Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a record high in monthly sales for four consecutive months, with December deliveries reaching 36,695 units, representing a year-on-year increase of 82.4% and a month-on-month increase of 18.8% [2][4]. - Cumulative deliveries for the year 2024 reached 190,000 units, marking a year-on-year growth of 34.2% [2][4]. - The company is expected to see steady sales growth driven by strong new vehicle cycles, enhanced marketing systems, and channel transformations [2][6]. - The introduction of models like MONA M03 and P7+ is expected to further boost sales [2][6]. - The company is projected to generate revenue of 41.5 billion in 2024, with a price-to-sales ratio of 2.0X, indicating significant financial improvement [6]. Summary by Sections Sales Performance - December 2024 saw a total of 36,695 vehicles delivered, with Q4 deliveries exceeding guidance limits, totaling 91,500 units, a year-on-year increase of 52.1% [4][6]. - The MONA M03 model achieved a delivery of 15,000 units in December, with total deliveries surpassing 50,000 units, setting a record for new energy vehicle production speed [6]. Market Expansion - The company has made significant strides in international markets, completing its 10,000th vehicle delivery in Europe and opening its first flagship store in Australia [6]. Technological Advancements - The monthly active user penetration rate for the XNGP urban intelligent driving system reached 85% in December [6]. - The company launched a significant OTA update for the P7+, enhancing its software capabilities [6].

Investment Rating - The investment rating for the company is "Buy" [7][3] Core Insights - In January 2025, the company delivered 30,350 vehicles, representing a year-on-year increase of 268%. Future sales are expected to grow rapidly, with projected sales of 442,000 and 652,000 vehicles for 2025 and 2026, respectively. Corresponding revenues for 2024-2026 are forecasted to be 43.54 billion, 94.75 billion, and 136.41 billion yuan, with year-on-year growth rates of 41.9%, 117.6%, and 44.0% [3][16] - The company is expected to achieve a turning point in sales with the launch of high-quality models and the iteration of smart driving technology, which is anticipated to help reverse financial data. Collaboration with Volkswagen is expected to leverage technological advantages to realize revenue [3][16] Summary by Sections Delivery Performance - In January 2025, the company delivered 30,350 vehicles, a 268% increase year-on-year, maintaining a leading position among new energy vehicle manufacturers. The MONA M03 model achieved over 15,000 deliveries in a single month, while the P7+ model surpassed 20,000 deliveries within two months. The order backlog is robust, with waiting times of 2-5 weeks for MONA M03 and 1-4 weeks for P7+, ensuring delivery capabilities [13][14] Smart Driving Technology - The monthly active user penetration rate for the XNGP urban smart driving feature reached 87% in January. The AI system has been upgraded to include new functionalities such as "parking to parking" and coach car recognition. The company enhances user stickiness by offering standard AI smart driving features without additional costs [15] Global Strategy and Charging Ecosystem - The company accelerated its global strategy with the launch of the right-hand drive version of the X9 at the Singapore Auto Show and entered markets in Belgium, Luxembourg, Ireland, and Finland. The charging ecosystem is expanding with new partnerships, including agreements with Volkswagen Group and bp pulse. The self-operated charging network has surpassed 2,050 stations, with plans to add over 1,000 ultra-fast charging stations in 2025 [16] Financial Projections - The company is projected to achieve revenues of 43.54 billion, 94.75 billion, and 136.41 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.9%, 117.6%, and 44.0%. The net profit attributable to the parent company is expected to be -6.20 billion, -0.59 billion, and 4.31 billion yuan for the same years [3][17]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company focuses on smart electric vehicles and has a diverse management team with backgrounds in internet, automotive manufacturing, and strategic financing [1][12] - The company has shown robust growth in vehicle sales and significant improvement in loss rates, with a compound annual growth rate of 83% in deliveries from 2019 to 2023 [2][20] - The company has launched advanced smart driving systems and new models that have been well received in the market, indicating strong demand [3][30] Summary by Sections 1. Product Matrix and Management Team - The company is a leading smart electric vehicle manufacturer in China, with a diverse management team that shapes its unique DNA [1][12] - The current product lineup includes six models ranging from sedans to SUVs, priced between 110,000 to 420,000 yuan [1][14] 2. Sales Growth and Financial Improvement - Annual delivery volume increased from 12,728 units in 2019 to 144,161 units in 2023, with a monthly sales increase of 255% from January 2021 to September 2024 [2][20] - In the first half of 2024, total revenue reached 14.66 billion yuan, a year-on-year increase of 61%, while net loss improved by 48% to -2.653 billion yuan [2][26] - Gross margin improved from -24% in 2019 to 14% in 2024, and net margin improved from -159% to -18% during the same period [2][28] 3. Leading Smart Technology and New Model Sales - The company launched the XNGP smart driving system in 2022, which has been continuously upgraded and is capable of full-scenario intelligent driving [3][30] - The new model MONA M03 was launched in August 2024, achieving over 10,000 units sold in its second month of delivery [3][38] - The P7+ model began pre-sales in October 2024, with over 30,000 orders placed within the first hour and 48 minutes [3][42] 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 43.195 billion yuan, 64.324 billion yuan, and 95.754 billion yuan respectively, with net profits expected to improve significantly by 2026 [4][52] - The report emphasizes the company's leading smart driving technology and strong sales growth as key factors for investment [4][51]

Investment Rating - The investment rating for the company is "Buy" (maintained) [12] Core Insights - The company is positioned as a leader in smart technology, focusing on enhancing its brand image and product offerings while addressing previous operational challenges [5][15] - The company aims to create a comprehensive product matrix targeting various market segments, particularly appealing to younger consumers [51][52] - The company has undergone significant organizational restructuring to improve management efficiency and marketing strategies, particularly through the implementation of the "Jupiter Plan" to enhance dealership networks [6][15] Financial Summary and Valuation Metrics - Revenue projections show a growth trajectory with expected revenues of 41.03 billion RMB in 2024, 95.56 billion RMB in 2025, and 122.06 billion RMB in 2026, reflecting year-over-year growth rates of 33.7%, 132.9%, and 27.7% respectively [16] - The company is projected to achieve a Non-GAAP net profit of -5.38 billion RMB in 2024, -2.23 billion RMB in 2025, and a profit of 339 million RMB in 2026, indicating a path towards profitability [39] - The current stock price of 48.60 HKD corresponds to a price-to-sales ratio of 2.1 for 2024, 0.9 for 2025, and 0.7 for 2026, suggesting potential undervaluation [39] Product and Market Strategy - The company has launched several models, including the M03 and P7+, which have received positive market responses, indicating a strong product pipeline [26][39] - The company emphasizes technological innovation, with a focus on autonomous driving capabilities and smart features, aiming to enhance user experience and market competitiveness [4][39] - The company is actively expanding its market presence through strategic partnerships, including collaborations with major automotive players like Volkswagen [39][47] Organizational Changes and Management - The introduction of key personnel, such as Wang Fengying, aims to drive the company's strategic direction and operational improvements [6][39] - The company has restructured its management to better align with its growth objectives and enhance its marketing and product development capabilities [6][39] Market Position and Competitive Landscape - The company is positioned to capitalize on the growing demand for smart electric vehicles, with a focus on delivering high-quality, innovative products that meet consumer needs [39][40] - The competitive landscape is characterized by rapid technological advancements and increasing consumer expectations, necessitating continuous innovation and adaptation [39][40]

Investment Rating - The report maintains a "Buy" rating for XPeng Motors with a target price of HKD 80.00 [7][11]. Core Insights - XPeng Motors achieved record deliveries of 30,000 vehicles in November, with expectations for Q4 deliveries to reach new highs [1][3]. - The company reported Q3 revenue of RMB 10.1 billion, reflecting a year-on-year increase of 18% and a quarter-on-quarter increase of 25% [1]. - The GAAP net loss for Q3 was RMB 1.8 billion, a reduction of 53% year-on-year, while the NON-GAAP net loss was RMB 1.5 billion, down 45% year-on-year [1][2]. - The gross margin for Q3 reached 15.3%, marking a record high and an improvement for five consecutive quarters [2]. Summary by Sections Delivery and Sales Performance - In November, XPeng delivered 30,000 vehicles, driven by increased deliveries of the P7+ model and improved production capacity [3]. - The company expects total Q4 deliveries to be between 87,000 and 91,000 vehicles, contributing to positive free cash flow for the quarter [3]. Product Development and Market Expansion - XPeng plans to launch at least four new models in 2025, including its first range-extended vehicle, which is expected to enhance its market position [4]. - The company has seen a 70% quarter-on-quarter increase in overseas sales in Q3, with plans to expand into over 90% of the new energy market outside North America by 2025 [4]. Financial Projections - The report maintains sales forecasts for 2024-2026 at 200,000, 430,000, and 490,000 vehicles respectively, with revenue projections of RMB 45.3 billion, RMB 85.6 billion, and RMB 97.7 billion [5][6]. - The target price adjustment to HKD 80.00 reflects a slight change due to currency fluctuations, while maintaining the valuation multiples for the sales and technology service segments [11].

Investment Rating - Maintains a "Buy" rating for XPeng Motors-W (09868) [3][8] Core Views - XPeng Motors delivered 30,895 vehicles in November 2024, a 54% YoY and 29% MoM increase [3][12] - Expected sales for 2024/2025/2026 are 190,000/420,000/640,000 vehicles, with revenues of 434.0/922.9/1382.8 billion yuan, respectively [3][12] - Net profit forecasts for 2024/2025/2026 are -6.51/0.70/3.42 billion yuan, indicating a potential financial turnaround [3][12] - The MONA M03 model has been a hit, with over 10,000 units delivered monthly for three consecutive months, while the P7+ model delivered over 7,000 units in 23 days [12] - XPeng's XNGP urban autonomous driving system achieved an 85% monthly active user penetration rate in November 2024 [12] - The company is expanding globally, entering markets in Nepal and the UK, with further plans for Europe, ASEAN, and other regions [12] Financial Data and Valuation - Total shares outstanding: 1,899 million, with a market cap of 92,679.87 million HKD [8] - Net asset value per share: 20.51 yuan, with a debt-to-asset ratio of 56.04% [8] - Revenue growth rates for 2024/2025/2026 are projected at 41.5%/112.6%/49.8%, respectively [3][12] - EBITDA for 2024/2025/2026 is forecasted at -2,472.59/5,695.07/9,206.22 million yuan [13] - EPS for 2024/2025/2026 is expected to be -3.43/0.37/1.80 yuan per share [13] Industry and Market Performance - XPeng Motors operates in the automotive/passenger vehicle sector [8] - The stock price has shown significant volatility, with a 52-week high/low of 65.50/25.50 HKD [8] - Relative performance compared to the Hang Seng Index shows XPeng outperforming in recent months [9] Strategic Developments - XPeng's "Park-to-Park" autonomous driving solution successfully completed its first test, showcasing advancements in end-to-end autonomous technology [12] - The company's AI Tianji 5.4.0 system, featuring 248 updates across AI driving, cabin, chassis, and connectivity, is now in public testing [12] - XPeng's global strategy is accelerating, with plans to expand further into Europe, ASEAN, and other key regions [12]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - In November 2024, the company delivered 30,895 new vehicles, representing a year-on-year increase of 54.2% and a month-on-month increase of 29.2%. Cumulatively, from January to November 2024, the total deliveries reached 153,000 units, up 26.2% year-on-year [2][7]. - The company is experiencing a strong new vehicle cycle with the MONA M03 and P7+ models contributing significantly to sales growth. The sales momentum is expected to continue due to channel transformation and enhanced marketing strategies [8][9]. - The company’s revenue for Q3 2024 reached 10.1 billion, marking an 18.4% year-on-year growth, with a gross margin of 15.3%, the highest quarterly margin recorded, and strong guidance for Q4 performance [9]. Summary by Sections Sales Performance - November 2024 saw the company achieve its first monthly delivery exceeding 30,000 units, with the MONA M03 model alone delivering over 10,000 units in a month. The company’s sales are expected to continue to rise due to ongoing capacity ramp-up and new model launches [8][9]. Market Expansion - The company has made strides in international markets, officially entering Nepal and the UK in November. The G6 model has gained significant attention overseas, winning the "2024 Denmark Car of the Year Technology Leader" award [9]. Financial Outlook - The company projects a revenue of 41.5 billion for 2024, with a price-to-sales ratio of 2.0X. The software revenue is expected to show significant improvement, indicating a potential turning point in the new vehicle cycle [9].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's Q3 2024 results met expectations, with a steady improvement in gross margin [4]. - Total sales for the first three quarters reached 99,000 units, a year-on-year increase of 21.0%, while total revenue was CNY 24.76 billion, up 40.5% year-on-year [4]. - The gross margin improved to 14.2%, an increase of 16.3 percentage points year-on-year, and the net profit attributable to shareholders was a loss of CNY 4.46 billion, reducing losses by CNY 4.57 billion year-on-year [4]. Summary by Sections Sales and Revenue - In Q3 2024, total sales were 47,000 units, with a quarter-on-quarter increase of 16.3% and a year-on-year increase of 54.0% [4]. - Total revenue for Q3 was CNY 10.1 billion, reflecting an 18.4% increase year-on-year and a 24.5% increase quarter-on-quarter [4]. Gross Margin and Profitability - The gross margin for Q3 was 15.3%, showing a quarter-on-quarter increase of 1.3 percentage points [4]. - The company continues to improve profitability through cost reduction initiatives, with the gross margin for automotive sales rising from 6.4% in Q2 to 8.6% in Q3 [5]. New Product Launches - The launch of the new model MONA M03 significantly boosted sales, achieving over 30,000 pre-orders within 48 hours of its release [5]. - The company also introduced the P7+ model, which saw over 10,000 pre-orders within 12 minutes of its launch [5]. International Expansion - The company has accelerated its international expansion, with significant sales growth in overseas markets, contributing to 15% of total sales in Q3 [5]. Financial Forecasts - Revenue forecasts for 2024-2026 have been revised upwards, with expected revenues of CNY 40.83 billion, CNY 78.92 billion, and CNY 101.35 billion respectively [6]. - The net profit forecast for 2024-2026 has also been adjusted, with expected losses narrowing to CNY 5.91 billion in 2024 and a projected profit of CNY 1.48 billion by 2026 [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company achieved revenue of 10.1 billion yuan in Q3 2024, representing a year-on-year increase of 18.4% and a quarter-on-quarter increase of 24.5%. The net loss narrowed to 1.81 billion yuan, down from a loss of 2.08 billion yuan year-on-year. The Non-GAAP net loss was 1.53 billion yuan, a reduction of 1.26 billion yuan year-on-year [6][9]. - The strong new car cycle has led to a significant increase in delivery volumes, contributing to revenue exceeding 10 billion yuan and a record high gross margin of 15.3%. The automotive business revenue reached 8.8 billion yuan, up 12.1% year-on-year, with a delivery volume of 46,500 vehicles, a year-on-year increase of 16.3% [6][9]. - The company is expected to deliver between 87,000 and 91,000 vehicles in Q4 2024, representing a year-on-year growth of 44.6% to 51.3%, with projected revenue of 15.3 billion to 16.2 billion yuan, a year-on-year increase of 17.2% to 24.1% [8][9]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 10.1 billion yuan, a year-on-year increase of 18.4% and a quarter-on-quarter increase of 24.5%. The net loss was 1.81 billion yuan, a reduction from the previous year's loss of 2.08 billion yuan. The Non-GAAP net loss was 1.53 billion yuan, down from 2.79 billion yuan year-on-year [6][9]. - The automotive business generated revenue of 8.8 billion yuan, with a gross margin of 8.6%, an increase of 14.7 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [7][9]. Product and Market Developments - The new car cycle has significantly boosted delivery volumes, with the G9, G6, and MONA M03 models seeing substantial increases in deliveries. The delivery structure shows that G6, MONA, G9, and X9 accounted for 37.8%, 22.7%, 17.8%, and 9.2% of total deliveries, respectively [6][9]. - The company is expanding its overseas strategy, achieving record high overseas sales, with a 70% quarter-on-quarter increase in Q3, accounting for 15% of total sales [8][9]. Future Outlook - The company anticipates a strong continuation of the new car cycle, with the MONA and P7+ models expected to significantly boost sales. The P7+ model has already received over 31,000 pre-orders as of November 7, 2024 [8][9]. - The financial outlook remains positive, with expectations of continued improvement driven by scale effects, cost reductions, and the expansion of software profitability models [9].

Investment Rating - The report maintains an "Outperform" rating for XPeng Motors [4][40]. Core Views - XPeng Motors achieved a revenue of 10.1 billion yuan in Q3 2024, representing an 18% year-on-year growth. The total sales volume reached 46,533 units, up 16.3% year-on-year and 54% quarter-on-quarter [1][7]. - The company is experiencing a positive trend in its product cycle, with the launch of new models like the P7+ contributing to sales growth. The P7+ received over 31,000 pre-orders on its launch day [1][24][29]. - The gross margin for Q3 2024 was 15.3%, an increase of 17.9 percentage points year-on-year, while the net margin was -17.9% [1][11]. Financial Summary - Revenue for 2024 is projected to be 46.9 billion yuan, with a year-on-year growth of 53%. The net profit is expected to be -5.977 billion yuan [2][40]. - The company’s gross margin for the first three quarters of 2024 was 14.22%, improving by 16.3 percentage points year-on-year [11]. - The forecast for net profit shows a gradual improvement, with expectations of -6 billion yuan in 2024, -1.6 billion yuan in 2025, and a positive 2.7 billion yuan in 2026 [40]. Sales and Market Performance - XPeng's total sales volume for the first three quarters of 2024 was 98,561 units, a 21% increase year-on-year. The company expects Q4 2024 deliveries to be between 87,000 and 91,000 units, marking an annual increase of approximately 44.6% to 51.3% [20][40]. - The company has optimized its sales network, with 639 stores covering 206 cities and 1,557 self-operated charging stations as of September 30, 2024 [20]. Product Development and Innovation - The P7+ model features advanced AI driving capabilities and is equipped with the latest self-developed technologies, including the AI Tianji 5.4.0 system [29][36]. - XPeng's AI technology includes a comprehensive self-developed stack, enhancing its competitive edge in the market [24][29]. Future Outlook - The report maintains its profit forecast, expecting continued growth driven by new models like the Mona M03 and P7+, and the implementation of a pure visual solution for high-level autonomous driving [40].