Investment Rating - The report maintains a "Buy" rating for the company, XPeng Motors (9868 HK), with a target price of HKD 134.69, indicating a potential upside of 41.6% from the current closing price of HKD 95.10 [1][3][14]. Core Insights - The automotive gross margin exceeded expectations, and the report is optimistic about the upcoming product cycle in 2024. Although revenue was slightly below expectations, the automotive gross margin was 10.0%, surpassing market expectations of 9-9.5% due to economies of scale and effective cost control [2][8]. - XPeng Motors has guided for Q1 2025 sales of 91,000 to 93,000 vehicles, with March sales expected to be between 31,000 and 33,000 units, reflecting a slight month-over-month increase [2][8]. - The report highlights the anticipated launch of new models, including the G6 and G9, which are expected to improve average selling price (ASP) and gross margins in the second quarter of 2025 [2][8]. Financial Overview - For the fiscal year ending December 31, 2023, the company reported revenues of RMB 30,676 million, with a year-on-year growth of 14.2%. The net loss for the same period was RMB 10,376 million [7][16]. - Projections for 2024 estimate revenues to rise to RMB 40,866 million, with a significant year-on-year growth of 33.2%, and a reduced net loss of RMB 5,790 million [7][16]. - The report forecasts a substantial increase in revenue to RMB 86,172 million by 2025, with expectations of turning profitable by 2026 [7][16]. Sales and Production Insights - The report indicates that XPeng Motors sold 60,158 vehicles in Q4 2023, with a total of 141,601 vehicles sold for the entire fiscal year, marking a 34.2% increase year-on-year [9]. - The average selling price (ASP) for vehicles in Q4 2023 was RMB 163,000, reflecting a decrease of 15.2% quarter-on-quarter, primarily due to the high sales volume of the lower-priced M03 model [2][9]. Strategic Outlook - The company is focusing on diversifying its product lineup rather than relying on a single bestseller, with plans to introduce both electric and range-extended models in the second half of 2024 [8]. - XPeng Motors is also advancing its smart driving technology, with plans to launch L3 autonomous driving capabilities in the second half of 2024 and L4 models in 2025 [8].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a total sales volume of 190,000 vehicles in 2024, representing a year-on-year increase of 34.2%. Total revenue reached 40.87 billion yuan, up 33.2% year-on-year, with a gross margin of 14.3%, an increase of 12.8 percentage points year-on-year. The net loss was 5.79 billion yuan, a reduction of 4.59 billion yuan compared to the previous year [5][6] - The launch of new models, such as the Mona M03 and P7+, significantly boosted sales, with Q4 2024 sales reaching 92,000 vehicles, a 52.1% increase year-on-year and a 96.6% increase quarter-on-quarter. The new models accounted for 60.7% of total Q4 sales [6][7] - The company is entering a new model cycle, with significant sales growth potential. The updated G6 and G9 models were launched, and the company expects total sales to reach 490,000 vehicles in 2025, a year-on-year increase of 158% [6][7] - The company is accelerating its international expansion, with plans to enter markets in Southeast Asia and Europe. Local production in Indonesia is set to begin in the second half of 2025, which is expected to contribute significantly to profitability [6][7] - The company forecasts revenues of 87.72 billion yuan in 2025 and a net profit of 425 million yuan, with continued growth expected through 2027 [6][7]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The report highlights that the company is experiencing a strong product cycle and continuous cost reduction in technology, which is driving both volume and profit growth. The revenue for Q4 2024 reached a new high, with a year-on-year increase of 23% and a quarter-on-quarter increase of 59% [6][5] - The company is expected to maintain strong delivery momentum in 2025, with projected vehicle deliveries of 91,000 to 93,000 units in Q1 2025, representing a year-on-year increase of 317% to 326% [6] - The report emphasizes the company's commitment to technological innovation in smart driving and its global expansion strategy, aiming to increase overseas sales to 50% of total sales within the next ten years [6] Financial Performance and Forecast - The company's revenue for 2024 is projected to be 40.87 billion yuan, with a year-on-year growth of 33%. The net loss for 2024 is expected to narrow to 5.79 billion yuan [6][5] - The forecast for revenue in 2025 is 90.83 billion yuan, with a significant year-on-year increase of 122%. The net profit is projected to be -1.20 billion yuan, showing a substantial improvement [5][6] - The gross margin for 2024 is expected to be 14.3%, an increase of 12.8 percentage points year-on-year, indicating effective cost management [6][5] Market Performance - The company's stock has shown strong absolute and relative performance, with a 1-month increase of 42.9% and a 3-month increase of 97.5% compared to the market index [4][6] - The report notes that the company's market capitalization is approximately 180.73 billion yuan, with a circulating market value of about 147.57 billion yuan [2][6] Competitive Positioning - The report compares the company's valuation with peers, indicating a price-to-sales (P/S) ratio of 1.8 for 2025, which is competitive compared to other companies in the sector [7][6] - The company aims to expand its global footprint to over 60 countries and regions by the end of 2025, enhancing its overseas service network and fast-charging infrastructure [6][5]

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company reported a total sales volume of 190,000 vehicles in 2024, representing a year-on-year increase of 34.2%. Total revenue reached 40.87 billion yuan, up 33.2% year-on-year, with a gross margin of 14.3%, an increase of 12.8 percentage points year-on-year. The net loss was 5.79 billion yuan, a reduction of 4.59 billion yuan compared to the previous year [5][6] - The launch of new models, such as the Mona M03 and P7+, significantly boosted sales, with Q4 2024 sales reaching 92,000 vehicles, a quarter-on-quarter increase of 96.6% [6][7] - The company is expected to achieve total sales of 490,000 vehicles in 2025, a year-on-year increase of 158% [6][7] - The company is accelerating its international expansion, with plans to enter markets in Southeast Asia and establish local production in Indonesia by the second half of 2025 [6][7] - Revenue projections for 2025 and 2026 are maintained at 87.72 billion yuan and 111.63 billion yuan, respectively, with a forecasted net profit of 4.56 billion yuan by 2027 [6][7] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 30.68 billion yuan in 2023 to 132.95 billion yuan in 2027, with a compound annual growth rate of approximately 19% [6][7] - The net profit is expected to turn positive in 2025, reaching 425 million yuan, and further increasing to 4.56 billion yuan by 2027 [6][7] - The earnings per share (EPS) is forecasted to improve from -5.46 yuan in 2023 to 2.40 yuan in 2027 [6][7]

丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 2024 年四季度业绩点评：强势新车周 期带动营收创新高，汽车毛利率超 10% 报告要点 [Table_Summary] 2024 年四季度公司实现收入 161.1 亿元，同比+23.4%，环比+59.4%；毛利率 14.4%，同比 +8.2%，环比-0.82%；净亏损 13.3 亿元，亏损同比收窄 0.18 亿元，Non-GAAP 净亏损 13.9 亿 元，亏损同比收窄 3.8 亿元。智驾能力持续领先，新车周期强势开启，叠加渠道变革和营销体 系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体现，叠加软件盈 利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title 小鹏汽车 2024 2] 年四季度业绩点评：强势新车周 期带动营收创新高，汽车毛利 ...

2025 年 03 月 19 日 买入（维持评级） 3 月 18 日，小鹏汽车公布 24Q4 及 24 全年财报： 1、营收：24Q4，小鹏交付汽车 91507 辆，同/环比+52.1%/+96.6%， Q4 营收 161.1 亿元，同/环比+23.4%/+59.5%。其中汽车业务营收 146.7 亿元，同/环比+20%/+66.7%；服务及其他业务营收 14.3 亿元， 同/环比+74%/+9.2%。我们计算 Q4 单车 ASP 16 万元，同/环比- 21.1%/-15.2%。24 年全年，公司累计交付 19 万辆，同比+34.2%；营 收 408.7 亿元，同比+33.2%，我们计算全年单车 ASP 18.9 万元，同 比-4.7%。 2、费用：Q4 研发/SGNA 费用分别为 20.1/22.8 亿元，研发/SGNA 费 用率分别为 12.5%/14.2%，环比-3.7pct/-2.0pct。 3、利润：Q4 毛利率 14.4%，同/环比+8.2pct/-0.9pct；其中汽车业 务毛利率 10%，同/环比+6pct/+1.4pct；其他及服务业务毛利率 59.6%，同/环比+21.4pct/-0.5 ...

智通财经APP获悉，小鹏汽车-W(09868)绩后跌超7%，截至发稿，跌7.47%，报88港元，成交额16.75亿 港元。 消息面上，小鹏汽车发布2024年第四季度及全年财报，全年总收入达408.7亿元，同比增长33.2%；净亏 损收窄至57.9亿元，2023年同期为亏损103.8亿元；全年毛利率为14.3%，同比上升12.8个百分点。其 中，2024年第四季度收入创单季度新高，达161.1亿元，净亏损收窄至13.3亿元，经调整净亏损收窄至 13.9亿元。对于2025年第一季度，公司预期汽车交付量将为9.1万至9.3万辆，同比增加约317.0%至 326.2%；总收入将为人民币150亿元至人民币157亿元，同比增加约129.1%至139.8%。 港股异动 | 小鹏汽车-W(09868)绩后跌超7% 去年四 季度经调整净亏损收窄至13.9亿元 ...

小鹏汽车-W(09868)2024年净亏损同比收窄44.19% 至57.9亿元 毛利率提升至14.3% 智通财经APP讯，小鹏汽车-W(09868)公布2024年第四季度业绩，总收入为人民币161.1亿元，按季增加 59.4%，同比上升23.4%。季度毛利率为14.4%，较2023年同期上升8.2个百分点。季度汽车毛利率为 10.0%，较2023年同期上升5.9个百分点。小鹏汽车普通股股东应占净亏损为人民币13.3亿元，相较而 言，2023年同期为人民币13.5亿元，而2024年第三季度为人民币18.1亿元。 "2024年第四季度我们创造了一系列亮眼的成绩，这充分验证了我们规模化、体系化能力的蜕变。我们 已经做好充足的准备，大幅扩张我们在中国和全球智能电动汽车行业的市场份额。"小鹏汽车董事长及 首席执行官何小鹏先生表示。"我相信AI会驱动汽车行业加速实现L3级和L4级自动驾驶。我们将把小鹏 汽车打造成面向全球的AI汽车公司，成为全球用户喜爱的智能科技品牌。" "随着销量创下新高和技术降本的持续突破，我们的汽车毛利率进一步提高至10%，实现连续六个季度 的持续改善。公司毛利率稳定在中双位数水平。"小鹏汽车副董事 ...

Financial Performance - Total vehicle deliveries for 2024 reached 190,068 units, an increase of approximately 34.2% compared to 141,601 units in 2023[4]. - Total revenue for the fiscal year 2024 was RMB 40.87 billion, up 33.2% from RMB 30.68 billion in 2023[9]. - Vehicle sales revenue for fiscal year 2024 was RMB 35.83 billion, a 27.9% increase from RMB 28.01 billion in 2023[9]. - Gross margin for fiscal year 2024 improved to 14.3%, compared to 1.5% in the previous year[10]. - The net loss for fiscal year 2024 was RMB 5.79 billion, down from RMB 10.38 billion in 2023[6]. - The operating loss for the fiscal year 2024 was RMB 6.66 billion, compared to RMB 10.89 billion in the previous year[13]. - The cumulative loss as of December 31, 2024, reached RMB 41.59 billion, with a net cash outflow from operating activities of approximately RMB 2.01 billion for the fiscal year 2024[18]. - XPeng Inc. reported total revenue of RMB 40,866,309 thousand for the year ended December 31, 2024, representing a 33.3% increase from RMB 30,676,067 thousand in 2023[64]. - The company achieved a gross profit of RMB 5,845,768 thousand in 2024, compared to RMB 451,155 thousand in 2023, indicating a significant improvement in profitability[64]. - XPeng Inc. recorded a net loss of RMB 5,790,264 thousand for 2024, a reduction of 44.5% from the net loss of RMB 10,375,775 thousand in 2023[66]. - The company’s operating loss improved to RMB 6,658,138 thousand in 2024 from RMB 10,889,434 thousand in 2023, showcasing operational efficiency gains[64]. - Basic and diluted loss per share for 2024 was RMB (3.06), compared to RMB (5.96) in 2023, reflecting a significant decrease in loss per share[85]. - Non-GAAP operating loss improved to RMB (6,418,728) thousand in 2024 compared to RMB (10,368,238) thousand in 2023, a reduction of 38.9%[96]. Research and Development - Research and development expenses for fiscal year 2024 were RMB 6.46 billion, an increase of 22.4% from RMB 5.28 billion in 2023[10]. - Research and development expenses increased to RMB 6,456,734 thousand in 2024, up from RMB 5,276,574 thousand in 2023, reflecting the company's commitment to innovation[64]. Cash and Liquidity - As of December 31, 2024, the cash and cash equivalents totaled RMB 41.96 billion, down from RMB 45.70 billion in 2023[6]. - The total cash and cash equivalents, restricted cash, short-term investments, and time deposits as of December 31, 2024, amounted to RMB 41.96 billion, a decrease from RMB 45.70 billion as of December 31, 2023[15]. - The company's cash and cash equivalents stood at RMB 18,586,274 thousand at the end of 2024, a decrease from RMB 21,127,163 thousand in 2023[68]. Debt and Liabilities - As of December 31, 2024, the total short-term bank loans amounted to RMB 4.61 billion, with an effective annual interest rate of 2.24%[21]. - The total secured borrowings from multiple banks as of December 31, 2024, was RMB 6.62 billion, compared to RMB 6.50 billion as of December 31, 2023[23]. - XPeng Inc. reported a total liability of RMB 51,431,317 thousand as of December 31, 2024, compared to RMB 47,834,014 thousand in 2023, indicating an increase in financial obligations[72]. - The total amount of bank loans and other borrowings as of December 31, 2024, were valued in RMB, with no covenant breaches reported[29]. - The leverage ratio as of December 31, 2024, was 38.8%, up from 30.0% as of December 31, 2023[31]. Employee and Corporate Governance - The total number of employees as of December 31, 2024, was 15,364, with 6,200 in R&D, 4,888 in sales and marketing, and 3,702 in production[40]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all relevant provisions during the reporting period[46][47]. - The board of directors does not recommend the distribution of a final dividend for the year ending December 31, 2024[53]. Future Outlook - The company plans to launch more strong new products in 2025, aiming to improve profitability and free cash flow[5]. - The projected vehicle deliveries for Q1 2025 are expected to be between 91,000 and 93,000 units, representing an annual increase of approximately 317.0% to 326.2%[17]. - Total revenue for Q1 2025 is anticipated to be between RMB 15 billion and RMB 15.7 billion, reflecting an annual increase of approximately 129.1% to 139.8%[17]. - XPeng Inc. plans to continue expanding its market presence and investing in new technologies to enhance its product offerings and customer experience[63]. Other Information - The company emphasizes the use of non-GAAP financial metrics to assess operational performance, which helps identify potential business trends[58]. - The company is committed to sustainable growth and creating value for its shareholders[56]. - The company is a leading smart electric vehicle manufacturer in China, focusing on technology-driven transformation in the automotive industry[57]. - The company will publish its annual report, containing all required information, at an appropriate time for shareholders[54]. - The audit committee has reviewed the unaudited consolidated financial statements for the year ending December 31, 2024, ensuring effective internal controls[52]. - The company has not reported any significant events affecting the group since December 31, 2024, up to the date of this announcement[49].

Financial Performance - Total vehicle deliveries for Q4 2024 reached 91,507 units, a 52.1% increase compared to 60,158 units in Q4 2023[6] - Q4 2024 total revenue was RMB 16.11 billion (USD 2.21 billion), up 23.4% year-over-year and 59.4% quarter-over-quarter[7] - The automotive gross margin for Q4 2024 was 10.0%, an increase of 5.9 percentage points from 4.1% in Q4 2023[8] - The net loss for Q4 2024 was RMB 1.33 billion (USD 180 million), a slight improvement from RMB 1.35 billion in Q4 2023[8] - The automotive sales revenue for Q4 2024 was RMB 14.67 billion (USD 2.01 billion), a 20.0% increase year-over-year[8] - Total revenue for Q4 2024 reached RMB 16.11 billion (USD 2.21 billion), a 23.4% increase year-over-year from RMB 13.05 billion, and a 59.4% increase from Q3 2024's RMB 10.10 billion[12] - Automotive sales revenue in Q4 2024 was RMB 14.67 billion (USD 2.01 billion), up 20.0% year-over-year from RMB 12.23 billion, and up 66.8% from Q3 2024's RMB 8.80 billion[12] - Q4 2024 service and other revenue was RMB 1.43 billion (USD 0.20 billion), a 74.4% increase year-over-year from RMB 0.82 billion, and a 9.7% increase from Q3 2024's RMB 1.31 billion[12] - For the fiscal year 2024, total revenue was RMB 40.87 billion (USD 5.60 billion), a 33.2% increase from RMB 30.68 billion in the previous year[21] - Fiscal year 2024 automotive sales revenue was RMB 35.83 billion (USD 4.91 billion), a 27.9% increase from RMB 28.01 billion in the previous year[21] - The expected vehicle deliveries for Q1 2025 are between 91,000 and 93,000 units, representing a year-over-year increase of approximately 317.0% to 326.2%[30] - Total revenue for Q1 2025 is projected to be between RMB 15 billion and RMB 15.7 billion, reflecting a year-over-year increase of approximately 129.1% to 139.8%[30] Loss and Expenses - The net loss for the fiscal year 2024 was RMB 5.79 billion (USD 790 million), down from RMB 10.38 billion last year[27] - The non-GAAP net loss for the fiscal year 2024 was RMB 5.55 billion (USD 760 million), compared to RMB 9.44 billion last year[27] - The basic and diluted net loss per American depositary share for the fiscal year 2024 was RMB 6.12 (USD 0.84), down from RMB 11.92 last year[27] - The non-GAAP basic and diluted net loss per American depositary share for the fiscal year 2024 was RMB 5.87 (USD 0.80), compared to RMB 10.85 last year[27] - The operating loss for the fiscal year 2024 was RMB 6.66 billion (USD 910 million), an improvement from RMB 10.89 billion last year[25] - Operating loss for 2023 was RMB 10,889,434, a decrease to RMB 6,658,138 in 2024, representing a 38.5% improvement[57] - Non-GAAP operating loss for 2023 was RMB 10,368,238, reduced to RMB 6,418,728 in 2024, indicating a 38.5% decrease[57] - Net loss for 2023 was RMB 10,375,775, which decreased to RMB 5,790,264 in 2024, reflecting a 44.5% reduction[57] - Non-GAAP net loss for 2023 was RMB 9,444,162, down to RMB 5,550,854 in 2024, showing a 41.5% improvement[57] Cash and Assets - As of December 31, 2024, cash and cash equivalents totaled RMB 41.96 billion (USD 5.75 billion), down from RMB 45.70 billion a year earlier[7] - Cash and cash equivalents stood at RMB 21,127,163 as of December 31, 2023, down from RMB 18,586,274 at the end of 2024[40] - Total assets decreased to RMB 84,162,541 in 2023 from RMB 82,706,105 in 2024, indicating a reduction in overall asset base[43] - Total liabilities increased to RMB 51,431,317 in 2024 from RMB 47,834,014 in 2023, reflecting a rise in financial obligations[43] Strategic Initiatives - The company plans to significantly expand its market share in the smart electric vehicle industry in China and globally[9] - A strategic partnership with Volkswagen Group (China) was announced to develop one of China's largest ultra-fast charging networks[11] - The company aims to launch more strong new products in 2025, enhancing profitability and free cash flow[9] - The company plans to expand its market presence and invest in new technologies to enhance product offerings in the upcoming fiscal year[45] - XPeng Inc. aims to improve operational efficiency and reduce losses through strategic cost management initiatives[45] Research and Development - R&D expenses for Q4 2024 were RMB 2.01 billion (USD 0.27 billion), a 53.4% increase year-over-year from RMB 1.31 billion, and a 22.9% increase from Q3 2024's RMB 1.63 billion[15] - Research and development expenses for Q4 2023 totaled RMB 2,006,463, an increase from RMB 1,633,071 in Q3 2023, indicating continued investment in innovation[45] - Operating expenses for the year were RMB 11,835,516,000, with research and development expenses amounting to RMB 5,276,574,000[52] Earnings Conference - The company plans to hold an earnings conference call on March 18, 2025, to discuss the fourth quarter and fiscal year 2024 results[29] - The company emphasizes the use of non-GAAP financial metrics to provide a clearer understanding of its operational performance and trends[33]