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 ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company has shown continuous revenue growth with a narrowing loss, achieving revenue of 8.11 billion yuan in Q2 2024, a year-on-year increase of 60.2% and a quarter-on-quarter increase of 23.9% [2][5]. - The gross margin is expected to improve due to deepening cooperation with Volkswagen, with Q2 2024 gross margin at 14.0%, up 17.9% year-on-year [2][5]. - The company is entering a strong product cycle with new models launching, including MONA M03 and P7+, and plans to expand its overseas sales network to over 20 countries [2][5]. Summary by Sections Revenue and Loss - In Q2 2024, the company reported a revenue of 8.11 billion yuan, with automotive sales revenue at 6.82 billion yuan, reflecting a year-on-year growth of 54.1% [2][5]. - The net loss for Q2 2024 was 1.28 billion yuan, a significant reduction from 2.8 billion yuan in Q2 2023 and 1.37 billion yuan in Q1 2024 [2][5]. Gross Margin and Cost Management - The gross margin for Q2 2024 was 14.0%, with automotive gross margin at 6.4%, benefiting from cost reductions and improved product mix [2][5]. - The company signed a strategic cooperation agreement with Volkswagen in July 2024, which is expected to enhance technology service revenue and improve gross margins further [2][5]. Product Development and Market Expansion - The company is set to launch several new models over the next three years, starting with MONA M03 in August and P7+ in Q4 2024 [2][5]. - Overseas sales contributed over 10% of total sales for the first time, with plans to expand sales networks significantly [2][5]. Financial Projections - Revenue projections for 2024-2026 are 50.23 billion yuan, 73.70 billion yuan, and 99.43 billion yuan, respectively, with expected net losses narrowing over the same period [5][6].

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it is implied that the company is under positive observation due to its growth and profitability improvements [7]. Core Insights - In Q2 2024, the company delivered 30,207 vehicles, a year-on-year increase of 30.2%, and achieved total revenue of 81.1 billion yuan, up 60.2% year-on-year, with an overall gross margin of 14.0%, an increase of 17.9 percentage points year-on-year [3][11]. - The company is expected to see significant sales growth driven by new model launches and improved delivery capabilities, with projections of 180,000, 450,000, and 670,000 units sold in 2024, 2025, and 2026 respectively [11]. - The gross margin improvement is attributed to cost reductions through technology and high-margin service fees from partnerships, with R&D expenses at 14.7 billion yuan in Q2 2024, representing 18.1% of revenue [11]. Summary by Sections Financial Performance - In Q2 2024, the company reported a total revenue of 81.1 billion yuan, a 60.2% increase year-on-year, and a gross margin of 14.0%, up 17.9 percentage points from the previous year [11]. - The automotive sales revenue reached 68.2 billion yuan, reflecting a 54.1% year-on-year increase [11]. Sales and Delivery - The company delivered 30,207 vehicles in Q2 2024, marking a 30.2% increase year-on-year and a 38.4% increase quarter-on-quarter [11]. - The new model X9 has shown strong performance with monthly sales between 1,500 and 2,000 units, while other models like G6 and G9 also saw significant recovery in deliveries [11]. Cost Management and Profitability - The overall gross margin improved to 14.0%, with automotive sales gross margin at 6.4%, reflecting a year-on-year increase of 15.0 percentage points [11]. - R&D expenses were 14.7 billion yuan, with a rate of 18.1%, indicating a focus on maintaining technological leadership while managing costs effectively [11]. Future Projections - The company forecasts revenues of 436 billion yuan, 793 billion yuan, and 1,046 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 42%, 82%, and 32% [11]. - The net profit is projected to improve from a loss of 51 billion yuan in 2024 to a profit of 23 billion yuan by 2026, indicating a potential turnaround in profitability [11].

汽车/乘用车 公 司 研 究 M03 新车周期启动，经营调整效益逐步释放 小鹏汽车-W (09868.HK) 2024 年 08 月 23 日 ——港股公司信息更新报告 投资评级：增持（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/22 | | 当前股价(港元) | 27.600 | | 一年最高最低(港元) | 76.950/25.500 | | 总市值(亿港元) | 523.61 | | 流通市值(亿港元) | 523.61 | | 总股本(亿股) | 18.97 | | 流通港股(亿股) | 18.97 | | 近 3 个月换手率(%) | 39.53 | 公司经营调整效益释放，产品力、供应链、营销逐一突破 基于老车型销量不及预期，我们将 2024-2026 年营业收入由 474.1/787.2/933.5 亿 元下调至 410.9/633.4/770.7 亿元。基于大众合作相关技术服务利润贡献超预期、 以及经营费用管控，我们将 2024-2026 年 Non-GAAP 净利润从-65.8/-21.0/10. ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 22 年 月 日 小鹏汽车-W（09868.HK） 海外加速、产品降本，有望改善盈利 Q2 业绩略超预期，技术合作收入进一步增长。公司 Q2 收入 81.1 亿人民币，同比高速增长 60%。汽车销售方面，Q2 单车均价受竞争影响环比有所下滑，但销量增至 3 万辆以上，最 终车辆销售收入录得 68 亿人民币，同比增长 54%。服务及其他收入达到 12.9 亿人民币， 环比进一步增长 2.9 亿人民币，主要由于 1）汽车保有量增长、2）和大众大平台与软件战略 技术合作有关的技术研发服务销售增长。Q2 毛利率同比扭亏、环比提升 1.1pct 至 14%，符 合预期。由于销量增长带来规模经济，费用率有所收窄，Q2 non-GAAP 归母净亏损 12.2 亿 人民币，亏损率 15%。展望 Q3，公司指引交付 4.1-4.5 万辆汽车，同比增长 2.5%-12.5%； 收入 91-98 亿元人民币，同比增长 6.7-14.9%。此外，公司现金储备尚为充裕，截至 Q2 末 现金及现金等价物、限制性现金、短期投资和定期存款共 373 亿元。 出海加速，有 ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 小鹏汽车-W(09868)公司半年报点评 2024 年 08 月 22 日 股票数据 8[T月ab21le日_S收t盘oc价kI（nf港o元] ） 26.95 52 周股价波动（港元） 25.50-76.95 总股本/流通 A 股（百万股） 1897/1548 总市值/流通市值（百万港元） 51128/41730 《 新 款 G9 发 布 ， 全 系 标 配 智 能 驾 驶 》 《 看 好 公 司 在 智 驾 领 域 的 技 术 领 先 》 市场表现 [Table_QuoteInfo] | --- | |----------------------------------------------------| | 相关研究 | | [《Ta长b空le无_R崖e，p鹏or程tI万nf里o]》2024.02.29 | | 2023.09.25 | 2023.08.24 沪深 300 对比 1M 2M 3M 绝对涨幅（%） -16.8 -8.3 -21.3 相对涨幅（%） -17.4 -3.8 -10.5 [Table_AuthorInf ...

Investment Rating - The report maintains a "Buy" rating for Xiaopeng Motors (9868.HK) with a current price of HKD 26.95 [2][6]. Core Insights - Xiaopeng Motors reported Q2 2024 revenue of CNY 8.11 billion, representing a year-on-year increase of 60.2% and a quarter-on-quarter increase of 23.9%. Vehicle sales reached approximately 30,000 units, up 30.2% year-on-year and 38.4% quarter-on-quarter [2][4]. - The automotive business gross margin for Q2 2024 was 6.4%, an increase of 15.0 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The overall gross margin for Q2 2024 was 14.0%, up 17.9 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [2][4]. - The company expects Q3 2024 vehicle sales to be between 41,000 and 45,000 units, with revenue projected to be approximately CNY 9.1 billion to CNY 9.8 billion, reflecting a year-on-year growth of 6.7% to 14.9% [5][6]. Revenue and Profitability - Q2 2024 automotive revenue was CNY 6.82 billion, with a year-on-year increase of 54.1% and a quarter-on-quarter increase of 23.0%. The average selling price (ASP) per vehicle decreased from CNY 254,000 in Q1 2024 to CNY 226,000 in Q2 2024 [4]. - Total gross profit for Q2 2024 was CNY 1.14 billion, with a gross margin of 14.0%. The increase in gross margin was attributed to cost reductions and improvements in product mix, as well as high-margin revenue from collaborations with Volkswagen [4][6]. Expenses and Financial Outlook - R&D expenses for Q2 2024 were CNY 1.47 billion, up 7.3% year-on-year and 8.6% quarter-on-quarter, with an R&D expense ratio of 18.1% [5]. - As of Q2 2024, Xiaopeng had cash and cash equivalents totaling CNY 37.33 billion, a decrease of CNY 4.07 billion from Q1 2024, indicating a relatively low short-term liquidity risk [5]. - The company forecasts revenues of CNY 40.25 billion, CNY 65.79 billion, and CNY 93.26 billion for 2024, 2025, and 2026, respectively, with projected net losses narrowing over the same period [6][7].

浦银国际 公司研究 小鹏汽车 （ XPEV.US/9868.HK） 浦银国际研究 USD 6.5 USD 18.6 USD 6.8USD 8.5 HKD 18.0 HKD 73.0 HKD 27.0 HKD 33.2 小鹏汽车（XPEV.US/9868.HK）：毛利率表现 趋稳，新车型上市步入强产品周期 图表 1：盈利预测和财务指标（2022-2026E） | --- | --- | |-------------------------------------|------------| | 小鹏汽车-W（9868.HK | ） | | 目标价（港元） | 33.2 | | 潜在升幅/降幅 | +23% | | 目前股价（港元） | 26.95 | | 52 周内股价区间（港元） | 25.5-76.95 | | 总市值（百万港元） | 51,128 | | 近 90 日均成交额（百万港元） | 360.8 | | 注：股价截至 2024 年 8 月 21 日收盘 | | 市场预期区间 | --- | --- | --- | --- | --- | --- | |----------------|------ ...

2024 年 08 月 20 日 国金证券研究所 8 月 20 日下午，小鹏汽车发布 24Q2 财报： 1、营收：24Q2 小鹏交付汽车 30,207 辆，同/环比+30.2%/+38.4%， Q2 营收 81.1 亿元，同/环比+60.2%/+23.8%。我们计算 Q2 单车 ASP 22.6 万元，同/环比+18.4%/-11.1%。 2、利润：24Q2 毛利 11.35 亿元，较去年同期大幅改善；毛利率 14.0%， 同/环比+17.9/+1.1pct。我们计算 Q2 单车毛利 1.46 万元，同/环比 -188.8%/+5.1%。Q2 归母净利润-12.9 亿元，同/环比-54.1%/-5.8%； H1 归母净利润-26.6 亿元，同比-48.3%。我们计算 Q2 单车净利-4.3 万元，同/环比-64.7%/-32.0%。 3、费用：24Q2 研发/销售、一般及行政开支分别为 14.7/15.7 亿元， 同比+7.3%/+1.9%，环比+8.7%/+13.4%，研发/销售、一般及行政开支 费用率分别为 18.1%/19.4%，环比-2.5/-1.8。 4、展望：公司预计 24Q3 汽车交付量在 41 ...