Key TakeawaysXPeng ADRs rose Monday after the Chinese electric vehicle maker said that CEO Xiaopeng He bought more than 2 million of the company's shares.XPeng said that He bought 1 million H-shares, traded on the Hong Kong Stock Exchange. He also bought 1.42 million U.S.-listed American depositary shares.XPeng shares are down almost 50% this year. XPeng (XPEV) ADRs rose Monday after the Chinese electric vehicle (EV) maker said that Chief Executive Officer (CEO) Xiaopeng He bought more than 2 million of the ...

2024 年 8 月 26 日 公司研究 2Q24 毛利率持续改善，关注新车型订单表现 ——小鹏汽车（XPEV.N）2024 二季度业绩点评报告 要点 买入（维持） 2Q24 业绩总体符合预期：2Q24 收入同环比+60%/+24%至 81.1 亿元，毛利率 同比+17.9pcts/环比+1.1pcts 至 14.0%，Non-GAAP 归母净亏损 同环比 -54%/-13%至 12.2 亿元。 2Q24 交付量与毛利率持续改善：1）汽车收入同环比+54%/+23%至 68.2 亿元 （ASP 同环比+18%/-11%至 22.6 万元，交付量同环比+30%/环比+38%至 3.0 万辆），汽车业务毛利率同环比+15.0pcts/+0.9pcts 至 6.4%。2）服务与其他 业务收入同环比+104%/+29%至 12.9 亿元，与大众合作的逐步兑现带动服务与 其他业务毛利率同环比+25.6pcts/+0.3pcts 至 54.3%。3）R&D 费用率同环比 -8.9pcts/-2.5pcts 至 18.1%，SG&A 费用率同环比-11.1pcts/-1.8pcts 至 19.4%。 4）截至 2Q24 末 ...

Despite 2024 being marked by insider sales from notable S&P 500 companies, with electric vehicle (EV) makers not being an exception, XPeng (NYSE: XPEV) CEO recently bought $13.2 million of XPEV shares.Namely, on August 26, XPeng’s CEO and co-founder, He Xiaopeng, purchased $13.2 million of XPEV shares, increasing his stake to 18.8% of the overall shares available.The purchase comprised 1 million Class A shares in Hong Kong at an average price of HK$27.13 ($3.48) and 1.42 million American depositary shares ( ...

21 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 Xpeng Inc. (XPEV US) Mona M03 可能不会改变游戏规则 保持持有。小鹏集团2024年第二季度的盈利表现基本符合我们的预测。尽管我们假设其2024 年下半年的销售量将较上年同期增长超过一倍，但我们预计下半年的亏损情况不会出现环比下 降。我们认为，小鹏汽车的车辆毛利率可能受到较低价格的Mona系列车型的影响而受限，因 为公司目前依赖这些车型来提升销量。我们认为，这种策略背后的基本理由是小鹏品牌的形象 正在减弱，尤其是在自动驾驶（AD）技术方面，竞争对手正在缩小差距。 第二季度收益基本持平。小鹏汽车2024年第二季度的收入约为我们先前预测的2%更高， 主要归功于大众（VW GR, NR）提供的研发服务。其2024年第二季度的车辆利润率为 6.4%，略高于我们的预测和2024年第一季度的5.5%，尽管季度内折扣有所增加。我们归 因于供应商的价格削减导致了这一超预期的表现。研发与销售、管理及一般费用（SG&A ）支出略高于预期，导致净亏损为人民币13亿，与预期相符。 毛利率困境。我们将FY24E的销售量预测下调10%，至 ...

21 Aug 2024 CMB International Global Markets | Equity Research | Company Update Xpeng Inc. (XPEV US) Mona M03 may not be the game-changer Maintain HOLD. Xpeng's 2Q24 earnings were largely in line with our forecast. Although we assume its 2H24E sales volume to more than double HoH, we see no loss narrowing HoH in 2H24E. We believe that Xpeng's vehicle gross margin could be capped by the lower-priced Mona models, as the company now bets on these models to boost sales. We are of the view that the underlying ra ...

Financial Data and Key Metrics - Total revenues for Q2 2024 were RMB8.11 billion, up 60.2% YoY and 23.9% QoQ [24] - Vehicle sales revenue was RMB6.82 billion, up 54.1% YoY and 23% QoQ [24] - Services and others revenue was RMB1.29 billion, up 102.5% YoY and 28.8% QoQ [25] - Gross margin improved to 14% in Q2 2024, compared to negative 3.9% in Q2 2023 and 12.9% in Q1 2024 [25] - Vehicle margin was 6.4% in Q2 2024, compared to negative 8.6% in Q2 2023 and 5.5% in Q1 2024 [25] - Net loss was RMB1.28 billion in Q2 2024, compared to RMB2.8 billion in Q2 2023 and RMB1.37 billion in Q1 2024 [27] Business Line Data and Key Metrics - XPeng delivered 30,207 smart EVs in Q2 2024, up 38% QoQ and 30% YoY [8] - MONA M03 pre-sell orders surpassed last year's G6 pre-sale orders in the comparable sales period [10] - XPeng G9 became the top mid to large-size all-electric SUV in Norway, Denmark, and Israel [18] Market Data and Key Metrics - Overseas sales accounted for more than 10% of total sales for the first time in Q2 2024 [18] - XPeng expanded its presence to 30 countries and regions via dealer partners and established over 70 overseas sales stores [19] - The company plans to enter more right-hand drive markets in H2 2024, including the UK, Australia, and Southeast Asia [19] Company Strategy and Industry Competition - XPeng completed a new round of organizational upgrades and internal restructuring, bringing on top talents in key areas [8] - The company is entering an intense product launch cycle with competitive new products and models to be introduced through the end of 2026 [9] - XPeng aims to offer Level 3+ autonomous software and user experience on Level 2 ADAS hardware and at a Level 2 ADAS price point [17] - The company is focusing on AI advancements to revolutionize ADAS safety and driving experience, lowering costs and speeding up mass-market adoption [13][16] Management Commentary on Operating Environment and Future Outlook - XPeng is confident of achieving substantial QoQ delivery volume growth in Q3 and Q4 2024, with a new delivery record expected in Q4 [9] - The company anticipates total delivery volume to range from 41,000 to 45,000 in Q3 2024, representing a QoQ increase of 35.7% to 49% [22] - XPeng projects Q3 total revenue to fall within the range of RMB9.1 billion to RMB9.8 billion, representing a QoQ increase of 12.2% to 20.8% [22] - The company expects overseas business to maintain strong growth momentum, leading global sales of mid to high-end smart EVs [19] Other Important Information - XPeng signed a master agreement of E/E architecture technical collaboration with Volkswagen Group to jointly develop industry-leading E/E architecture [20] - The first model equipped with the jointly developed E/E architecture is expected to go into mass production within 24 months [21] - XPeng launched AI-powered XOS version 5.2.0, taking XNGP to the next level by empowering a smooth experience anywhere regardless of city and routes [15] Q&A Session Summary Question: Sales momentum of new models - XPeng expects the market competition to be more brutal next year and has done a lot in terms of organizational transformation, supply chain management, and sales and marketing system overhaul to achieve long-term steady growth [30][31] - The company is confident in achieving the high-end of Q3 guidance, with MONA M03 expected to set a record for EV delivery by EV start-ups [32] - Overseas delivery volume is anticipated to be above 15% in Q3, diversifying overall order intake [33] Question: XNGP's high-level ADAS - XPeng has seen a 20% increase in the option rate and penetration rate of using high-level ADAS capabilities since the rollout of version 5.2.0 [35] - The company faces challenges in ensuring a solid bottom limit of ADAS capability and rolling out capabilities across different locations [36] - XPeng aims to offer affordable high-end ADAS capability to a wider range of consumers with the P7+ [37] Question: Cost-reduction strategy and Q3 gross margin trend - XPeng is focusing on commercialization capability, cost reduction driven by technology, supply-chain reforms, and strategic partnership with Volkswagen [40][41] - The company expects overall margin to be stable and maintained at mid to low-teens in H2 2024, with P7+ margin expected to be in the double-digits [43] Question: Production preparation for MONA M03 and R&D expense - XPeng has prepared MONA production capacity way ahead of time and expects to achieve planned production and delivery [62] - Engineering expenses are expected to ramp up in H2 2024, with full-year guidance remaining at about RMB7 billion [64] Question: Sales and marketing ability evaluation - XPeng has achieved the first stage of success in its reform, with improvements in products and competitiveness [70] - The company is focusing on store management, after-sales services, and sales staff training to improve overall capability and working efficiency [71] Question: Gross profit margin breakdown and autonomous driving differentiation - Overseas sales margin is healthy and helping to improve overall profitability [74] - XPeng's end-to-end AI models approach allows for a more significant and quicker development of ADAS capabilities compared to the rule-based approach [77][80]

Key TakeawaysXPeng reported a narrower-than-expected second-quarter loss, but revenue missed analysts' estimates.The Chinese EV maker signed a technical agreement with Volkswagen last month, and that helped it cut costs.American depositary receipts (ADRs) of XPeng have lost more than half their value in 2024. American depositary receipts (ADRs) of XPeng (XPEV) dropped Tuesday after the Chinese electric vehicle (EV) maker reported weaker-than-expected revenue, although it had a smaller-than-anticipated loss ...

GUANGZHOU, China, Aug. 20, 2024 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, will officially launch the MONA M03, its intelligent all-electric hatchback coupe, at the Company’s 10th Anniversary Gala Night on Tuesday, August 27, 2024. Live Broadcast from China - English Replay AvailableThe live broadcast of the MONA M03 launch event will begin on Tuesday, August 27, with an English-language replay availab ...

Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB37.33 billion (US$5.14 billion) as of June 30, 2024Quarterly total revenues were RMB8.11 billion, a 60.2% increase over the same period of 2023Quarterly gross margin was 14.0%, an increase of 17.9 percentage points over the same period of 2023 GUANGZHOU, China, Aug. 20, 2024 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) com ...

China-based EV-maker XPeng Inc XPEV faces bearish signals ahead of an Aug. 27 launch event for the Mona M03, a car model priced under RMB 200,000 (US$28,000). The launch event comes on the heels of its second-quarter earnings report, scheduled for release on Tuesday, Aug. 20, before market hours.Wall Street expects the manufacturer to report negative 18 cents in earnings per share and $1.1 billion in revenues as the company.Let’s look at what the charts indicate for XPeng stock and how the stock currently m ...