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]

汽车 2025 年 03 月 14 日 小鹏汽车-W(9868.HK) 新款G6爆款潜力大，加速全场景智驾平权 推荐（维持） 股价：95.5 元(港币) 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.xiaopeng.com | | 大股东/持股 | | | 实际控制人 | 何小鹏 | | 总股本(百万股) | 1900.45 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1675.60 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 16.86 | | 资产负债率(%) | 58.10 | | 行情走势图 | | 证券分析师 公司举办 2025 小鹏汽车春季发布会，上市 2025 款小鹏 G6 和 2025 款小鹏 G9 两款新车，其中 2025 款小鹏 G6 共推出 3 款配置车型，售价 17.68 万~19.88 万元，2025 款小鹏 G9 同样推出 3 款配置车型，售价 24.88 万~27.88 万元。 平安观点： | | 2022A | 2023A | 2024E | 2025 ...

主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.xiaopeng.com | | 大股东/持股 | | | 实际控制人 | 何小鹏 | | 总股本(百万股) | 1900.45 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1675.60 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 16.86 | | 资产负债率(%) | 58.10 | | 行情走势图 | | 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@pingan.com.cn | 汽车 2025 年 03 月 14 日 小鹏汽车-W(9868.HK) 新款G6爆款潜力大，加速全场景智驾平权 推荐（维持） 股价：95.5 元(港币) ...

汽车 2025 年 03 月 14 日 小鹏汽车-W(9868.HK) 新款G6爆款潜力大，加速全场景智驾平权 推荐（维持） 事项： 公司举办 2025 小鹏汽车春季发布会，上市 2025 款小鹏 G6 和 2025 款小鹏 G9 两款新车，其中 2025 款小鹏 G6 共推出 3 款配置车型，售价 17.68 万~19.88 万元，2025 款小鹏 G9 同样推出 3 款配置车型，售价 24.88 万~27.88 万元。 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 26855 | 30676 | 40994 | 90887 | 128262 | | YOY(%) | 28.0 | 14.2 | 33.6 | 121.7 | 41.1 | | 净利润(百万元) | -9139 | -10376 | -5580 | -1175 | 2057 | | YOY(%) | -87.9 | -13.5 | 46.2 | 79.0 | 275.1 | | 毛利率( ...

交银国际研究 公司更新 | 汽车 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 12 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 97.45 | 港元 134.69↑ | +38.2% | | | 小鹏汽车 (9868 HK) | | | | | | 产品大年，受惠智驾普及，维持买入 个股评级 买入 股份资料 | 52周高位 (港元) | 97.45 | | --- | --- | | 52周低位 (港元) | 26.05 | | 市值 (百万港元) | 150,811.67 | | 日均成交量 (百万) | 42.08 | | 年初至今变化 (%) | 108.90 | | 200天平均价 (港元) | 51.63 | | 资料来源 : FactSet | | 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 | 财务数据一览 | | | | | | | --- | --- ...

交银国际研究 angus.chan@bocomgroup.com (86) 21 6065 3601 公司更新 | 汽车 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 12 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 97.45 | 港元 134.69↑ | +38.2% | | | 小鹏汽车 (9868 HK) | | | | | | 产品大年，受惠智驾普及，维持买入 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 9868 HK MSCI中国指数 股份资料 | 52周高位 (港元) | 97.45 | | --- | --- | | 52周低位 (港元) | 26.05 | | 市值 (百万港元) | 150,811.67 | | 日均成交量 (百万) | 42.08 | | 年初至今变化 (%) | 108.90 | | 200天平均价 (港元) | 51.63 | | 资 ...

Industry Information - The second phase of the Envision AESC battery super factory in Cangzhou has commenced construction, with an annual production capacity of 20GWh planned for 2026 [8] - The total number of electric vehicle charging piles planned for Zhengzhou this year is 85,000 [10] - The total production of new energy vehicles in China exceeded 13 million units in 2024, with a target to further develop smart connected new energy vehicles [11] Policy Information - The first annual inspection standard for new energy vehicles has been implemented, focusing on battery safety testing [17] - The Shenzhen government has launched an action plan to accelerate the development of artificial intelligence and smart driving technologies [16] - The Ministry of Commerce reported that over 1 million applications for vehicle scrapping and replacement subsidies have been received since 2025 [12] Company Information - GAC Group's chairman proposed to enhance the promotion of battery swap models for electric vehicles during the Two Sessions [22] - BYD has launched the "Lingyuan" car-mounted drone system, becoming the first company to mass-produce such technology [23] - Xiaomi's SU7 Ultra has received over 19,000 orders within three days of its launch, exceeding its annual sales target [24] - Geely has signed a framework agreement to establish a joint venture for smart driving technology [25] - NIO has partnered with the University of Science and Technology of China to tackle efficiency challenges in large visual language models [31]

2月分析: 今年总体基调是"整治内卷式竞争，提振汽车消费"，加上"双新政策"从年初就续上了，1-2 月份车企们也在主动稳定价格体系，因此消费者消费心态相对平稳。由于去年2月销量基数偏低，本月乘 用车批零售均实现了同比大幅度增长，出现了少有的"节后开门红" 。 点 击 蓝 字 关 注 我 们 本文全文共 541 字，阅读全文约需 2 分钟 据中国汽车流通协会乘用车市场信息联席分会最新 零售 销量数据统计，2025年2月份国内狭义乘用 车市场 零售 销量达138.2万辆，同比增长25.6%，环比下降26.4%；1-2月份累计销量317.6万辆，同比增长 1.1%。 | | 一汽丰田 ◇ | 41,315 | 29,131 | 41.8% | 2.9% | | --- | --- | --- | --- | --- | --- | | 10 % | 北京奔驰 | 35,097 | 36,992 | -5.1% | 2.5% | 2025年1-2月厂商零售销量排行榜 单位:辆 本文数据是基于 中国汽车流通协会乘用车市场信息联席分会 月报表-初稿。 | | | 2025年2月厂商批发销量排行榜 | | | | | -- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total delivery of 30,453 vehicles in February 2025, representing a year-on-year increase of 570.0% and a month-on-month increase of 0.3% [3][5]. - Cumulative deliveries for January and February 2025 reached 61,000 vehicles, showing a year-on-year growth of 375.2% [3][5]. - The company is expected to see steady sales growth driven by strong new vehicle launches, including the MONA M03 and P7+, alongside improvements in marketing and channel strategies [5]. - The company anticipates a revenue of 85.7 billion yuan in 2025, corresponding to a price-to-sales ratio of 1.8X, indicating a significant improvement in financial performance [5]. Summary by Sections Sales Performance - February 2025 saw the company achieve over 30,000 deliveries for the fourth consecutive month, with MONA M03 and P7+ maintaining strong delivery numbers [5]. - The MONA M03 delivered over 15,000 units in February alone, setting a record for new energy vehicle deliveries [5]. - The P7+ has achieved over 30,000 cumulative deliveries within three months of its launch, breaking the record for the fastest delivery in its class [5]. Strategic Developments - The company is enhancing its marketing and channel strategies, which are expected to contribute to sustained sales growth [5]. - The launch of the first right-hand drive model, the G6, in the UK is set to begin deliveries in March 2025, indicating the company's commitment to expanding its international presence [5]. - The establishment of a fast-charging network in Southeast Asia is planned for 2025, further supporting the company's global energy system layout [5]. Technological Advancements - The company reported a monthly active user penetration rate of 86% for its XNGP urban intelligent driving system in February 2025 [5]. - The total mileage and duration of intelligent driving increased by 98.2% and 103.5% year-on-year, respectively, with a user penetration rate of 93.3% [5]. - The 2025 model of the G6 was officially unveiled, featuring advanced capabilities and design improvements [5].