Investment Rating - The report maintains an "Outperform" rating for XPeng Motors [4][40]. Core Views - XPeng Motors achieved a revenue of 10.1 billion yuan in Q3 2024, representing an 18% year-on-year growth. The total vehicle sales reached 46,533 units, up 16.3% year-on-year and 54.0% quarter-on-quarter [1][7]. - The company is expected to continue its upward trajectory with new models like Mona M03 and P7+, enhancing its market penetration in high-end intelligent driving vehicles [40]. Financial Performance - For Q3 2024, XPeng Motors reported a net loss of 1.81 billion yuan, an improvement from a loss of 3.89 billion yuan in the same period last year [1][7]. - The gross margin for Q3 2024 was 15.3%, an increase of 17.9 percentage points year-on-year, while the net margin was -17.9% [1][11]. - Revenue from vehicle sales was 8.8 billion yuan, up 12% year-on-year, while service and other income surged by 90.7% to 1.31 billion yuan [1][7]. Sales and Market Strategy - The total sales volume for the first three quarters of 2024 was 98,561 units, a 21% increase year-on-year, with a projected delivery of 87,000 to 91,000 units in Q4 2024 [20][40]. - XPeng's sales network has expanded to 639 stores across 206 cities, and the company has established a charging network of 1,557 stations [20]. Product Development and Innovation - The launch of the P7+ model has generated significant interest, with over 31,000 pre-orders within 24 hours of its release [24][29]. - The company showcased its advanced technologies during the 2024 AI Technology Day, including the Kunpeng Super Electric System and the Turing AI Driving System [24][29]. Future Outlook - Revenue projections for XPeng Motors are set at 46.9 billion yuan for 2024, 88.5 billion yuan for 2025, and 118.1 billion yuan for 2026, with expected net losses narrowing over the same period [40].
小鹏汽车-W：单三季度毛利率同环比双升，新品周期持续向上