Core Viewpoint - Xiaopeng Motors' Q4 2024 financial results showed a decline in vehicle sales price, leading to lower-than-expected revenue, but the gross margin improved significantly due to cost reduction capabilities [1][5][12]. Financial Performance - Vehicle sales price decreased by nearly 30,000 yuan, resulting in a sales revenue of 14.67 billion yuan, slightly below the market expectation of 15.3 billion yuan [1][13][24]. - The automotive gross margin reached 10%, exceeding the market expectation of 9.4%, reflecting significant improvements in cost management [1][5][12]. Sales Guidance - The Q1 2025 sales guidance is set at 91,000 to 93,000 vehicles, implying a flat month-over-month increase in March, raising concerns about the sustainability of sales momentum for popular models P7+ and M03 [2][5][19]. - The implied vehicle price for Q1 2025 is projected to drop to 150,000 yuan, continuing the downward trend [2][20][22]. Cost Management - The single vehicle cost decreased to 144,000 yuan, contributing to the improved gross margin despite lower sales prices [18][26]. - The company achieved a significant reduction in costs through enhanced supply chain management and strategic pricing adjustments [6][17][32]. Operating Expenses - Selling and administrative expenses increased significantly, reaching 2.28 billion yuan, primarily due to the transition to a dealership model and expansion of the sales network [30][34]. - R&D expenses were 1.63 billion yuan, slightly below market expectations, focusing on smart driving technology and new model development [31][32]. Market Positioning - Xiaopeng is focusing on high cost-performance products and user-oriented design, with a strong product cycle expected in 2025 [10][12][28]. - The company is positioned to lead in high-level smart driving technology, aiming to make it accessible in lower-priced models [10][12][28].
小鹏(09868)：指引崩了？小鹏还能再打 “翻身仗” 吗？