Investment Rating - The report maintains a rating of "Buy" for XPeng Motors, indicating a positive outlook for the company's stock performance in the near term [1][5]. Core Insights - XPeng Motors achieved a record high in vehicle deliveries, with 21,352 units delivered in September 2024, representing a year-on-year increase of 39% and a quarter-on-quarter increase of 52% [1][2]. - The launch of the MONA M03 model significantly boosted sales, with over 10,000 units delivered shortly after its release, highlighting consumer demand for high-performance, cost-effective electric vehicles [4][5]. - Despite strong performance in September, XPeng Motors faces challenges in meeting its annual sales target of 280,000 units, having completed only about 35% of this goal by the end of the third quarter [2][4]. Financial Summary - Revenue is projected to grow from 30,676 million in 2023 to 51,394 million in 2024, reflecting a year-on-year growth rate of 67.54% [1][6]. - The net profit attributable to shareholders is expected to improve from a loss of 10,376 million in 2023 to a loss of 8,267 million in 2024, with a forecasted return to profitability in 2026 with a net profit of 895 million [1][6]. - The company's operating cash flow is projected to improve significantly, with a forecast of 12,567 million in 2025 and 19,721 million in 2026 [6][7]. Sales Performance - The MONA M03 model's competitive pricing and advanced features have driven its popularity, with a price range of 119,800 to 155,800 yuan and a low energy consumption rate of 11.5 kWh/100 km [4][5]. - XPeng Motors has made significant strides in international markets, particularly in Thailand and Singapore, where it has seen promising sales figures shortly after launching [4][5]. Future Outlook - The company plans to expand its product lineup with new models, including the high-end P7+, which is expected to launch in the fourth quarter of 2024, featuring advanced AI technology [5]. - XPeng Motors aims to increase its global market presence, with plans to enter at least 40 countries and regions by the end of the year, indicating a strong growth strategy [4][5].
小鹏汽车-W：高性价比车型再次点燃消费者购车热情，公司交付量创历史新高