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 sales volume reached 46,533 units, up 16.3% year-on-year and 54% quarter-on-quarter [1][7]. - The company is experiencing a positive trend in its product cycle, with the launch of new models like the P7+ contributing to sales growth. The P7+ received over 31,000 pre-orders on its launch day [1][24][29]. - 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]. Financial Summary - Revenue for 2024 is projected to be 46.9 billion yuan, with a year-on-year growth of 53%. The net profit is expected to be -5.977 billion yuan [2][40]. - The company’s gross margin for the first three quarters of 2024 was 14.22%, improving by 16.3 percentage points year-on-year [11]. - The forecast for net profit shows a gradual improvement, with expectations of -6 billion yuan in 2024, -1.6 billion yuan in 2025, and a positive 2.7 billion yuan in 2026 [40]. Sales and Market Performance - XPeng's total sales volume for the first three quarters of 2024 was 98,561 units, a 21% increase year-on-year. The company expects Q4 2024 deliveries to be between 87,000 and 91,000 units, marking an annual increase of approximately 44.6% to 51.3% [20][40]. - The company has optimized its sales network, with 639 stores covering 206 cities and 1,557 self-operated charging stations as of September 30, 2024 [20]. Product Development and Innovation - The P7+ model features advanced AI driving capabilities and is equipped with the latest self-developed technologies, including the AI Tianji 5.4.0 system [29][36]. - XPeng's AI technology includes a comprehensive self-developed stack, enhancing its competitive edge in the market [24][29]. Future Outlook - The report maintains its profit forecast, expecting continued growth driven by new models like the Mona M03 and P7+, and the implementation of a pure visual solution for high-level autonomous driving [40].
小鹏汽车-Ｗ：三季度毛利率同环比双升，新品周期持续向上