现在造车新势力中较为难受的，或是小鹏。 相比雷军以及其他两家造车新势力的创始人李斌和李想，何小鹏相对低调很多。和李斌一样，何小鹏也是70后，但何小鹏的家境比李斌要强不少，虽然只是湖北的普通工人家庭，却也比出生在安庆小山区的李斌家庭条件要好的多。 但是何小鹏的家境远谈不上富裕，好在1977年出生的何小鹏从小就没有让父母操心，他深知知识改变命运，通过刻苦学习，1995年18岁的何小鹏以优异的成绩考取华南理工大学，自此开启了自己开挂的人生。 在华南理工大学计算机系求学期间，何小鹏为减轻家庭负担，而经常去做兼职，这让他过早体验到社会的冷暖，在图书馆中，他偶然看到一份创业类的杂志，被主人公的努力拼搏以及获取的财富所震撼，那时候他就给自己定下了人生目标：绝不给别人打工，一定要竭尽全力、不留任何退路创业，争取在40岁实现财务自由。 毕业后，何小鹏为了生活还是在亚信科技（中国）有限公司广州分公司开启了人生第一份工作，历任技术经理、测试经理、项目经理。但因为早早定下的人生目标，最终何小鹏还是决定自己创业，哪怕亚信老板当时为了留住何小鹏给了他3万美元的股份也未能留住何小鹏。2004年，年仅27岁的何小鹏先后与梁捷、俞永福共同创办 ...

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 2023Q4 季报点评：毛利率表现靓丽，新品牌 2024年 03月 22日 发布有望驱动销量高增 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） - - ...

研究报告Research Report 22 Mar 20242 小鹏汽车-W XPeng (9868 HK) 四季度毛利率成功转正，净亏超预期改善，联手英伟达 AI 大模型量产上车 4Q23 GPM Turns Positive, Net Loss Improvement Exceeds Expectations, Collaborating with NVIDIA on AI Large Model Mass Production [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Table_Inf维o] 持中性Maintain NEUTRAL (Please see APPENDIX 1 for English summary) 四季度毛利率成功转正，净亏超预期改善。公司 4Q23 营收 130.5 评级 中性NEUTRAL 亿元，同比+153.9%，环比+53%；其中汽车营收 122.3 亿元，同比 现价 HK$37.90 +162.3%，环比+55.9%；毛利率 6.2%，汽车毛利率 4.1%，环比扭 目标价 HK$51.10 亏，得益于平台化研发、技术降本和经营改善。公司 ...

浦银国际研究 公司研究 | 新能源汽车行业 小鹏汽车（XPEV.US/9868.HK）：4Q23 净亏 沈岱 损收窄，预计今年销量表现逐季改善 首席科技分析师 浦 tony_shen@spdbi.com 银 (852) 2808 6435 国 我们重申小鹏汽车的“买入”评级。我们下调小鹏汽车（XPEV.US）目 黄佳琦 际 标价至 12.4 美元，潜在升幅 26%；下调小鹏汽车-W（9868.HK）目标 科技分析师 价至 48.6港元，潜在升幅 20%。 sia_huang@spdbi.com (852) 2809 0355 小鹏即将进入强产品周期，重申“买入”评级：虽然截至目前小鹏销  量表现偏弱，但管理层表示2Q24 将迎来销量的同比、环比大幅提升。 2 024年3月21日 未来3 年小鹏有12 款全新车型，3Q24 将推出MONA 首款车，To B和 小鹏汽车（XPEV.US） To C端共同发力提高汽车销量；2H24 还有小鹏新车型上市交付，价格 定位和销量表现对标 G6。我们认为，下半年小鹏或将真正进入强产品 目标价（美元） 12.4 公 周期。我们预计小鹏 2024 年交付量有望达到 24.3 ...

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]