Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it is implied that the company is under observation for potential growth opportunities due to new model launches and technological advancements [7]. Core Insights - In August 2024, the company delivered 14,036 vehicles, representing a year-on-year growth of 3% and a month-on-month growth of 26%. Cumulatively, from January to August 2024, total deliveries reached 77,209 vehicles, marking a 17% increase year-on-year [11]. - The launch of the new model, Mona M03, on August 28, 2024, is expected to boost sales significantly, with over 30,000 pre-orders within 48 hours of its announcement [11]. - The company is advancing its smart driving technology, with a clear roadmap for cost reduction and implementation of AI solutions, including a new visual solution expected to debut in Q4 2024 [11]. - The successful tape-out of the Turing chip is a significant milestone, aimed at enhancing the company's capabilities in autonomous driving and AI applications [11]. - Sales projections for 2024, 2025, and 2026 are estimated at 180,000, 450,000, and 670,000 vehicles respectively, with corresponding revenues of 436 billion, 793 billion, and 1,046 billion yuan, indicating substantial growth potential [11]. Summary by Sections Delivery Performance - In August 2024, the company delivered 14,036 vehicles, a 3% increase year-on-year and a 26% increase month-on-month. Total deliveries from January to August 2024 reached 77,209 vehicles, up 17% year-on-year [11]. New Model Launch - The Mona M03 model was launched on August 28, 2024, with three SKUs priced at 119,800, 129,800, and 155,800 yuan. The model received over 30,000 pre-orders within 48 hours, indicating strong market interest [11]. Technological Advancements - The company has a clear strategy for smart driving technology, with plans to implement a pure visual solution by Q4 2024. The roadmap includes various stages of development leading to near Level 3 autonomy by 2025 [11]. - The Turing chip has successfully completed its tape-out, aimed at enhancing the company's AI capabilities and is expected to be utilized in various applications, including smart vehicles and robotics [11]. Financial Projections - Projected sales for 2024, 2025, and 2026 are 180,000, 450,000, and 670,000 vehicles, respectively. Corresponding revenue estimates are 436 billion, 793 billion, and 1,046 billion yuan, with expected net profits turning positive by 2026 [11].

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 8 月销量稳步提升，M03 助力订单提振 2024 年 09 月 05 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|----------|------------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26855 | 30676 | 38689 | 74244 | 109029 | | 同比 (%) | 27.95 | 14.23 | 26.12 | 91.90 | 46.85 | | 归母净利润（百万元） | (9139) | (10376) | (5687) | (2417) | 2723 | | 同比 (%) | (87.92) | (13.53) | 45.19 | 57.50 | 212.70 | | EPS- 最新摊薄（元 / ...

交银国际研究 消息快报 汽车 2024 年 8 月 28 日 小鹏汽车 (9868 HK) M03 定价极具吸引力，图灵芯片和 AI 鹰眼视觉方案助力智能化 事件：2024 年 8 月 27 日，公司举行"小鹏 10 年热爱之夜暨小鹏 MONA M03 上 市发布会"。会上公司公布了 MONA M03 售价，以及首款同时用于 AI 汽车/AI 机器人/飞行汽车的图灵芯片。 M03 起售价11.98 万元，定价极具吸引力。会上，公司公布了小鹏MONA M03 售价，MONA M03 共提供三个版本，515 长续航版/620 超长续航版/580 超长 续航 Max 版售价分别为 11.98 万/12.98 万/15.58 万元人民币，其中 M03 Max 版将于 2025 年春节后开启交付。我们在此前报告中预计入门版本的定价有可 能低至 12 万元，昨晚公布的 M03 入门版本价格不仅低于此前预热的 13.59 万 元，甚至低于我们的预计价格 0.02 万元，价格极具吸引力。和竞品比较， M03 相较 10-15 万元价格带的秦 PLUS EV 在性能和智驾体验上均更具优势，相 较 Model 3 则更具价格优势 ...

关注《晚点财经》并设为星标，第一时间获取每日商业精华。 400 余家大机构在二季度买了拼多多 400 余家大机构在二季度买了拼多多 携程称机酒行业价格下降，预计四季度缓解 茶百道毛利减少，因为给经销商减负 苹果 CFO 明年卸任，十年回报股东超 8500 亿美元 安踏半年净利润增长超 60%，商品周转加快 Anthropic 公开了 Claude 的系统提示词 拼多多是机构投资者二季度买入最多的中概股。据 13F 文件，当季共有 147 家资产管理规模 1 亿美元以 上的投资机构建仓拼多多，环比增加逾五成；增持的多了 20%、达到 269 家。清仓和减持的分别少了 30% 和 16%。 以拼多多二季度股票成交均价计算，大机构们合计净买入价值约 66 亿美元的拼多多股票。建仓的不乏 挪威央行、文艺复兴基金这样的著名机构。 一些早已重仓拼多多的中资机构下了更多注。景林增持约 157 万股、价值超 2 亿美元（按二季度交易均 价，下同），重新把拼多多买回最大持仓；泰仁资本买了近 2.5 亿美元，高毅资产增持约 0.6 亿美元。 徐新的今日资本没买也没卖，拼多多持仓占比接近九成。高瓴虽然大幅减持了约 4 亿美元拼多多 ...

交银国际研究 公司更新 | --- | --- | --- | |------------|------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 27.55 | 港元 30.53 | +10.8% | 小鹏汽车 (9868 HK) 2 季度业绩整体符合预期，M03定价决定下半年销量节奏，维持中性 2024 年 2 季度收入略低于预期，但毛利率和净亏损好于預期。2 季度小鹏 汽车营收 81亿元（人民币，下同），环比上升 23.9%，略低于市场和我们 预期 5%。汽车销量 3 万辆，环比增长 38.4%。大众合作收入持续入账令服 务和其他收入环比增长 28.8%至 12.9 亿元， 服务和其他收入毛利率稳定在 54%。2 季度毛利率 14%，环比上升 1.1 百分点，好于市场和我们预期的 11-12%，其中汽车毛利率 6.4%，环比上升 0.9 百分点，我们认为主要受惠 成本下降和销量环比回升带来的规模效应。小鹏 2 季度维持高效的成本控 制，好于我们预期。研发/销售费用环比微增 8.6%/增长 13.3%，占收入比 例环比下降。4 季度公司净亏损 12.8 亿元， ...

| --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 29.05 | 港元 39.29↑ | +35.3% | 小鹏汽车 (9868 HK) MONA 系列有望引领销量进入第二成长曲线，上调评级至买入 M03 最终价格或极具竞争力，能耗/车机和语音系统比同级别更为优秀。 小鹏将会在 8 月 27 日（今晚）的十周年庆公布 M03 的最终价格，我们认 为最终价格或极具竞争力。M03 的试驾已经提早在上周未和昨天展开，从 渠道观察，小鹏大概率会先交付续航里程515km和620km两个版本。这2 个版本都会配备 360 度全景影像和 L2+的驾驶辅助功能（LCC, ACC 和 APA 等驾驶辅助功能）。第三个搭载 OrinX 芯片的 MAX 版本，具备更高级别的 智驾功能，则有可能在年底才开始交付。此前我们在报告中提到，小鹏的 纯视觉智驾方案有可能首发在 4 季度发布的 P7+上，MAX 版本可能会在小 鹏发布纯视觉智驾方案的更新后才会交付。从我们试驾来观察 ，M03 的 百公里能耗十分优秀在 11 ...

| --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 29.05 | 港元 39.29↑ | +35.3% | 小鹏汽车 (9868 HK) MONA 系列有望引领销量进入第二成长曲线，上调评级至买入 M03 最终价格或极具竞争力，能耗/车机和语音系统比同级别更为优秀。 小鹏将会在 8 月 27 日（今晚）的十周年庆公布 M03 的最终价格，我们认 为最终价格或极具竞争力。M03 的试驾已经提早在上周未和昨天展开，从 渠道观察，小鹏大概率会先交付续航里程515km和620km两个版本。这2 个版本都会配备 360 度全景影像和 L2+的驾驶辅助功能（LCC, ACC 和 APA 等驾驶辅助功能）。第三个搭载 OrinX 芯片的 MAX 版本，具备更高级别的 智驾功能，则有可能在年底才开始交付。此前我们在报告中提到，小鹏的 纯视觉智驾方案有可能首发在 4 季度发布的 P7+上，MAX 版本可能会在小 鹏发布纯视觉智驾方案的更新后才会交付。从我们试驾来观察 ，M03 的 百公里能耗十分优秀在 11 ...

上 市 公 司 2024 年 08 月 27 日 小鹏汽车-W (09868) ——半年报符合预期，向上拐点即将到来 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 26 日 | | 收盘价（港币） | 29.05 | | 恒生中国企业指数 | 6278.63 | | 52 周最高/最低（港币） | 76.95/25.50 | | H 股市值（亿港币） | 551.12 | | 流通 H 股（百万股） | 1,548.44 | | 汇率（人民币/港币） | 1.0957 | 一年内股价与基准指数对比走势： -58% -8% 42% HSCEI 小鹏汽车-W 资料来源：Bloomberg 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch.com 研究支持 邵翼 A0230123090002 shaoyi@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3]. Core Insights - In Q2 2024, the company achieved revenue of 8.111 billion, representing a year-on-year increase of 60.22%. The net loss was 1.285 billion, which is a reduction from the previous year's loss of 1.52 billion. The Non-GAAP net loss was 1.22 billion, also a reduction from 1.45 billion year-on-year. The improvement in profitability exceeded expectations due to enhanced scale effects, improved product structure, and significant cost reduction [4][5]. Summary by Sections Revenue Performance - The company’s revenue performance continues to improve, driven by increased deliveries of the G9 and G6 models, as well as growth in service revenue. The gross margin reached 14.0%, marking four consecutive quarters of growth. The automotive business generated revenue of 6.82 billion, up 54.1% year-on-year, with a delivery volume of 30,200 units, an increase of 30.2% year-on-year. The average revenue per vehicle was 226,000, reflecting an 18.4% year-on-year increase but a 11.2% decrease quarter-on-quarter [4][5]. Automotive Business - The automotive business gross margin was 6.4%, an increase of 15.0 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The significant growth in gross margin is attributed to enhanced scale effects and cost reductions [4][5]. Service Revenue - Service revenue reached 1.293 billion, a year-on-year increase of 102.5% and a quarter-on-quarter increase of 28.8%. The service business gross margin was 54.3%, up 25.6 percentage points year-on-year and 0.3 percentage points quarter-on-quarter. The high gross margin from the service business is expected to contribute steadily in the future [4][5]. Research and Development - In Q2, R&D expenses were 1.47 billion, a year-on-year increase of 7.3% and a quarter-on-quarter increase of 8.6%. The R&D expense ratio was 18.1%, down 8.9% year-on-year and 2.5% quarter-on-quarter. Selling and general expenses were 1.57 billion, up 1.9% year-on-year and 13.3% quarter-on-quarter, with a selling and general expense ratio of 19.4%, down 11.1% year-on-year and 1.8% quarter-on-quarter [4][5]. Future Outlook - For Q3 2024, the expected delivery volume is between 41,000 and 45,000 units, representing a year-on-year growth of 2.5% to 12.5%. Expected revenue is between 9.1 billion and 9.8 billion, a year-on-year increase of 6.7% to 14.9%. The company anticipates significant sales growth in the second half of the year with the launch of new models [5].

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车第二季度财务数据点评：销量 稳步增长，利润率持续改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月23日 证券研究报告 |报告要点 2024 年 8 月 20 日，小鹏汽车公布 2024 年第二季度财务数据。2024Q2 小鹏汽车累计交付新车 30,207 台，同比增长 30.2%，实现总营收 81.1 亿元，同比增长 60.2%，总体毛利率 14.0%， 同比提升 17.9pct。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月23日 小鹏汽车-W(09868) 小鹏汽车第二季度财务数据点评：销量稳步 增长，利润率持续改善 | --- | --- | |------------|-------------| | 行 业： | 汽车/乘用车 | | 投资评级： | | | 当前价格： | 27.60 港元 | 基本数据 总股本/流通股本(百万股) 1,897.1/1,897.1 流通市值(百 ...