewed in December 2023, entitled to a 15% preferential tax rate from 2023 to 2025[47] - Beijing XPeng Motors Co., Ltd. was approved as a high-tech enterprise in December 2020, but its qualification expired in 2023, resulting in a 25% tax rate for 2023[47] - Shanghai XPeng Motors Technology Co., Ltd. was approved as a high-tech enterprise in December 2022 and is entitled to a 15% preferential tax rate from 2022 to 2024[47] - Shenzhen Pengxing Intelligent Research Co., Ltd. was approved as a high-tech enterprise in October 2023 and is entitled to a 15% preferential tax rate from 2023 to 2025[47] - The total income tax expense for the year ended December 31, 2023, was RMB 36,810 thousand, compared to RMB 24,731 thousand for the year ended December 31, 2022[49] - The company's 2023 annual report will be published on the Hong Kong Stock Exchange website and the company's website[31] - The company's audit committee reviewed the unaudited consolidated financial statements and full-year results for the year ended December 31, 2023[31] - No dividends were declared for the years ended December 31, 2023, and 2022[55] Assets and Liabilities - Total assets increased to RMB 84,162,541 thousand in 2023 from RMB 71,491,006 thousand in 2022, reflecting a growth of 17.7%[38] - Total liabilities grew to RMB 47,834,014 thousand in 2023 from RMB 34,580,341 thousand in 2022, an increase of 38.3%[39] - Inventory increased to RMB 5,526,212 thousand in 2023 from RMB 4,521,373 thousand in 2022, a 22.2% rise[38] - Shareholders' equity slightly decreased to RMB 36,328,527 thousand in 2023 from RMB 36,910,665 thousand in 2022, a 1.6% decline[40] - The company's restricted cash and deposits increased to RMB 3.94 billion in 2023 from RMB 110 million in 2022, with the total assessed value of mortgaged assets at RMB 4.26 billion[17] Accounts Receivable and Payable - The total accounts receivable and notes receivable, net, as of December 31, 2023, was RMB 2,716,216 thousand, compared to RMB 3,872,846 thousand as of December 31, 2022[51] - Accounts receivable decreased to RMB 2,706,480 thousand in 2023 from RMB 3,876,103 thousand in 2022, with a significant drop in the 3 to 6 months category from RMB 341,293 thousand to RMB 7,290 thousand[53] - Accounts payable and notes increased to RMB 22,210,431 thousand in 2023 from RMB 14,222,856 thousand in 2022, with a notable rise in the 0 to 3 months category from RMB 6,011,186 thousand to RMB 11,953,357 thousand[53][54] Share Issuance and Dividends - The company issued a total of 58,164,217 Class A ordinary shares to Didi as the initial consideration shares on November 13, 2023[26] - The company issued 94,079,255 Class A ordinary shares to Volkswagen Finance Luxemburg S.A. on December 6, 2023[26] - The company did not recommend the distribution of a final dividend for the year ended December 31, 2023[31] Corporate Mission and Vision - The company's mission is to lead the future of mobility through technology-driven smart electric vehicles, with headquarters in Guangzhou and major offices in Beijing, Shanghai, Silicon Valley, San Diego, and Amsterdam[33]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 XPeng Inc. 小鵬汽車有限公司* （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9868） 小 鵬 汽 車 發 佈 2023 年 第 四 季 度 及 2023 財 政 年 度 的 未 經 審 計 財 務 業 績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及根據證券及期貨條 例（香港法例第571章）第XIVA部而刊發。 ‧ 截至2023年12月31日，現金及現金等價物、受限制現金、短期投資及定期存款為人 民幣457.0億元（64.4億美元） ‧ 季度總收入為人民幣130.5億元，按季上升53.0% ‧ 季度毛利率為6.2%，按季上升8.9個百分點 ‧ 全年汽車交付量達141,601輛，按年上升17.3% ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 汽车 | 公司研究 智驾引领者，降本增效+产品大年改善盈利 2024年3月16日 小鹏汽车-W(9868.HK) 专注技术的智能电动汽车制造商。小鹏汽车于2014年由何小鹏等发起创立，公司始终坚持自研软 买入 件架构，自主开发全栈自动驾驶软件系统，2024 年 1 月已实现智能驾驶 243 城覆盖。随着近年 来国内新能源汽车渗透率的不断提升，公司营收规模稳定增长，2022 年营收 268.55 亿元，同比 首次覆盖 增长 27.95%，归母净利润-91.39 亿元，同比增亏 87.92%；2023 年前三季度营收 176.26 亿 元，同比减少18.83%，归母净利润-90.28亿元，同比增亏33.20%。小鹏汽车目前仍处于大规模 放量前的亏损期，但随降本增效措施的持续推进及新车型贡献销量，有望快速实现减亏。 市场数据：2024年3月15日 技术与应用完善，智驾打开市场空间。2023 年以来，国内智能驾驶的落地进入加速阶段。2023 收盘价（港币） 37.80 年前，智能驾驶技 ...

“ 乘用车行业价格战愈演愈烈，各大车企纷纷推出限时优惠活动，小鹏汽车毛利率为负数，卖一辆车亏一辆，降价卖车或导致毛利率进一步下探。 ” 文|每日财报 楚风 比亚迪率先掀起价格战，乘用车企纷纷跟进。近日，汽车价格内卷愈演愈烈，相关话题一度冲上微博热搜。据《每日财报》不完全统计，全市场至少有13家车企宣布降价，主要集中在新能源车领域，或将加速市场洗牌。 以造车新势力为例，小鹏汽车和哪吒汽车都推出限时降价活动，价格最高直降5万元；零跑汽车推出新款车型，价格相比预售价也有下调。目前，理想汽车和蔚来尚未加入此轮价格战。 今年前2个月，小鹏汽车交付量在造车新势力中再次垫底，不仅低于理想汽车和蔚来，还落后于零跑汽车和哪吒汽车等后来者。相比2023年同期，小鹏汽车交付量有所增长，但较2022年同期下降显著。 近几年来，小鹏汽车业绩长期亏损，毛利率为负数，可以说一直在亏损卖车。相比之下，理想汽车已经实现盈利，蔚来汽车毛利率保持正数，零跑汽车毛利率改善。小鹏汽车能否支撑得起价格战呢？ 01 车企价格内卷再起，行业或加速洗牌 今年春节后，比亚迪喊出“电比油低”的口号，推出系列“荣 ...

2024年才刚刚开始，小鹏汽车就有点“难”了。 在1月份的交付榜单中，小鹏汽车实现销量8250辆，环比大跌59%，是一众家造车新势力中环比跌幅最大的一家。到了2月，小鹏汽车销量继续下滑，2月交付新车仅有4545辆。 对于2月销量暴跌的原因，何小鹏将原因归到了新车X9的产能上。他称，“由于订单过多，产能未跟上，小鹏 1 月份积压了 X9 的上万订单，当前 X9 面临的困难已经解决，而且春节会全力加班，快速提升产能保障交付。” 换而言之，销量下滑只是暂时的，未来销量将会逐步回升。 虽然何小鹏对小鹏汽车的未来依旧乐观，但资本市场却并非如此看待。据侃见财经梳理发现，自进入2024年以来，小鹏汽车的股价持续走低，截至3月5日收盘，小鹏汽车港股报收35.95港元/股，虽然最近已经有所反弹，但2024年的股价跌幅仍高达36%。 为何在一个多月的时间里，小鹏汽车的股价会暴跌36%，表现会如此惨淡？除了销量大跌这一原因之外，资本市场还在担心什么？ 小鹏之“困” 小鹏汽车一月份的销量，确实和预期相差甚远。 按照官方的数据，小鹏X9首月交付2478辆，剩下的几款车型合计销量只有5772辆，其中还包含了主力车型——p7i和G6。 ...