Q1毛利率创新高！小鹏汽车美股股价上涨13% 何小鹏重申Q4盈利目标

Core Viewpoint - The core growth of XPeng Motors is attributed to the continuous improvement in its organizational, product, marketing, technological, and operational capabilities [1] Financial Performance - XPeng Motors reported Q1 revenue of 15.81 billion yuan, a year-on-year increase of 141.5% [1] - Total delivery volume reached 94,000 units, marking a historical quarterly high with a year-on-year growth of 330.8% [1] - R&D expenses for Q1 amounted to 1.98 billion yuan, a 46.7% increase from 1.35 billion yuan in the same period last year, slightly exceeding market expectations of 1.86 billion yuan [1] - The gross margin for Q1 reached a historical high of 15.6%, surpassing the 14.9% of Li Auto during the same period [4] - The automotive gross margin was 10.5%, up 5 percentage points year-on-year, despite a decline in vehicle selling prices [4] - Net loss for Q1 was 660 million yuan, significantly reduced from 1.37 billion yuan in the same period last year and 1.33 billion yuan in Q4 2024 [4] Future Outlook - XPeng Motors plans to invest approximately 6.5 billion yuan in R&D for 2024 and around 8.5 billion yuan for 2025, with a significant portion allocated to AI-related investments [1] - The company aims to improve gross margins through a higher proportion of high-margin models, supply chain optimization, and increased sales potential in Q3 and Q4 [5] - XPeng anticipates launching multiple new models, including the "full-blooded" version of the MONA M03 on May 28 and the new G7 in June, with further models expected in Q3 and Q4 [5][6] Competitive Positioning - The upcoming new models will include those equipped with XPeng's self-developed Turing chip, enhancing autonomous driving capabilities and in-car functions [6] - The company is confident in maintaining a top position across various price segments due to extensive R&D efforts over the past three years [7] - Despite the competitive landscape, XPeng is transitioning from component integration to comprehensive self-research, aiming for a more prominent technological capability in the long term [7]