小鹏汽车(09868) - 2024 Q2 - 季度业绩

Executive Summary Operating and Financial Highlights XPeng Inc. demonstrated strong performance in Q2 2024 with significant year-over-year growth in deliveries and total revenue, substantial gross margin improvement, and narrowed net loss, supported by ample cash reserves and expanding sales and service networks Q2 2024 Key Financial and Operating Data | Metric | Q2 2024 | Q2 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents, restricted cash, short-term investments, and time deposits | RMB 37.33 billion | RMB 33.74 billion (2023年6月30日) | increased by 10.6% | | Quarterly Total Revenue | RMB 8.11 billion | RMB 5.06 billion | increased by 60.2% | | Quarterly Gross Margin | 14.0% | -3.9% | rose by 17.9 percentage points | | Total Vehicle Deliveries | 30,207 vehicles | 23,205 vehicles | increased by 30.2% | | Vehicle Sales Revenue | RMB 6.82 billion | RMB 4.42 billion | increased by 54.1% | | Vehicle Gross Margin | 6.4% | -8.6% | rose by 15.0 percentage points | | Net Loss | RMB 1.28 billion | RMB 2.80 billion | narrowed by 54.2% | - As of June 30, 2024, XPeng Inc.'s physical sales network comprised 611 stores covering 185 cities[5] - As of June 30, 2024, XPeng Inc.'s self-operated charging network reached 1,298 charging stations, including 442 XPeng S4 supercharging stations[5] Overview of Key Financial Performance This section summarizes XPeng Inc.'s key financial metrics for Q2 2024 compared to previous quarters and the prior year, clearly illustrating year-over-year and quarter-over-quarter trends in revenue, gross margin, and net loss Key Financial Results (RMB billion) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Vehicle Sales Revenue | 6.82 | 5.54 | 4.42 | 54.1% | 23.0% | | Vehicle Gross Margin | 6.4% | 5.5% | -8.6% | 15.0 percentage points | 0.9 percentage points | | Total Revenue | 8.11 | 6.55 | 5.06 | 60.2% | 23.9% | | Gross Profit (Loss) | 1.14 | 0.84 | (0.20) | 675.4% | 34.6% | | Gross Margin | 14.0% | 12.9% | -3.9% | 17.9 percentage points | 1.1 percentage points | | Net Loss | 1.28 | 1.37 | 2.80 | -54.2% | -6.1% | | Non-GAAP Net Loss | 1.22 | 1.41 | 2.67 | -54.3% | -13.4% | Management Commentary and Recent Developments Management Comments XPeng Inc. management expresses confidence in future growth, anticipating a strong product cycle with new and refreshed models, efficient marketing, and leveraging technological and AI advancements to drive sales, improve economies of scale, and enhance cash flow - Chairman and CEO He Xiaopeng stated that the company will enter a strong product cycle starting with the MONA M03 launch in August, with numerous new and refreshed models over the next three years, confident in returning to a fast growth track and winning in intelligent and global competition[8] - Honorary Vice Chairman and Co-President Dr. Brian Gu noted that the Q2 2024 gross margin improvement to 14.0% was driven by cost reductions through technology and revenue from technology monetization through the strategic cooperation with Volkswagen, anticipating global sales growth will significantly improve economies of scale, operating efficiency, and cash flow[8] Recent Developments XPeng Inc. in July 2024 achieved steady deliveries, signed a significant electronic and electrical architecture technology strategic cooperation agreement with Volkswagen Group, and launched the XOS 5.2.0 OTA update, substantially enhancing the usability of the XNGP intelligent assisted driving system Deliveries in July 2024 In July 2024, XPeng Inc. delivered 11,145 vehicles, bringing the year-to-date cumulative deliveries to 63,173 vehicles 2024 July Deliveries | Metric | Quantity | | :--- | :--- | | 2024年7月总交付量 | 11,145 vehicles | | 截至2024年7月31日年内累计总交付量 | 63,173 vehicles | Strategic Cooperation XPeng Inc. and Volkswagen Group signed a joint development agreement for electronic and electrical architecture technology, collaborating to develop industry-leading E/E architectures for Volkswagen's CMP and MEB platforms in China - XPeng Inc. and Volkswagen Group signed a joint development agreement for electronic and electrical architecture technology, collaborating to develop industry-leading E/E architectures for Volkswagen's CMP and MEB platforms in China[9] Product and Technology Updates XPeng Inc. fully rolled out XOS 5.2.0 via OTA update, enhancing the XNGP intelligent assisted driving system from "available nationwide" to "easy to use nationwide," offering enhanced XNGP functionality on all public roads with navigation maps - XPeng Inc. fully rolled out XOS 5.2.0 via OTA update, enhancing the XNGP intelligent assisted driving system from "available nationwide" to "easy to use nationwide," covering all public roads with navigation maps[10] Analysis of Unaudited Financial Results for Q2 2024 Revenue Composition and Growth In Q2 2024, XPeng Inc. achieved significant year-over-year and quarter-over-quarter growth in total revenue and vehicle sales revenue, primarily driven by increased deliveries, while services and other revenue also grew substantially due to repair services and technical R&D service sales from the Volkswagen Group collaboration Q2 2024 Revenue Composition and Growth | Revenue Category | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Growth | Q1 2024 (RMB) | QoQ Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | RMB 8.11 billion | RMB 5.06 billion | 60.2% | RMB 6.55 billion | 23.9% | | Vehicle Sales Revenue | RMB 6.82 billion | RMB 4.42 billion | 54.1% | RMB 5.54 billion | 23.0% | | Services and Other Revenue | RMB 1.29 billion | RMB 0.64 billion | 102.5% | RMB 1.00 billion | 28.8% | - Vehicle sales revenue growth was primarily due to increased deliveries[11] - Services and other revenue growth was primarily due to increased repair service sales consistent with cumulative vehicle sales growth, and increased sales of technical R&D services related to the strategic technology cooperation with Volkswagen Group on platform and software[11] Cost of Sales and Gross Margin In Q2 2024, XPeng Inc.'s cost of sales increased with higher deliveries, but both gross margin and vehicle gross margin significantly improved, primarily due to cost reductions, optimized product mix, and higher gross margins from technical R&D services Q2 2024 Cost of Sales and Gross Margin | Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | RMB 6.98 billion | RMB 5.26 billion | increased by 32.6% | RMB 5.70 billion | increased by 22.3% | | Gross Margin | 14.0% | -3.9% | rose by 17.9 percentage points | 12.9% | rose by 1.1 percentage points | | Vehicle Gross Margin | 6.4% | -8.6% | rose by 15.0 percentage points | 5.5% | rose by 0.9 percentage points | | Services and Other Margin | 54.3% | 28.6% | rose by 25.7 percentage points | 53.9% | rose by 0.4 percentage points | - Year-over-year vehicle gross margin growth was primarily due to cost reductions and improved product mix; quarter-over-quarter growth was primarily due to cost reductions[11] - Services and other margin growth was primarily due to higher gross margins from technical R&D services revenue[11] Operating Expenses In Q2 2024, XPeng Inc.'s R&D expenses and selling, general, and administrative expenses increased, primarily supporting new model development, product portfolio expansion, and marketing activities, while other income, net, significantly rose due to increased government subsidies Q2 2024 Operating Expenses and Other Income | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Change | Q1 2024 (RMB) | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | RMB 1.47 billion | RMB 1.37 billion | increased by 7.3% | RMB 1.35 billion | increased by 8.6% | | Selling, General and Administrative Expenses | RMB 1.57 billion | RMB 1.54 billion | increased by 1.9% | RMB 1.39 billion | increased by 13.3% | | Other Income, Net | RMB 0.28 billion | RMB 0.02 billion | increased by 1454.3% | RMB 0.07 billion | increased by 276.6% | - Increased R&D expenses were primarily due to the company expanding its product portfolio to support future growth, consistent with increased expenses related to new model development[11] - Increased selling, general and administrative expenses were primarily due to higher commissions paid to franchised stores and increased marketing, promotion, and advertising expenses[12] - Other income, net, significantly increased primarily due to higher government subsidies[12] Operating Loss and Net Loss In Q2 2024, XPeng Inc.'s operating loss and net loss significantly narrowed year-over-year, demonstrating substantial improvement in profitability, with basic and diluted net loss per ADS also decreasing considerably Q2 2024 Operating Loss and Net Loss | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Change | Q1 2024 (RMB) | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Loss | RMB 1.61 billion | RMB 3.09 billion | narrowed by 47.9% | RMB 1.65 billion | narrowed by 2.4% | | Non-GAAP Operating Loss | RMB 1.54 billion | RMB 2.96 billion | narrowed by 48.0% | RMB 1.69 billion | narrowed by 8.8% | | Net Loss | RMB 1.28 billion | RMB 2.80 billion | narrowed by 54.2% | RMB 1.37 billion | narrowed by 6.1% | | Non-GAAP Net Loss | RMB 1.22 billion | RMB 2.67 billion | narrowed by 54.3% | RMB 1.41 billion | narrowed by 13.4% | | Basic and Diluted Net Loss per ADS | RMB 1.36 | RMB 3.25 | narrowed by 58.1% | RMB 1.45 | narrowed by 6.2% | - Fair value gain on derivative liabilities related to contingent consideration was RMB 0.2 billion, a non-cash gain from the fair value change of contingent consideration related to the acquisition of Didi's smart electric vehicle business[13] Cash and Liquidity As of June 30, 2024, XPeng Inc.'s total cash and cash equivalents, restricted cash, short-term investments, and time deposits amounted to RMB 37.33 billion, an increase from the prior year but a slight decrease from the previous quarter Cash and Liquidity Status | Metric | As of June 30, 2024 (RMB) | As of June 30, 2023 (RMB) | As of March 31, 2024 (RMB) | | :--- | :--- | :--- | :--- | | Cash, Restricted Cash, Short-term Investments, and Time Deposits | RMB 37.33 billion | RMB 33.74 billion | RMB 41.40 billion | Financial Statements Condensed Consolidated Balance Sheets As of June 30, 2024, XPeng Inc.'s total assets were RMB 74.999 billion, total liabilities were RMB 40.993 billion, and total shareholders' equity was RMB 34.005 billion, with changes in current assets and liabilities from year-end 2023, including decreased cash and cash equivalents and significantly lower accounts and notes payable Condensed Consolidated Balance Sheets Key Data (RMB thousand) | Metric | As of Dec 31, 2023 | As of June 30, 2024 | | :--- | :--- | :--- | | Assets | | | | Total Current Assets | 54,521,629 | 44,733,118 | | Total Non-current Assets | 29,640,912 | 30,265,671 | | Total Assets | 84,162,541 | 74,998,789 | | Liabilities | | | | Total Current Liabilities | 36,111,562 | 29,796,199 | | Total Non-current Liabilities | 11,722,452 | 11,197,224 | | Total Liabilities | 47,834,014 | 40,993,423 | | Total Shareholders' Equity | 36,328,527 | 34,005,366 | - As of June 30, 2024, cash and cash equivalents were RMB 14,253,645 thousand, a decrease from RMB 21,127,163 thousand as of December 31, 2023[24] - As of June 30, 2024, accounts and notes payable were RMB 16,389,995 thousand, a significant decrease from RMB 22,210,431 thousand as of December 31, 2023[25] Condensed Consolidated Statements of Comprehensive Loss In Q2 2024, XPeng Inc. reported total revenue of RMB 8.111 billion, gross profit of RMB 1.136 billion, and a net loss of RMB 1.285 billion, significantly narrowed year-over-year, with basic and diluted net loss per ADS at RMB 1.36 Condensed Consolidated Statements of Comprehensive Loss Key Data (RMB thousand) | Metric | Q2 2023 | Q1 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | | Total Revenue | 5,062,696 | 6,548,096 | 8,111,407 | | Total Cost of Sales | (5,260,087) | (5,704,343) | (6,975,617) | | Gross Profit (Loss) | (197,391) | 843,753 | 1,135,790 | | Operating Loss | (3,090,183) | (1,645,971) | (1,609,058) | | Net Loss | (2,804,652) | (1,367,890) | (1,284,681) | | Basic and Diluted Net Loss per ADS | (3.25) | (1.45) | (1.36) | - In Q2 2024, research and development expenses were RMB 1,466,752 thousand, and selling, general and administrative expenses were RMB 1,573,601 thousand[26] Reconciliation of GAAP and Non-GAAP Results This section provides a reconciliation of XPeng Inc.'s GAAP and Non-GAAP financial metrics for Q2 2024, with key adjustments for share-based compensation expenses and fair value gain on derivative liabilities related to contingent consideration, showing lower losses under Non-GAAP metrics GAAP and Non-GAAP Results Reconciliation (RMB thousand) | Metric | Q2 2023 | Q1 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | | Operating Loss (GAAP) | (3,090,183) | (1,645,971) | (1,609,058) | | Non-GAAP Operating Loss | (2,955,613) | (1,686,391) | (1,544,414) | | Net Loss (GAAP) | (2,804,652) | (1,367,890) | (1,284,681) | | Non-GAAP Net Loss | (2,670,082) | (1,408,310) | (1,220,037) | | Net Loss per ADS (GAAP) | (3.25) | (1.45) | (1.36) | | Non-GAAP Net Loss per ADS | (3.10) | (1.49) | (1.29) | - Non-GAAP adjustments primarily include share-based compensation expenses and fair value gain on derivative liabilities related to contingent consideration[28] Business Outlook XPeng Inc. anticipates Q3 2024 vehicle deliveries to range from 41,000 to 45,000 vehicles and total revenue to be between RMB 9.1 billion and RMB 9.8 billion, both representing year-over-year growth Q3 2024 Business Outlook | Metric | Q3 2024 Forecast | YoY Growth | | :--- | :--- | :--- | | Vehicle Deliveries | 41,000至45,000 vehicles | approximately 2.5% to 12.5% | | Total Revenue | RMB 9.1 billion to RMB 9.8 billion | approximately 6.7% to 14.9% | - This outlook is based on current market conditions, reflecting the company's preliminary estimates of the market, operating environment, and customer demand, which are subject to change[16] Appendix Conference Call Information XPeng Inc. will host its Q2 2024 earnings conference call on August 20, 2024, providing pre-registration links and replay access - The conference call will be held at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) on August 20, 2024[17] - A pre-registration link is available: https://s1.c-conf.com/diamondpass/10040571-yt6du.html[17](index=17&type=chunk) - A live webcast and replay of the conference call will be available on the company's investor relations website (http://ir.xiaopeng.com), with the replay accessible via a designated number until August 27, 2024[17][18] About XPeng Inc. XPeng Inc. is a leading Chinese smart electric vehicle company focused on designing, developing, manufacturing, and marketing smart EVs, committed to leading future mobility through in-house full-stack intelligent assisted driving technology, in-car intelligent operating systems, and core vehicle systems - XPeng Inc. is a leading Chinese smart electric vehicle company with a mission to drive the transformation of smart EVs through technology, leading the future of mobility[19] - The company independently develops full-stack intelligent assisted driving technology, in-car intelligent operating systems, and core vehicle systems, including powertrains and electronic and electrical architectures[19] - Headquartered in Guangzhou, China, with major offices in Beijing, Shanghai, Silicon Valley, San Diego, and Amsterdam, and primary production bases in Zhaoqing and Guangzhou, Guangdong[19] Explanation of Non-GAAP Financial Measures XPeng Inc. utilizes Non-GAAP financial measures to evaluate operating performance and aid decision-making, believing these metrics help identify business trends and enhance understanding of company performance, while emphasizing they should not be considered in isolation or as substitutes for GAAP measures - The company uses Non-GAAP financial measures (such as Non-GAAP operating loss, net loss, etc.) to evaluate operating performance and make financial and operational decisions[20] - Non-GAAP metrics, by excluding share-based compensation expenses and fair value gain on derivative liabilities related to contingent consideration, help identify underlying business trends and enhance understanding of the company's performance[20] - It is emphasized that Non-GAAP measures are not presented in accordance with U.S. GAAP and should not be considered in isolation or as substitutes for GAAP measures, encouraging investors to review all financial information comprehensively[20] Exchange Rate Information The exchange rate used for converting RMB amounts to USD in this announcement is RMB 7.27 to USD 1.00, based on the H.10 statistical release of the Federal Reserve Board on June 28, 2024 - The conversion exchange rate for RMB to USD in this announcement is RMB 7.27 to USD 1.00, based on the H.10 statistical release of the Federal Reserve Board on June 28, 2024[21] - This exchange rate is based on the H.10 statistical release of the Federal Reserve Board on June 28, 2024[21] Safe Harbor Statement This announcement contains forward-looking statements subject to inherent risks and uncertainties, where actual results may differ materially from expectations, and the company undertakes no obligation to update any forward-looking statements - This announcement contains forward-looking statements made pursuant to the "safe harbor" provisions of the U.S. Private Litigation Reform Act of 1995[22] - Forward-looking statements involve inherent risks and uncertainties, and various factors could cause actual results to differ materially from those contained in any forward-looking statement[22][23] - The company undertakes no obligation to update any forward-looking statements, except as required by applicable law[23] Investor and Media Inquiries Contact information for XPeng Inc.'s Investor Relations, Piacente Financial Communications, and Public Relations departments is provided for investor and media inquiries - Investors can contact XPeng Inc. Investor Relations at ir@xiaopeng.com[23] - Media can contact XPeng Inc. Public Relations at pr@xiaopeng.com[23]