感谢IT之家网友 風見暉一、西窗旧事、Louis13、钰linn、雨雪载途 的线索投递！ IT之家 4 月 19 日消息，360 集团创始人、董事长周鸿祎昨日发布视频“红衣卖车征集令”，称自己要卖掉陪伴自己 9 年的迈巴赫 600 汽车，并喊话友商“送车”体验。 此话一出，评论区中的网友们开始留言推荐汽车，各车厂甚至亲自下场“排队送车”，IT之家整理部分车厂相关留言如下： 仰望汽车官博：仰望 U8 汽车给您安排了； 阿维塔科技总裁陈卓：安排一辆刚刚上市的晖金版（阿维塔）12； 吉利控股集团高级副总裁：推荐极氪 009 光辉，满足您的需求，符合您的气质； 昊铂汽车：实名推荐即将上市的 2024 款昊铂 HT； 深蓝汽车品牌主理人：推荐深蓝 G318，空间大，智能； 东风乘用车易以华：免费送东风纳米 01。 在卖车消息发出数小时后，周鸿祎再次发布视频称“余承东和李斌问我会选谁的车”。 <img src="https://course-static.xiaobangguihua.com/spider/87671960117574880.png" w="629" h="482" ...

智通财经APP获悉，小鹏汽车-W(09868)跌超5%，截止发稿跌5.15%，报27.6港元，成交额4796万港元。 消息面上，4月15日，针对网传小鹏P7售价降至14.09万元一事，记者咨询了小鹏汽车深圳4S店。门店销售人员向记者表示，P7老款车型综合补贴后可以做到14.09万元，这款车的官方指导价为23.99万元。但降价车型是一款老车型，现款车型为2024款小鹏P7。 据不完全统计，一进入4月，就有10多个品牌陆续推出优惠活动。乘联会秘书长崔东树日前发文指，2024年1季度降价规模已经超过2023年全年的6成，相当于2022年的降价总规模。他表示，价格战对短期的销量促进作用实际并不明显，尤其是在价格不稳情况下，消费观望情绪特别浓重，对车市销量短期带来一定的压力。 ...

本报记者 李雯珊 4月18日，以“创新引领 质胜未来”为主题的广州大学城低空经济应用示范岛发布活动在广州市番禺区举行，同时宣布启动飞行汽车基础设施建设，为下一步开展“低空+通勤”“低空+旅游”“低空+应急”等应用示范打下坚实基础，更好地将广州大学城打造成全国首个低空经济应用示范岛。 在活动现场，广州大学城首个飞行汽车起降点在广州大学城青创汇广场正式启用。《证券日报》记者看到，从青创汇广场出发，小鹏汇天飞行汽车旅航者X2垂直起飞，全程采用自动驾驶模式，以“广州大学城青创汇―大学城外环西路主马路”为航线开展低空飞行演示。 据悉，项目首批规划广州大学城青创汇、广东科学中心、岭南印象园和中心湖停机坪四个起降点，串联起约17公里的空中环岛线路，配套飞行汽车起降、停放、补能、通信等基础设施。起降点建成后可有效满足飞行汽车研发和运行需求，支撑环岛低空旅游、岛内低空短途出行等场景的落地，同时为构建未来城市立体交通低空航线网络提供宝贵的探索经验。 “在广州大学城规划飞行汽车起降点基础设施建设，是建立空中出行网络的第一步，在广州大学城‘打飞的’已经变为现实，相信未来会在广州甚至全国进行推广。”小鹏汇天总裁赵德力在接受《证券日报》 ...

Financial Performance - Total revenue for 2023 reached RMB 30.68 billion, a 14.2% increase from RMB 26.86 billion in 2022[5] - Net loss for 2023 was RMB 10.38 billion, compared to RMB 9.14 billion in 2022[5] - Gross margin for 2023 was 1.5%, compared to 11.5% in 2022[5] - Revenue increased from RMB 20,988.1 million in 2021 to RMB 30,676.1 million in 2023, representing a growth of 46.2% over two years[100] - The company recorded positive operating cash flow of RMB 956.2 million in 2023 but cannot guarantee future positive cash flow[117] - The company has incurred significant net losses of RMB 4,863.1 million in 2021, RMB 9,139.0 million in 2022, and RMB 10,375.8 million in 2023, with negative operating cash flows in 2021 and 2022[117] - R&D expenses were RMB 5,276.6 million in 2023, accounting for 17.2% of total revenue, down from 19.6% in 2021[104] - The company's warranty reserve for smart electric vehicles as of December 31, 2023, was RMB 1,009.0 million, which may be insufficient to cover future warranty claims, potentially impacting financial performance[166] - The company recorded inventory write-downs of RMB 162.4 million, RMB 220.3 million, and RMB 1,054.7 million in 2021, 2022, and 2023 respectively, primarily due to the discontinuation of the G3i model and upgrades to certain vehicle models[177] - Deferred revenue balances were RMB 897.3 million, RMB 1,083.2 million, and RMB 1,299.9 million as of December 31, 2021, 2022, and 2023, respectively, but may not represent actual revenue in subsequent periods[182] Vehicle Deliveries and Sales - Vehicle deliveries in 2023 totaled 141,601 units, up 17.3% from 120,757 units in 2022[5] - Vehicle sales revenue for 2023 was RMB 28.01 billion, a 12.8% increase from RMB 24.84 billion in 2022[5] - Cumulative deliveries for the first three months of 2024 reached 21,821 units[7] - Smart EV deliveries grew from 98,155 units in 2021 to 141,601 units in 2023, a 44.3% increase over two years[100] - Total smart EV deliveries reached 60,158 units in Q4 2023, up from 18,230 units in Q1 2023[22] - The company launched the X9 smart large seven-seater MPV on January 1, 2024, with deliveries starting in the same month[7] - The company launched its sixth smart electric vehicle, the X9, in January 2024 and began deliveries in the same month[112] - The company's vehicle lineup includes models with CLTC ranges from 500 km to 755 km, targeting the mid-to-high-end market priced between RMB 150,000 and RMB 400,000[9][11] - The company's vehicle models include the P7, P5, G9, G6, and X9, with the G3 and G3i models discontinued[11][14] - P7i, a mid-cycle refresh of the P7, was launched and began deliveries in March 2023[15] - P5, the company's third smart EV, started deliveries in September 2021 and was the first mass-produced smart EV equipped with LiDAR technology[16] - G9, the company's fourth smart EV and a mid-to-large SUV, began mass deliveries in October 2022 and was upgraded to the 2024 version in September 2023[17] - G6, the company's fifth smart EV and a coupe SUV, was launched in June 2023 and began customer deliveries in July 2023[17] - X9, the company's sixth smart EV and a large seven-seater MPV, was launched and began deliveries in January 2024[18] Charging and Sales Network - The company's physical sales network expanded to 500 stores across 181 cities as of December 31, 2023[5] - The self-operated charging station network reached 1,108 stations, including 902 supercharging stations and 206 destination charging stations as of December 31, 2023[5] - The company's self-operated charging station network expanded to 1,108 stations by the end of 2023, including 902 supercharging stations and 206 destination charging stations[11] - The company's physical sales network included 500 stores across 181 cities in China as of December 31, 2023[11] - The company's S4 ultra-fast charging stations, with 480 kW capacity, are available in over 150 cities in China, including all first-tier and new first-tier cities[11] - The company plans to expand its physical sales network through a combination of directly operated stores and franchised stores, with increased focus on franchised network development in 2023[109] - The company plans to expand its charging network through third-party partnerships, but there is no guarantee that partners will continue to expand or cooperate on acceptable terms[141] R&D and Technology - The company's ADAS system, XNGP, was expanded to cities without high-precision maps starting November 2023, significantly increasing its geographic coverage in China[9] - The company's advanced ADAS software, XPILOT 3.0, was launched via OTA firmware update in January 2021, supporting highway driving and advanced smart parking features[20] - The company's next-gen ADAS system, XNGP, was showcased in October 2022 and began rolling out in March 2023, with coverage rapidly expanding across China since November 2023[21][24] - The company's G9 features an 800V high-voltage SiC platform, offering lower energy consumption and higher charging efficiency compared to 400V platform EVs[25] - SEPA 2.0 architecture launched in April 2023, supporting multiple vehicle types with advanced features like XNGP ADAS, Xmart OS, and 800V high-voltage SiC platform[26] - First vehicle based on SEPA 2.0, G6, delivered in July 2023, followed by X9 in January 2024[26] - XOS Tianji, the new intelligent vehicle operating system, debuted in January 2024 with the X9 model[27] - R&D investments focus on key technologies such as ADAS, smart operating systems, powertrain systems, and electronic architecture[104] - The company's proprietary software systems, including XPILOT, XNGP, Xmart OS, and XOS Tianji, are complex and may contain defects or vulnerabilities, potentially leading to negative impacts on brand image and customer trust[106] - The company is actively adding new smart technology features, such as the intelligent voice assistant in the XOS Tianji system, but these features are subject to market acceptance and could be negatively impacted by accidents[106] Strategic Partnerships and Expansion - Strategic partnership with Volkswagen Group established in July 2023, including a $705.6 million equity investment and joint development of two B-segment EVs[31] - Joint development agreement signed with Volkswagen in February 2024 to accelerate EV development and establish a joint procurement plan[31] - Xiaopeng Motors acquired Xiaoju Smart Auto Co. Limited from Didi, issuing 58,164,217 Class A ordinary shares, integrating Didi's smart car development business into its consolidated financial statements[32] - The company collaborates with Didi on joint development in areas such as smart EVs, shared mobility platforms, and international market expansion[32] - European market expansion began in 2020 with G3 deliveries in Norway, followed by P7 in 2021 and G9 in 2023[27] - The company has been expanding in Europe since 2020, with deliveries of G3 and P7 models, and the opening of stores and service centers in countries like Norway, Sweden, Denmark, and the Netherlands[171] Production and Supply Chain - The company's Wuhan production base construction was completed by March 31, 2024, pending government approval for operation[12] - The company's production capacity depends on the successful operation and expansion of its factories in Zhaoqing and Guangzhou, as well as the new production base in Wuhan[130] - Delays or issues in maintaining or expanding production capacity at the Zhaoqing, Guangzhou, or Wuhan facilities could adversely affect the company's business and financial performance[131] - The company relies on suppliers, some of which are single-source, and any disruption in component supply could lead to production delays and impact business performance[132] - The company relies on foreign imports for key ADAS hardware components such as semiconductors, millimeter-wave radar, ultrasonic sensors, and cameras, with a single supplier providing most semiconductor components[133] - In October 2022 and October 2023, the U.S. Department of Commerce introduced export control regulations that could restrict the company's ability to source semiconductors and other components, potentially impacting operations[133] - The company faced inventory write-downs and procurement commitment losses in 2023 due to the discontinuation of the G3i model and upgrades to certain vehicle models[134] - The company experienced a shortage of millimeter-wave radar, affecting the delivery of the P5 model, and offered customers the option to receive the P5 without the radar or wait for the radar-equipped version[136] - The company is highly dependent on a limited number of certified suppliers for battery cells used in its smart electric vehicles, with low flexibility in switching suppliers[136] - Rising costs or supply disruptions of key materials such as lithium, nickel, cobalt, and manganese could increase battery cell costs and impact production[135] - The company may face challenges in accurately predicting, purchasing, and managing inventory for components as production scales up, risking unexpected disruptions and increased costs[134] - Tariffs, oil shortages, and other economic conditions could lead to significant increases in shipping and material costs, potentially affecting profitability[136] - The company is actively negotiating with suppliers for cost reductions and exploring alternative suppliers to mitigate risks associated with component shortages and price fluctuations[134] - The company is attempting to redesign certain components to reduce production costs, but failure to control supplier costs could negatively impact financial performance[134] Regulatory and Legal Compliance - The company must comply with the "Cybersecurity Law," which includes penalties such as fines, suspension of business, website shutdown, and revocation of business licenses for non-compliance[67] - The "Cybersecurity Law Revision Draft" issued on September 12, 2022, increases legal liabilities for violations of cybersecurity obligations, including personal information protection[67] - The "Data Security Law," effective from September 2021, introduces a data classification and hierarchical protection system, requiring risk assessments for important data processors[69] - The "Critical Information Infrastructure Security Protection Regulations," effective from September 1, 2021, define critical information infrastructure and require government departments to identify and notify operators[69] - The "Network Product Security Vulnerability Management Regulations," effective from September 1, 2021, mandate that network product providers report security vulnerabilities to the Ministry of Industry and Information Technology within two days[70] - The "App Security Certification Implementation Rules" encourage mobile app operators to voluntarily obtain security certification, with certified apps prioritized in search engines and app stores[67] - The "App Illegal Collection and Use of Personal Information Identification Method" outlines behaviors constituting illegal collection of personal information, such as failing to disclose collection rules or obtaining user consent[68] - The "Personal Information Protection Law" criminalizes activities such as providing personal information without consent or collecting irrelevant personal information[69] - The "Network Security Review Measures" provide a national security review procedure for data activities that may impact national security[69] - The "Network Product Security Vulnerability Management Regulations" require network operators to inspect and repair security vulnerabilities promptly after discovery[70] - The Personal Information Protection Law of the People's Republic of China, effective from November 1, 2021, regulates the processing of personal information, including collection, storage, use, and transmission, and applies to both domestic and international processing under certain conditions[71] - The Cybersecurity Review Measures, revised and effective from February 15, 2022, require cybersecurity reviews for network platform operators with over 1 million users' personal information planning to list abroad[73] - The Data Export Security Assessment Measures, effective from September 1, 2022, mandate data processors to apply for a security assessment for cross-border data transfers under specific circumstances[74] - The Standard Contract Measures for Personal Information Export, effective from June 1, 2023, require personal information processors to file a record with local cyberspace administration departments within 10 working days after the standard contract takes effect[75] - The company has incurred and will continue to incur significant costs to comply with new privacy, data protection, cybersecurity, and information security laws and regulations[126] - The company was fined for using facial recognition technology in Shanghai stores without visitor consent, violating the Consumer Rights Protection Law, and has since terminated the related third-party service provider[126] - The company must comply with the EU's General Data Protection Regulation (GDPR) for its smart EV shipments to Europe, which imposes strict obligations on data processing and control[127] - The company faces risks related to data privacy and protection, which could impact its ability to collect data and improve technology, products, and services[128] - Negative publicity, including product recalls or third-party evaluations, could harm the company's brand and consumer confidence[129] Risks and Challenges - The company faces significant risks due to its limited operating history and challenges as a new entrant in the competitive Chinese passenger vehicle market[94] - The company's financial performance may fluctuate significantly due to seasonal business patterns and operating cost volatility[94] - The company relies heavily on revenue from a limited number of smart electric vehicle models, posing a concentration risk[94] - The company's R&D efforts may not yield expected results, impacting its competitive position[94] - The company's ADAS technology faces risks that could affect its business and reputation[94] - The company's expansion of its physical sales network may not be cost-effective, and its franchise model is subject to multiple risks[94] - The company's smart electric vehicles, including software systems, must meet customer expectations to avoid adverse impacts on business performance and reputation[94] - Semiconductor supply shortages may disrupt operations and adversely affect business, financial performance, and financial condition[95] - The company has historically incurred significant losses and negative operating cash flows, which may continue in the future[95] - The company's business plan requires substantial funding, and failure to secure external financing may force the company to reduce or terminate operations[95] - Strategic investments or acquisitions may require significant management effort, disrupt business, and adversely affect financial performance[95] - Changes in Chinese government policies, laws, and regulations may adversely affect the company's business, financial condition, and operating results[95] - The company may face regulatory actions or penalties if it fails to obtain approvals or complete filings for future overseas securities offerings or listings[96] - The company's American Depositary Shares (ADS) may be prohibited from trading in the U.S. if PCAOB cannot fully inspect or investigate the company's auditor for two consecutive years[96] - The company's limited operating history and challenges as a new entrant in the industry may pose significant risks[99] - The company's reliance on contractual arrangements with Variable Interest Entities (VIEs) may result in adverse tax consequences or significant costs if ownership is transferred[98] - The company faces intense competition in China's mid-to-high-end EV market, with price pressures from competitors since January 2024[102] - Risks include managing rapid expansion, controlling costs, and maintaining operational efficiency amid competitive and regulatory challenges[101] - EV demand in China may fluctuate due to economic, political, and social factors, impacting sales and profitability[103] - The company's smaller scale and financial resources compared to traditional automakers make it more vulnerable to market volatility[103] - ADAS development is critical for differentiation, and delays in this area could harm the company's competitive position[104] - The company relies on suppliers for key technologies such as battery cells and semiconductors, which may involve significant costs and reduce ROI on existing models[105] - The company's smart EVs are tailored for China's middle-class consumers, offering advanced features like ADAS and smart connectivity, but there is no guarantee these features will continue to meet customer expectations[105] - The company's proprietary software systems, including XPILOT, XNGP, Xmart OS, and XOS Tianji, are complex and may contain defects or vulnerabilities, potentially leading to negative impacts on brand image and customer trust[106] - The company is actively adding new smart technology features, such as the intelligent voice assistant in the XOS Tianji system, but these features are subject to market acceptance and could be negatively impacted by accidents[106] - The company faces risks related to ADAS technology, including potential accidents, regulatory changes, and legal uncertainties, which could adversely affect its business and financial performance[107] - In April 2023, the company's G9 SUV received a passenger-carrying test license for intelligent connected vehicles in Guangzhou, covering all general test roads in the city[107] - Regulatory changes, such as the "2023 Pilot" program, require vehicle manufacturers to pass product testing and safety assessments before conducting road tests for autonomous driving functions[108] - The company's ADAS development is subject to regulatory restrictions on mapping and unmanned road testing, and any tightening of these restrictions could significantly impact its ability to develop ADAS technology[108] - The company's physical sales network includes 500 stores covering 181 cities in China as of December 31, 2023[109] - The company plans to expand its physical sales network through a combination of directly operated stores and franchised stores, with increased focus on franchised network development in 2023[109] - The new franchising model may negatively impact financial metrics such as revenue, gross margin, and accounts receivable[110] - The company's financial performance may fluctuate significantly due to seasonal factors and operating cost volatility[111] - The company's business initially depended on the sales and success of the G3 (compact SUV), which was its only mass-produced smart electric vehicle until May 2020[112] - The company launched its sixth smart electric vehicle, the X9, in January 2024 and began deliveries in the same month[112] - The company plans to continue launching new models and new versions of existing smart electric vehicle models to enrich its product portfolio[113] - The company's sales may be adversely affected if its product variety and lifecycle do not meet consumer expectations or if production targets are not met[113] - Orders and reservations for smart electric vehicles can be canceled by customers before delivery, potentially impacting the company's business, brand image, financial condition, and prospects[114] - Global semiconductor shortages, particularly since October 2020, may disrupt operations and negatively affect the company

证券研究报告 | 公司动态点评 2024 年 04月 03日 小鹏汽车-W（09868.HK） 2023 年盈利能力显著向好，外部合作稳步深化 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 26,855.12 30,676.07 57,713.06 85,651.96 110,353.98 股票信息 增长率yoy（%） 27.95 14.23 88.14 48.41 28.84 归母净利润（百万元） -9,138.97 -10,375.78 -7,400.50 -2,924.89 799.55 行业 汽车 增长率yoy（%） -87.92 -13.53 28.68 60.48 127.34 2024年4月3日收盘价（港元） 28.75 ROE（%） -24.76 -28.56 -25.58 -11.25 2.98 总市值（亿元） 543.07 EPS最新摊薄（元） -4.84 -5.49 -3.92 -1.55 0.42 总股本（亿股） 18.89 P/E（倍） -5.94 -5.23 -7.34 -18.57 67.92 股价走势 P/B（倍） ...

海 外 研 证券研究报告 究 ＃industryId＃ 汽车 ＃09868 .HK ＃dy小Com鹏pa汽ny＃车 -W 港股通（沪、深） dyStockco ＃investSuggestion＃ ＃ de＃ ＃title＃ 买入 ( i维nve持stS ） 收入创 新高，盈利能力改善，期待全新一轮强产品周期 uggesti onC han ＃createT3im e1＃ 2024年 3月 22日 ge＃ 投资要点 公 司 ＃市场ma数rk据et Data＃ ＃ 20s 2u 3m Qm 4a 公ry 司＃ 交付量及收入创新高，汽车毛利率显著提升，在手现金持续增长。2023Q4 小 日期 2024.3.21 跟 鹏交付新车60,158辆，环比增长50.4%；实现营业收入130.5亿元，环比增长53.0%；其 收盘价（港元） 37.90 中汽车销售收入122.3亿元，环比增长55.9%；汽车销售毛利率为4.1%，环比改善10.2个 踪 总股本（百万股） 1887 百分点。得益于G9销售占比提升，23Q4公司汽车单车收入环比提升约0.7万元；得益于 报 流通股本（百万股） 1538 上游物料成本下降及公司降本措施 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to enter a strong model cycle in H2 2024, with significant cost improvements anticipated [1] - Q4 2023 saw record sales, with over 60,000 units delivered, representing a year-on-year increase of 171% and a quarter-on-quarter increase of 50% [1] - The company aims to deliver between 21,000 to 22,500 vehicles in Q1 2024, with projected revenue of 5.8 to 6.2 billion RMB, reflecting a year-on-year growth of 43.8% to 53.7% [1] Summary by Sections Sales Performance - Q4 2023 sales reached 60,000 units, with revenue increasing to 13.05 billion RMB, a year-on-year growth of 154% [1] - The company plans to launch over 10 new models in the next three years, with a strong product pipeline expected to drive sales growth [1] Profitability - The gross margin improved significantly in Q4 2023, recovering to 6.2%, with automotive gross margin turning positive at 4.1% [1] - Non-GAAP net loss for Q4 2023 was 1.77 billion RMB, with a non-GAAP net profit margin of -13.6%, showing a 19 percentage point improvement from Q3 [1] Cost Management - The company is collaborating with Volkswagen for joint procurement, aiming to reduce new vehicle BOM costs by 25% and XNGP hardware costs by 50% [1] - R&D expenses are projected to be between 7 billion to 7.5 billion RMB in 2024, with expectations of a significant reduction in SG&A expense ratio [1] Financial Projections - The company forecasts total sales of approximately 170,000, 260,000, and 360,000 units for 2024, 2025, and 2026 respectively, with total revenues reaching 50.1 billion, 81.7 billion, and 104.7 billion RMB [1] - Non-GAAP net profit margins are expected to improve from -12% in 2024 to 1% by 2026 [1] Valuation - The target valuation for the company is set at 10.4 billion USD, corresponding to a 1.5x P/S ratio for 2024, with a target price of 43.1 HKD per share [1]

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） Q1 交付同比高增，全新品牌发布有望带来 2024年 04月 03日 新增量 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E huangxl@dwzq.com.cn 证券分析师 杨惠冰 营业总收入（百万元） 20,988 26,855 30,676 63,000 111,410 执业证书：S0600523070004 同比 259.12% 27.95% 14.23% 105.37% 76.84% yanghb@dwzq.com.cn 归母净利润（百万元） -4,863 -9,139 -10,376 -4,286 828 同比 -78.01% -87.92% -13.53% 58.69% 119.32% 股价走势 EPS-最新摊薄（元/股） -2.58 -4.84 -5.50 -2.27 0.44 小鹏汽车-W 恒生指数 P/E（现价&最新摊薄） - - - - 84.06 ...

证券研究报告 公 2024年04月02日 司 报 告 小鹏汽车-W(09868) │ 行 业： 汽车/乘用车 港 投资评级： 股 2024 年 3 月交付数据点评： 当前价格： 32.10港元 - 公 销量逐步兑现，智能驾驶功能持续加速 目标价格： 司 事件： 点 基本数据 评 2024年4月1日，小鹏汽车公布3月交付数据。2024年3月，小鹏汽车共 研 总股本/流通股本(百万股) 1,888.91/1,888.91 究 交付新车9,026台，环比增长99%，同比增长29%。 流通市值(百万港元) 60,634.12 ➢ X9产品力引领，车型销量有望持续向上 每股净资产(元) 22.80 2024年3月，小鹏汽车共交付新车9,026台，环比增长99%，同比增长29%。 资产负债率(%) 48.93 2024Q1小鹏累计交付2.2万台，同比增长20%。我们预计2024Q1对应汽车 一年内最高/最低(港元) 96.30/30.30 销售营收为60-65亿元。小鹏X9交付提升明显，3月累计交付3,946台， 持续领跑纯电 MPV 及三排座市场，高毛利车型占比提升有望拉动毛利率水 股价相对走势 平向上。小鹏车型品矩阵 ...

转自：中国经营报车视界 近日，小鹏汽车发布了2023年第四季度及全年财报，显示公司在第四季度营收达到130.5亿元，同比大幅增长154%，净亏损为13.48亿元，同比收窄42.9%，毛利率提升至4.1%。 然而，全年来看，小鹏汽车营收虽然增长14.2%至306.8亿元，净亏损却扩大至103.8亿元，较2022年增加了13.6%，全年毛利率为-1.6%。 《中国经营报》记者从小鹏汽车方面采访了解到，小鹏汽车通过平台化研发和技术降本，第四季度毛利改善至6.2%，净亏损环比同比均有所收窄。公司计划未来通过规模效应和供应链优化进一步提升毛利率。 小鹏汽车董事及首席执行官何小鹏表示，小鹏汽车2023年交付量逐季增长，第四季度突破6万辆，并计划在未来三年推出超过10款新车型，致力于高阶自动驾驶技术的普及，并拓展全球市场。 尽管如此，小鹏汽车2023年销量未能达到20万辆的目标，仅完成70%。此外，主力车型小鹏P7销量在2024年1月和2月出现显著下滑，新车型小鹏G6同样销量下降。销量最高的小鹏X9同期销量为1448辆，而P5、G3、G9的销量也不理想。 净亏损扩大至103.8亿元 在2023年，小鹏汽车的财务状况经历了起 ...